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TALLAHASSEE, FL-Under a joint-venture agreement, Birmingham, AL-based REIT Colonial Properties Trust is planning to develop Colonial Pinnacle at Cross Creek, a 900,000-sf open-air retail center at the intersection of Highway 90 and Interstate 10. Colonial was selected as the developer of the project under the JV agreement with the site’s land owners, a group which includes locally based resident and developer Devoe Moore.

The project will anchor a 180-acre master planned development off Interstate 10. It will feature department store anchors, more than 250,000 sf of specialty store space, a stadium seat movie theater, casual and fine dining establishments and 200,000 sf of large format tenant space. Colonial Properties’ VP of retail marketing Cindi Akins tells GlobeSt.com that developers plan to break ground in the fall with an anticipated 2009 opening.

Akins adds that letters of intent have been secured for three anchor tenants, but leases have not yet been signed. Leasing efforts have started for the specialty store space, but no letters of intent or leases have yet been signed. “We’re looking for tenants that are branching out into lifestyle centers,” Akins says.

Colonial Properties will lead the development as well as manage and lease the property when completed. “The prime location of this center will conveniently serve the local area as well as a secondary market of over 500,000 people living within a 60-minute drive of Tallahassee,” says Colonial Properties SVP Ken Marshall.

Other Pinnacle projects developed by Colonial include Colonial Pinnacle Turkey Creek in Knoxville, TN and Colonial Pinnacle Tutwiler Farm in Birmingham. “This project promises to build on our Pinnacle concept which features a pedestrian friendly lifestyle center that appeals to today’s shopper who is looking for national retailers, restaurants and local merchants in an open air environment,” says Colonial Properties EVP William Leitner.

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