The project will include a 25,000-sf open-air shopping center, gas station, 55-unit apartment complex and 1,600 sf of flex space. The project will be constructed in phases with the retail space being constructed in the first phase. Leasing efforts have started for the first phase, with rents starting at $20 per sf.
Skyrise Development Group founder and president David Houri tells GlobeSt.com that the project is expected to cost $12 million to $15 million. "The phases may be constructed simultaneously depending on financing," he says.
The retail center is expected to take about a year to build, with the entire project lasting about 16 months. The apartments will average 900 sf and rents will average $900 to $950.
Belleview is located in Marion County, a former farming community which is experiencing growth with an economic base in tourism, construction and business. Population growth is about 3% to 4% per year. Belleview is also located between Ocala and the Villages, where 80,000 to 100,000 people are employed. "Belleview has tremendous growth potential," Houri says. "This project helps to fulfill the need for upscale shopping and dining in an area that is enjoying population growth due to its proximity to the Villages."
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