The redevelopment and revitalization will occur in three phases. Phase one includes the demolition and the creation of a parking lot. This should be done within 30 days, Doron Valero, president of Equity One, tells GlobeSt.com.

The second phase will include renovating a 30-year-old, vacant Jacobson's department-store building and preparing the building for a new tenant, Stein Mart. About a month ago, the incoming department store signed a 41,000-sf lease for the bottom floor of the building. The remaining second-floor space in the 90,000-sf building is being negotiated with another retailer, Valero says.

This phase will be complete by the first week of January, Valero continues. From then, Stein Mart will have approximately five months to prepare the store for its opening.