At the Center of it All

Simon Property Group Inc. (SPG, Indianapolis) announced that it has received a letter of intent for a 180,000-square-foot Sears Grand store to anchor The Community Center at Coconut Point, the first phase of the Town Center in Estero/Bonita Springs, Fla.

The Community Center will feature approximately 40 stores as part of the Town Center project, which will include 1.2 million-square feet of open-air retail space, 40,000-square-feet of office condominiums, 350 residential units and a hotel. Also opening in Phase I next fall is The Lakefront of Coconut Point, serving as a transition area between the Village (another retail area planned to open in September 2006) and the Community Center. It will house a megaplex theater, restaurants, shops and a boardwalk surrounding an 18-acre lake.

Sears Grand is a new full-line store concept for Sears, Roebuck and Co., with a mix of merchandise and services. Appliances, lawn and garden supplies, tools and automotive products are available along with convenience-inspired items and services, such as food basics, baby and pet supplies, CDs, DVDs and books.

“Sears Grand is a fabulous concept and has been extremely well-received,” says Thomas Schneider, executive vp, development at SPG. “I have no doubt that will be the case at Coconut Point.”