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Note 10 - Development and Redevelopment Activities
3 Months Ended
Mar. 31, 2014
Real Estate [Abstract]  
Real Estate Disclosure [Text Block]

Note 10. Development and Redevelopment Activities


Development Activities


In 2014, the Company substantially completed construction on Delray Marketplace in Delray Beach, Florida and transferred the property to the operating portfolio. The center is anchored by Publix and Frank Theatres along with a number of restaurants and retailers including Burt and Max’s Grille, Charming Charlie’s, Chico’s, White House | Black Market, Ann Taylor Loft, and Jos. A Bank.


In 2013, the Company substantially completed construction on Holly Springs Towne Center – Phase I near Raleigh, North Carolina and transitioned the project to the operating portfolio. The center is anchored by Target (non-owned), Dick’s Sporting Goods, Marshalls, and Petco. In the first quarter of 2014, the Company signed leases with Bed Bath and Beyond and DSW to join Frank Theatres as the anchors for Phase II.


In 2013, the Company commenced construction on both phases of Parkside Town Commons near Raleigh, North Carolina and transitioned the project to an under-construction development project. Phase I will be anchored by Harris Teeter under a ground lease, Petco and a non-owned Target. Target’s store opened in the first quarter of 2014. Phase II will be anchored by Frank Theatres, Golf Galaxy, Field & Stream, and Toby Keith’s Bar & Grill.   


Redevelopment Activities


In January 2013, the Company completed plans for the redevelopment project at Bolton Plaza and reduced the estimated useful lives of certain assets that were demolished as part of this project. As a result of this change in estimate, $0.8 million of additional depreciation expense was recognized in the three months ended March 31, 2013. In addition, LA Fitness opened in February 2014.


In July 2013, the Company completed plans for a redevelopment project at King’s Lake Square and reduced the estimated useful lives of certain assets that were demolished as part of this project. As a result of this change in estimate, $2.5 million of additional depreciation expense was recognized in 2013. Further, the new Publix grocery store opened in April of 2014 and signed a new 20 year lease.