Shops at Santa Barbara
The Challenge:
A developer client tasked us with a question
on the feasibility of un-anchored retail to be developed in a secondary
retail location in Cape Coral.
They asked: Since Cape Coral was originally platted as small parcel installment land sale lots and virtually no retail zoned land was available, could small lot parcels could be assembled and re-zoned, and then could freestanding retail be built and rented at numbers that justified the effort?
Our Impact:
While
simultaneously initiating a land assembly program, we conducted a
pre-construction leasing program which achieved rents beyond
expectation. The client utilized our input on land costs and rents to
finalize his pro-forma. A “go” crunch time was met and 48,150 square
feet of retail was eventually constructed in three phases at this
location.
The Outcome:
The Shops of Santa Barbara was
built, leased and packaged for resale by the developer. The package of
48,150 square feet of retail was sold to a publicly traded Real Estate
Investment Trust and proved to a very profitable venture for the client.