Target May Land at $32M Retail Center at the Villages

LADY LAKE, FL-Commissioners in this Lake County municipality of 30,000 residents are reviewing preliminary development plans for an estimated $15-million, 134,000-sf Target Supercenter that could be a magnet for the under-construction, 317,690-sf Rolling Acres Plaza tentatively scheduled to open in fall 2005, area brokers following the project tell GlobeSt.com.

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.