$5 Million Redevelopment Begins At Central Florida Retail Center

Promenade at Tuskawilla shopping center, located at the intersection of Red Bug Lake and Tuskawilla roads, just south of Winter Springs. Owner Tuskawilla Park SC, Ltd. is investing in the comprehensive interior and exterior renovation of a former Kmart store to create retail bays for signed tenants Bealls Outlet (21,840 square feet), HomeGoods (20,160 square feet) and Ulta beauty supply (10,506 square feet). Redevelopment of the Kmart space will also include six smaller retail spaces averaging 1,225 square feet, according to Steven Levin, president of Boca Raton, Fla.-based Southern Management and Development (SMD), the center’s leasing and management company. Levin expects the new stores to open this fall, and he noted that the remainder of the shopping center is 100 percent leased. Existing tenants include anchor Hobby Lobby (63,000 square feet) as well as Chick fil A, which is expanding its space by 1,000 square feet. A full-service realty and development firm, SMD focuses on adding value too properties in the retail and multifamily sectors throughout Florida, Kentucky and Tennessee.  In Central Florida, SMD leases and manages a total of 600,000 square feet in five retail centers. Founded in 1972, the company manages 1,202 rental apartments, plus a 3-million-square-foot retail portfolio and 200,000 square feet of office space.

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