Memphis-based Belz Enterprises is the owner/developer of a venture that some industry observers say may give the conventional non-retail theme parks a run for the customer's money.

Already signed to estimated 10-year leases with renewal options are four anchors--Bass Pro Shops-Outdoor World, 162,000 sf; Cinemark USA, 85,000 sf; Ron Jon Surf Shop, 50,000 sf; and Vans Inc., 50,000 sf. Belz principals do not disclose lease terms but seasoned retail brokers here tell GlobeSt.com they estimate the space isn't renting for under $25 per sf. That would put the estimated value of the four leases signed to date at $87 million.

The park has 600,000 sf of conventional retail and 250,000 sf of specialty retail. The developer is banking on its own researched demographics to sell the project to tenants. Belz estimates a 53,458 population within the immediate three-mile radius of the property; 163,892 in a five-mile radius; 504,099 in a 10-mile scope; 940,099 within 15 miles; and 1.35 million individuals living 20 miles away.