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Business Observer Saturday, Jan. 26, 2008 13 years ago

Commercial Real Estate Briefs

Richman, First Florida plan apartment complexOsprey Property Cos.buys land for new retailTampa flooring retailer buys Race Track centerOhio storage company buys Lockwood storageOcala John Deere dealer buys Palmetto dealershipSarasota developers plan Siesta Village lotBonita Springs developers plan Forum business centerRec Room Furniture sells Naples buildingInvestors acquireDunkin' Donuts center

Commercial Real Estate Briefs

by Sean Roth | Real Estate Editor


Richman, First Florida

plan apartment complex

BUYER: Progress Boulevard Ltd. (The Richman Group of Florida Inc.), West Palm Beach

SELLER: Savannah Development LLC

PROPERTY: a portion of Progress Boulevard west of Robert Tolle Drive, South Tampa

PRICE: $3.5 million

PREVIOUS PRICE: $2.46 million, August 2006

LAW FIRM ON DEED: Broad and Cassel PA, Boca Raton

PLANS, DESCRIPTION: A joint venture of West Palm Beach-based investment banking, development and property and asset management firm The Richman Group of Cos. and Miami-based general contracting and development company First Florida purchased 30 acres on the southern side of Progress Boulevard near U.S. 301 and Interstate 75 in the Lake St. Charles area for $3.5 million.

The developer plans to build an apartment complex on the site that it is preliminarily calling Kensington Gardens.

"We're trying to get concurrency from the county right now," says Shannon Lee, development associate for The Richman Group. "We're approved for 336 units, but we'll probably do less. It's just hard to say right now how much. With all the development that is coming in that area there is a lot of need for multi-family there. There's a lot of single-family, but not much, if any, multi-family."

The developer will almost assuredly also develop a clubhouse and pool, Lee says.

First Florida will act as the general contractor for the project.

The Richman Group, which primarily develops tax credit/low income housing, plans to design the complex as market-rate housing. The Richman Group self-manages its properties and has developed more than 10,000 residential units.

The joint venture mortgaged the property to Citicorp USA for $2.8 million.

Osprey Property Cos.

buys land for new retail

BUYER: OPC Retail Partner LLC (Osprey Property Co. LLC), Annapolis, Md.

SELLER: Trout Creek Properties LLC

PROPERTY: northwest corner of Mansfield Boulevard and County Line Road, Wesley Chapel

PRICE: $2.6 million

LAW FIRM ON DEED: Gunster Yoakley & Stewart PA, West Palm Beach

PLANS, DESCRIPTION: Annapolis, Md.-based real estate investment and development firm Osprey Property Cos. acquired eight acres at the corner of Mansfield Boulevard and County Line Road for $2.6 million. The developer plans to build a CVS/pharmacy drugstore and a 17,000-square-foot retail strip center on the site.

"It's in the middle of a fully developed residential area, which with the slowdown in residential housing, having that already in place is a big plus," says Brett Guy, partner in Osprey Property Cos. "We are not doing much in Florida right now. We'd love to do more commercial in Florida."

Guy says demand will determine whether national or local tenants occupy the property.

Florida Retail Partners in Tampa is marketing the project.

Tampa flooring retailer

buys Race Track center

BUYER: Dan Ruud LLC (principal: Dan Ruud), Tampa

SELLER: Egan-Halverson Race Track Rd LLLC

PROPERTY: 9905 Race Track Road, Tampa

PRICE: $1.09 million

PREVIOUS PRICE: $144,000, October 2000

LAW FIRM ON DEED: Macfarlane Ferguson & McMullen, Clearwater

PLANS, DESCRIPTION: Dan Ruud, owner of Trico Flooring, purchased a12,000-square-foot retail strip center in the Racetrack Road Business Park for $1.09 million.

The center houses Trico Flooring, which occupies 6,000 square feet, and another four tenants, including Scrapbooking With Love, Arkansas MRI Service, a furniture store and a travel line.

"The former owner passed away so we decided to buy it," Ruud says. The net effect of the purchase was to solidify his business' home in the market for the future and to allow it options to expand later.

Dan Ruud LLC mortgaged the property to Wachovia Bank NA for $924,800.


• The Tampa Bay Chapter of the National Association of Industrial and Office Properties named Grady Pridgen Inc.'s Valpak Manufacturing Center the outstanding Industrial Building for 2007.

Valpak's St. Petersburg media campus, which is located in Grady Pridgen Inc.'s La Entrada community, houses Valpak's corporate offices, and printing and marketing divisions.

The building is about 500,000 square feet, and is the largest manufacturing building ever built in Pinellas County. It amounts to more than 10 acres under roof. Valpak expects to add up to 1,800 jobs to the area.

A redeveloped brownfield, La Entrada will house 1.45 million square feet of manufacturing space, 1.3 million square feet of retail space, 5.9 million square feet of office space and 2,495 multi-family residential units.

• The Bank of St. Petersburg plans to build a 6,500-square-foot branch at the Shoppes of Wesley Chapel, a retail shopping center under construction one-half mile north of State Road 56 and Bruce B. Downs Boulevard.

The bank purchased an outparcel in the 4.2-acre shopping center property from the shopping center's developer, Strategic Properties Group.  Strategic Properties purchased the land from Crown Community Development, developer of the adjacent 3,000-home Seven Oaks community. The Shoppes of Wesley Chapel will have 35,500 square feet of retail space in addition to the bank.

A number of leases also have been signed at the Shoppes of Wesley Chapel, with the first restaurants and stores expected to open next summer. Tenants committed to the center include: Prestige Bridal, Party Fever, Quiznos Sub Sandwich Shop and Exit Extreme Realty.

• CBRE Melody arranged $73.71 million in financing for Ramco-Gershenson's acquisition of three retail properties in Ohio and Illinois. Michael Strober, director of CBRE Melody in the Tampa office, arranged the financing with the lender Principal Real Estate Investors.

"These retail centers are in irreplaceable locations with significant opportunity to generate solid income growth," Strober said in a press release.

Ramco-Gershenson Properties Trust is a public REIT based in Farmington Hills, Mich. that buys, develops and manages shopping centers.

• Jones Properties, LLC purchased the Walsingham Village in Largo from Ohio based private investor Charles Bortz for $2.3 million or $130.16 a square foot. Jess Wirts of Realty Asset Advisors handled the transaction. Built in 1988, Walsingham Village, 14219 Walsingham Road, features three buildings with 17,670 square feet of rentable space. The center is divided into 22 spaces.

• Construction has begun and a number of leases have been signed at the Shoppes of Wesley Chapel, a 35,500-square-foot retail shopping center on three acres a half mile north of State Road 56 on Bruce B. Downs Boulevard.

Located on the west side of Bruce B. Downs at Vanguard Street, the Shoppes of Wesley Chapel will provide a variety of restaurants, including The Hungry Gree and Jill's English Tea Room. The center will also feature Martinizing Dry Cleaning and Sun Nails nail salon and a specialty children's boutique Taylor's Closet. Other previously announced tenants are Quiznos Sub Sandwich Shop, Prestige Bridal, Party Fever and Exit Extreme Realty.

The building's shell is expected to be complete in April, with restaurants and stores opening by the summer.


Ohio storage company buys Lockwood storage

BUYER: Rising Tide Development LLC, Middleburg Heights, Ohio

SELLER: Lockwood Stor-N-More

Self Storage LLC

PROPERTY: 7750 Lockwood Ridge Road, Sarasota

PRICE: $5.7 million

PREVIOUS PRICE: $850,000, November 2002

LAW FIRM ON DEED: Norton Hammersley Lopez & Skokos PA, Sarasota

PLANS, DESCRIPTION: Middleburg Heights, Ohio-based Rising Tide Development LLC, a storage development/management company headed by the former U-Store-It Trust chairman and CEO, Robert Amsdell, purchased the three-story 40,626-square-foot Lockwood Store-N-More Self Storage near the intersection of Lockwood Ridge and Tallevast roads for $5.7 million.

Mike Mele, senior investment associate of Marcus & Millichap in Tampa, handled the transaction.

"The buyer is building a presence in the area," Mele says. "They like the general Bradenton-Sarasota market. That particular deal was a 1031 Exchange. It's a good location with great visibility."

As of the sale the property was 72% occupied, Mele says, which translated the purchase price into capitalization rate of 4.5%.

"The pro forma is that if the center were fully stabilized it would probably be a 7.5% cap," Mele says. "They will have some additional economies of scale to improve that. "

Constructed in 2006, the self-storage complex houses 432 units, of which 281 are climatized.

Ocala John Deere dealer

buys Palmetto dealership

BUYER: Alegra LLC (principals: Joseph and Sydney Varner), Ocala

SELLER: Southern Farm Supply Inc.

PROPERTY: 906 E. 10th St., Palmetto

PRICE: $3.43 million

PREVIOUS PRICE: $675,000, October 1988

LAW FIRM ON DEED: Harrison Kirkland Pratt & Chulock PA, Bradenton

PLANS, DESCRIPTION: Highland Tractor Co., a John Deere Construction and Forestry dealer, purchased the Southern Equipment & Machinery Inc. John Deere dealership in Palmetto near U.S. 301 and Interstate 75 for $3.43 million.

The Palmetto purchase was half of Highland Tractor's acquisition of sites from Southern Equipment deal; Highland Tractor also acquired a Plant City location at 2805 S.R. 60 W.

The Palmetto location features a total of four buildings on the property.

As part of integrating the two properties into the Ocala company, Highland Turf & Tractor closed it Lakeland facility at 5430 S. Florida Ave.

Highland Turf & Tractor will eventually have dealerships in Leesburg; Winter Garden, New Port Richey, Dade City, Melbourne, Plant City and Palmetto.

Highland Tractor Co.'s purchase entity for acquisition, Alegra LLC, mortgaged the property to Compass Bank for $2.91 million.

Sarasota developers

plan Siesta Village lot

BUYER: 221 Beach LLC (principals: Jeffrey Hoskins and Cheryl Gaddie), Sarasota

SELLER: Beach Villas at the Oasis Development LLC

PROPERTY: 221 Beach Road, Sarasota

PRICE: $1 million

PREVIOUS PRICE: $4.08 million, May 2006 (includes multiple parcels)

LAW FIRM ON DEED: Voigt & Voigt PA, Sarasota

PLANS, DESCRIPTION: A Sarasota investment group headed by Jeffrey Hoskins and Cheryl Gaddie purchased a quarter of an acre of vacant land in the Village of Siesta Key for $1 million.

Rick Prather of Coldwell Banker Commercial NRT was the listing agent for the property.

"They're planning to build an about 4,000-square-foot building with retail on the bottom floor and offices on the top," Prather says. "The same group is developing the condominium next door. It's going through the planning review [process] right now."

221 Beach LLC mortgaged the property to Whitney National Bank for $800,000.


• Rumba Restaurant and Lounge leased 6,600 square feet of retail space at 1120 N. Washington Blvd., Sarasota from 1120 N. Washington LLC. Anthony Migliore of Coldwell Bank Commercial NRT handled the transaction.

• Kimark LLC leased a 7,632-square-foot retail space, at 4625 S. Tamiami Trail, Sarasota from Martin Realty Investments Inc. Barry Seidel of American Property Group of Sarasota Inc. handled the transaction.

• Hannah Bartoletta Homes is building its first model home in Lakewood Ranch in the La Cantera neighborhood of The Country Club. Hannah Bartoletta Homes, founded in 1988, is based in Lutz. La Cantera is one of the newest neighborhoods in The Country Club village of Lakewood Ranch.


Bonita Springs developers

plan Forum business center

BUYER: CWM Development LLC (principal: Michael McMaster), Bonita Springs

SELLER: Champion Development Corp.

PROPERTY: 3451 Forum Blvd., Fort Myers

PRICE: $1.07 million

PREVIOUS PRICE: $32 million, December 20006 (included various other parcels)

LAW FIRM ON DEED: Bolanos Truxton PA, Fort Myers

PLANS, DESCRIPTION: Michael McMaster, of the Bonita Springs-based financial planning and management firm Comprehensive Wealth Management Corp., and Walt Nelson purchased 2.5 acres on Dynasty Drive in The Forum at Fort Myers near Forum Boulevard and Interstate 75 for $1.07 million.

The duo, which to this point has built mainly estate homes in Estero, plan to construct a 30,000-square-foot, three-story office building dedicated to executive suites. The suites, Nelson says, were modeled after executive suites the partners saw in Chicago, and are being targeted towards small business owners.

"This will be the first one in Southwest Florida," Nelson says.

Nelson and McMaster plan to have Robert D'Angelo Construction Co., based in Bonita Springs, construct the building to meet Leadership in Energy and Environmental Design (LEED) built requirements. The partners have not selected an architect yet.

The 2.5-acre site was part of larger parcel that had originally been approved for 100,000 square feet of office space. The majority of that site will now be developed as a Holiday Inn.

"We just have to get a modification," Nelson says. "We'll probably start mid-year. We're hoping to be open by the first quarter of 2009."

The developers expect to have rental rates starting from $300 to $400 a month for furnished suites.

The new property owners, who went by CWM Development LLC, mortgaged the property to former owner Champion Development Corp. for $1.02 million.

Rec Room Furniture sells Naples building

BUYER: Smyrna Land Co. Ltd. (86.4% interest) and Tamiami North LLC (13.6%) (Grace Development Inc.), Nashville, Tenn.

SELLER: LH&D Properties LLC

PROPERTY: 13560 Tamiami Trail N., Naples

PRICE: $5.05 million

PREVIOUS PRICE: $4.48 million, November 2005

LAW FIRM ON DEED: James Karl & Associates Law Office, Marco Island

PLANS, DESCRIPTION: Two investment groups dominated by Nashville, Tenn.-based developer, broker, real estate manager Grace Development Inc. purchased a 17,928-square-foot retail building on 1.87 acres on Tamiami Trail between the intersections of Sunrise Boulevard and Wiggins Pass Road for $5.05 million.

David J. Stevens, of Investment Properties Corp., handled the transaction. Stevens says the purchase was part of a sale lease-back with recreational-furniture retailer Rec Room Furniture and Games.

"Rec Room Furniture decided it had another place it wanted to put it's money rather than in real estate," Stevens says. "The buyer was a 1031 investor so it was a purchase with Rec Room taking a master lease on the building." Rec Room occupies all but roughly 2,200 square feet of space, which currently houses Lynn's Consignment Apparel.


Investors acquire

Dunkin' Donuts center

BUYER: David Stoneburner (80% interest) and 15301 Investments LLC (20%), Fort Myers


PROPERTY: 15301 McGregor Blvd., Fort Myers

PRICE: $1.85 million

PREVIOUS PRICE: $318,500, July 2004

TITLE FIRM ON DEED: Fee Simple Title Agency Inc., Fort Myers

PLANS, DESCRIPTION: Fort Myers real estate investor David Stoneburner and the investment group 15301 Investments LLC purchased a 6,000-square-foot retail strip center on McGregor Boulevard for $1.85 million. Gary Tasman, executive director of Cushman & Wakefield's Southwest Florida office in Fort Myers, brokered the deal and owns a portion of 15301 Investments LLC.

The complex, which is a shadow center to a much larger power center housing a Kmart and Publix Supermarket, is anchored by Dunkin' Donuts. It also features a Quiznos Sub Sandwich Shop, a real estate brokerage firm and the offices of a development group. The center was 100% occupied as of the purchase.


• Insurers Unlimited leased 3,000 square feet of office space at 27970 Crown Lake Blvd., Suite 3, Naples from Dr. Roger A. Bohn and Amy Peterson-Bohn. Jay Crandall of Coldwell Banker Commercial NRT, handled the transaction.

• Six tenants have purchased space in the new Murdock Circle Executive Center building, at the intersection of Murdock Circle and Education Way, in Port Charlotte. Fifteen office condominiums are still available for sale or lease.

The center, being developed by DRD Development LLC, is currently occupied by Advanced Pain Management of Southwest Florida, Southwest Florida Hand Specialists, Alvaro Bada, M.D., Matthew Bagan, D.O. and Domino Galliano, M.D.

• Owen-Ames-Kimball Co. has completed construction project management of the first Colonial Bank branch in the bank's South Florida Region expansion plan. The 2,500-square-foot bank will provide services to the Bayview area of Fort Lauderdale. Colonial Bank anticipates the addition of more than 10 new branches in its south region.

• DeAngelis Diamond Construction Inc. has started construction on the Palm Toyota Dealership in Punta Gorda. The project calls for DeAngelis to building a new 22,000-square-foot service center, demolition of the existing Mazda/Hyundai and Chrysler dealerships and construction of a 23,000-square-foot, two-story showroom and administrative building.

• DeAngelis Diamond Construction has been awarded a contract from  Naples Motor Sports to construct  a 10,000-square-foot building.

• Fort Myers-based J.L. Wallace Inc. has been awarded a contract to build a 22,000-square-foot education building for Cape Christian Fellowship, at 210 Chiquita Blvd. in Cape Coral.

• David J. Dale had been promoted to president of the Owen-Ames Kimball Co. replacing Steve Shimp, founder and current president. Dale joined O-A-K in 1989 as a jobsite superintendent on the 16-story Seapoint Condominium at Naples Cay.

In 1995, Dale initiated a specialty construction team at O-A-K, targeted at niche project needs of on-going customers. Two years later, he was promoted to general superintendent, overseeing all field operations of the company and 12 jobsite superintendents. Dale became vice president of operations in 2004 and was appointed to the company's board of directors. In this role, he had three general superintendents reporting to him and was responsible for a field supervisory staff of more than 30 superintendents.

Owen-Ames-Kimball is a full service general contractor and construction manager servicing the Southwest Florida market since 1982, with 2007 sales of more than $200 million.

• Taylor-Pansing Inc. has begun interior renovation and additional improvements to a bank building at 13520 N. Cleveland Ave. in North Fort Myers for Regions Bank. The building is scheduled for completion in early February 2008.

• Taylor-Pansing Inc. has begun construction on the Gulf Coast Information Project, designed by Gora McGahey Associates in Architecture. The site is located in units 10 and 11 of the Lighthouse Plaza at 728 Pine Island Road. The 2,879-square-foot tenant build-out will be used as centralized sales center for home interior products. 

• Naples-based real estate brokerage Downing-Frye Realty Inc. has reached an agreement with the Agora School of Real Estate to open a classroom facility in the firm's Bonita Springs location. Located at 27180 Bay Landing Drive, the Agora School of Real Estate offers certified Florida real estate courses and review sessions for candidates preparing for the state examination as well as post-licensing and continuing education courses for Realtors. The school also offers mortgage broker and community association manager courses locally. Downing-Frye Realty has seven offices serving Naples, Marco Island and Bonita Springs. 

• H.I.S. LLC leased 4,762 square feet of office/warehouse space in the Billy Creek Commerce Center from Central Park Office Complex LLC. Kevin Rosenthal negotiating the transaction.

• Muzak LLC leased 2,560 square feet of office/warehouse space at Airport Woods from Suffield Investments LLP. John Kremski and Todd P. Holman completing the transaction.

• M&M Developers LLC purchased a 6,750-square-foot industrial building at 2001 Seward Ave. from Mark and Paula Yamin for $865,000. William V. Gonnering of Investment Properties Corp. negotiated the transaction.

• J.L. Wallace Inc. has started construction of a clubhouse at River Strand Golf and Country Club in Heritage Harbour. Developed by Lennar Homes, the new community is located on Grand Estuary Trail in Bradenton. The 39,750-square-foot clubhouse will house a restaurant and bar, a complete kitchen, a card room, a billiards room, golf and tennis pro shops, a snack bar, a fitness center and aerobics room, a locker room and golf cart and bag storage. The project also includes more than 4,000 square feet for a swimming pool, resistance pool and spa. Fawley Bryant Architects Inc. provided architectural design services. 

• Fifth Third Bank purchased 2.2 acres at 17100 S. Tamiami Trail in Fort Myers from Collier Florida Properties LLC for $2.66 million. Dan O'Berski, Larry Foster, Glenda Fortune and Bill Young, all of CB Richard Ellis, Fort Myers-Naples represented the buyer.

• Department of Lottery leased 4,100 square feet of space in the Metro Park Business Plaza at 2830 Winkler Ave. in Fort Myers from Metro Park of Ft. Myers LLC. Scott Dunnuck of CB Richard Ellis, Fort Myers-Naples represented the landlord, and Kim Colquitt of Staubach represented the tenant.

• Floor'd Inc. leased 2,293 square feet of space at 1440 Railhead Blvd. in Naples. Fred Kermani of CB Richard Ellis, Fort Myers-Naples represented the landlord, and Aaron Lynch of Downing-Frye Realty Inc. represented the tenant.

• Gagliano Holdings, LLC purchased a 12,000-square-foot industrial building at 1851 Pine Ridge Road from PRS of Naples LLC for $2.5 million. David J. Stevens, Bill Gonnering, and Craig D. Timmins, of Investment Properties Corp. negotiated this transaction.

• Fort Myers-based Stevens Construction Inc. has completed construction of a new satellite medical office for Florida Eye Health at 3020 Lee Blvd. in Lehigh Acres. The office will include seven exam rooms, a reception area, testing rooms and an optical-display area.

• CC Turner, Inc. has been awarded the construction contract for the Hindu Temple of Southwest Florida. The 8,586-square-foot temple is phase one a three-phase project and completion is schedule for late summer.

• Stofft Cooney Architects of Naples was selected to create a new architectural theme for Aruba's only PGA gated community - Tierra del Sol Resort & Country Club. Tierra del Sol Resort & County Club was originally designed in a Southwest California-Mediterranean motif. Stofft Cooney was selected to modify the architectural theme of the community's existing elements and structures along with designing new residences and community buildings within the firm's newly developed architectural theme, described as contemporary Mediterranean.

The 600-acre site includes luxury private villa-vacation homes, condominiums, a premier resort, a spa, fitness center, full service salon and a Robert Trent Jones II 18-hole PGA golf course.

• Stofft Cooney Architects, has been selected to design two mixed-use projects in Olde Naples: the McCabe building and the Condello building. The McCabe building, a project owned by Phil McCabe of the Inn on Fifth, will be built at the corner of Fifth Avenue South and Park Street. The three-story building will encompass a restaurant, commercial and residential spaces. The three-story Condello building will feature commercial, office and retail on the first and second floors and condominiums on the third floor. 

• J.L. Wallace Inc. has been awarded a contract to renovate the Fort Myers Christian Center, a non-denominational Christian church and a community outreach center at 3500 Fowler St. in Fort Myers. J.L. Wallace will add a new lobby, new sanctuary space and add a new kitchen and classrooms to the 8,000-square-foot building. Construction is expected to start in early 2008 with completion in June.

• The Sports Club at Mediterra is undergoing an expansion that will increase the building's existing 7,852 square feet to more than 14,000 square feet. Bonita Bay Group, which is developing the 1,697-acre North Naples master-planned community, has begun the addition that will include three spa treatment rooms, including a couple's treatment room, and a multipurpose room with a catering kitchen that will function as a large classroom. 

The Sports Club is located in Mediterra's Piazza and currently includes a tennis pro shop, pool, exercise and spa treatment rooms and a fitness center.

• Nina Mason has purchased ownership of the Naples-based electrical contractor Community Electric of Collier Inc. from partners Dan Layel and Gilbert Landry. No operational changes are planned and both Layel and Landry will remain involved with the company in a consulting capacity.

• Brookfield, Wis.-based V.K. Development Corp. has begun construction on the 58,000-square-foot clubhouse at the PGA Tour's TPC Treviso Bay in Naples, part of the 1,050-acre Treviso Bay community a mile east of St. Andrews Boulevard on U.S. 41. The clubhouse will serve as the new centerpiece to TPC Treviso Bay's 7,367-yard championship layout designed by golf course architect Arthur Hills, with Hal Sutton serving as player consultant.

Retail Construction of Minneapolis-St. Paul is serving as the general contractor for the clubhouse. When it's completed in the third quarter of 2009, the clubhouse will feature men's and women's locker rooms, a private wine room and board room, player lounges, a 350-seat banquet and private event space, a recreation room, a special Champions Room for PGA Tour players, and a variety of dining amenities. The clubhouse is the ninth PGA Tour project undertaken by Retail Construction.

•McGarvey Development has completed construction on the first two flex buildings at the Eastlinks Business Park, a 46-acre mixed-use site in the Gateway area of South Fort Myers. When it's completed, the Eastlinks Business Park will offer a total of 173,000 square feet of industrial flex space and 174,000 square feet of office space.

• Naples developer Basik Development LLC will build three new industrial storage units, two mini-storage facilities and a large storage facility at Naples Big Cypress east of Tamiami Trail and Basik Road. The project will increase from four to 10 the number of storage buildings at Naples Big Cypress. The 80-acre campus also features outdoor boat and RV storage, a future motor coach park, and the Big Cypress Market Place - an 87,000-square-foot, air conditioned flea market and winery opening this spring.

• The Richard E. Jacobs Group Inc. and CBL & Associates Properties Inc. have started construction on the 79,000-square-foot third phase of Gulf Coast Town Center in Lee County. The third phase will initially feature a 70,000-square-foot Dick's Sporting Goods and 9,000 square feet of specialty stores. Two junior anchors, as well as additional specialty shops and restaurants will start later.

When it's completed, the Gulf Coast Town Center will offer shoppers 1.7 million square feet of retail and restaurant space, including more than 15 anchors and 120 specialty shops and restaurants. A grand opening for Dick's Sporting Goods is scheduled for October.

Phase II of the project began opening in fall of 2006, and featured Southwest Florida's first Bass Pro Shops as well as Belk, JCPenney, Best Buy, Borders and Costco. SuperTarget, Babies "R" US, Linens 'n Things, Jo-Ann, Kirkland's, Staples, Petco and a 16-screen Regal Cinemas are part of Phase I of Gulf Coast Town Center.  

• Heatherwood Construction Co. has begun work on Southwest Florida's Diamond District, a diamond and jewelry retail store at 7995 Plaza Del Lago Drive in the Coconut Point Mall in Estero.

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