Weingarten paid about $1 million per acre for the property at the end of 2007 and then flipped 11 acres to Target at the same price point. The development cost of the project is just under $80 million, net of expected proceeds not yet received from anchor and pad sales, according to SEC filings. Weingarten, which has a 50% stake in the project, expects the center to be stabilized in 2010, after which it will look to sell the development.

Lance Sherwood, Weingarten's western region development manager, tells GlobeSt.com that construction financing is not a problem because the company finances its project from within once it has an anchor tenant and strong indications of interest from junior anchors. As of February, the company had $184 million available to it under its $575-million revolving credit facility with a syndicate of banks. "We have been able to partner with developers and bring horsepower and financing to the deal," he says.

Weingarten says it is currently working on leases for two national junior anchors that will be located next to Target. In addition to six junior anchors ranging in size from 15,000 sf to 40,000 sf, Sherwood says the development will include six pad sights ranging from 2,500 sf to 7,000 sf for five restaurants and a bank, and approximately 70,000 sf of in-line shop space.