The first stage of the refurbishment into the new Crossroads Square shopping center is the demolition of some of the property's existing structures. Among the facilities that will be demolished are: The Sports Authority, Office Max, Uptons, and the existing Eckerd drug store and Goodyear Tire Center.
Redevelopment plans call for a new Eckerd to be built at another location on that site, just east of Taco Bell. Plans also call for a new Goodyear Tire Center to be built behind Pollo Tropical.
The demolition, on a 13-acre tract of land, will make room for a new, 177,000-sf Lowe's Home Center, which will include a 36,000-sf garden center. Lowe's Home Centers Inc. has inked a deal to lease the space.
Also as part of the redevelopment, the rest of the shopping center will be remodeled and refurbished, which includes landscaping improvements.
Equity One is hosting a formal groundbreaking at noon March 6 and has invited the city's mayor. The mall's redevelopment is scheduled for completion in the fourth quarter of this year.
Equity One has reported that it expects the Lowe's lease and the other redevelopment projects to raise the mall's occupancy level from 15.3% to 86.2%.
Publicly traded Equity One acquires, renovates, develops and manages neighborhood shopping centers anchored by national and regional supermarket chains and other necessity-oriented retailers, such as drug stores or discount stores. After its merger last month with Atlanta-based IRT Property Co., Equity One became one of the largest shopping center REITs in the Southeast, with a portfolio of 181 properties and 18.7 million sf in 12 states.
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