(Crystal Proenza is associate editor of Real Estate Florida.)
COCONUT CREEK, FL-Phase one of the Promenade at Coconut Creek mixed-use project at the intersection of Lyons and Wiles Roads is set to open on Nov. 1, according to developer Columbus, OH-based Stanbery Development. The LEED-certified project, built on an infill site, is being touted as the largest mixed-use lifestyle center in Northern Broward County and is to include 350,000 sf of office and retail at full buildout.
Next month, Stanbery will celebrate the opening of 196,000 sf of retail and 50,000 sf of office space at the 23-acre Promenade. The retail portion is 85% committed, says James Westfall, asset manager with Stanbery. Retail tenants include Banana Republic, Ann Taylor Loft, Chico's, Talbot's, Coldwater Creek, Jos. A Bank and Sunglass Hut, along with restaurants Saito's Japanese Steakhouse, Fish City Grill and Lime Fresh Mexican Grill. The second phase of the project, to include an additional 105,000 sf of retail and office, is scheduled for completion in 2009.
"It's the first open-air, LEED-certified center of its type in Northern Broward County," says Westfall. "We are bringing upscale tenants to markets that are underserved by these national retailers."
No leases have been signed at the office space as of yet, but there are negotiations under way with several companies, he says. Information about the value of the project or leasing rates cannot be disclosed, he says, other than the fact that rental rates will be at market value based on size.
"The Promenade at Coconut Creek also marks our first foray into the Florida market, so it is a seminal project for us," P. Jon Meyer, principal of Stanbery, said in a release. "We are eager to see the economic impact the shopping center will have on the city and hope to replicate the concept in other parts of the region."
The Promenade is the first project to be complete as part of the City of Coconut Creek's plan to create a pedestrian-oriented urban district. According to a project overview on the city's website, the MainStreet plan includes one million sf of commercial development, 2,700 residential units, 1,300 hotel rooms, 300,000 sf of community facilities, large open space and recreation components and 15 acres of conservation. The plan includes a requirement that all buildings to be constructed on the site are to be green and sustainable with certification by the US Green Building Council or the Florida Green Building Coalition Inc.
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