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Note 4 - Real Estate Under Development
 6 Months Ended
Jun. 30, 2018
Notes to Financial Statements  
Real Estate Under Development [Text Block]
4.
Real Estate Under
Development
 
The Company is engaged in various real estate development projects for long-term investment. As of
June 30, 2018,
the Company had in progress a total of
four
active real estate development projects and
two
additional projects held for future development.
 
The costs incurred to date for these real estate development projects are as follows (in thousands):
 
Property Name
Location
  
June 30
,
2018
    
December 31,
2017
  
Grand Parkway Marketplace
Spring, TX
   $
46,727
     $
43,403
  
Dania Pointe (1)
Dania Beach, FL
    
218,870
      
152,841
  
Mill Station
Owings Mills, MD
    
42,085
      
34,347
  
Lincoln Square
Philadelphia, PA
    
140,175
      
90,479
  
Avenues Walk (2)
Jacksonville, FL
    
48,573
      
48,573
  
Promenade at Christiana (3)
New Castle, DE
    
33,329
      
32,875
  
Total
(4)
  
$
529,759
    
$
402,518
  
 
 
(
1
)
These costs include expenditures for phase I and phase II offsite and infrastructure requirements. During the
six
months ended
June 30, 2018,
the Company acquired a parcel adjacent to this development project for a purchase price of
$4.6
million.
 
(
2
)
Mixed-use project to be developed in the future.
 
(
3
)
Land held for future development.
 
(
4
)
Includes capitalized costs of interest, real estate taxes, insurance, legal costs and payroll of
$36.5
million and
$27.7
million, as of
June 30, 2018
and
December 31, 2017,
respectively.
 
During the
six
months ended
June 30, 2018,
the Company capitalized (i) interest of
$6.7
million, (ii) real estate taxes, insurance and legal costs of
$1.2
million and (iii) payroll of
$0.9
million, in connection with these real estate development projects.