The shopping center is being built by St. Petersburg-based Sembler Co. at an estimated hard construction cost of $32 million or about $100 per sf, area construction industry sources who have worked on similar projects tell GlobeSt.com. "That number could easily be closer to $50 million when the job is done," an industry source says.
Sembler officials couldn't be reached by GlobeSt.com's publication deadline; but data on the company's website show Sembler is confident the center will be successful. The Sembler-collected demographics show residents living in a three-mile radius of Rolling Acres Plaza have an average annual household income of $48,840. Residents within a five-mile radius enjoy annual average income of $49,193.
Sembler puts the three-mile radius permanent population at 28,646 and the five-mile radius population at 42,878. The developer is providing tenants with 4.9 parking spaces for every 1,000 sf leased. The surface parking lot will hold 1,573 vehicles.
On traffic counts, the developer is showing 28,773 vehicles passing daily at the US 441-27 corner south of Avenida Street and 37,174 vehicles daily at the same intersection south of County Road 466.
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