MELBOURNE, Fla. – May 11, 2023 – WS Development, a Massachusetts-based, mixed-use developer, today announces its partnership with PGIM Real Estate in The Avenue Viera, a 550,000-square-foot open-air lifestyle center in Viera, Florida. Nestled along Florida’s emerging Space Coast, the property sits within the greater 43,000-acre, top-10 master-planned Viera community and is home to an extensive lineup of retailers including unique locals, national brands, and plentiful dining options.
The Avenue Viera marks WS’s third investment in the state of Florida, joining The Royal Poinciana Plaza in Palm Beach and Hyde Park Village in Tampa. In keeping with its bespoke approach, as seen across unique destinations like the main street-inspired MarketStreet Lynnfield on the north shore of Massachusetts, or the expansive yet strollable Garden City Center in Rhode Island, WS will deploy its deep-rooted experience in placemaking, merchandising, and branding lifestyle centers, to build upon The Avenue Viera’s strong fundamentals and existing success.
“We are thrilled to expand our presence in Florida, a top destination that is attracting residents and visitors in record numbers and fostering growth for its businesses,” said Jeremy Sclar, Chairman and CEO of WS Development. “The Avenue Viera possesses great opportunities as a gathering place for both neighbors and visitors given its central location, robust lineup of retailers, and inviting outdoor spaces. We’re excited to engage with the community and continue this development’s positive growth.”
With this announcement, WS Development will assume responsibility of managing The Avenue Viera and share ownership with PGIM Real Estate, owner of The Avenue Viera since 2006. With the continuous growth of the Space Coast and its designation as a top place to live, the lifestyle center has only become stronger and the community surrounding it has grown immensely. WS plans to use a multi-layered approach to continue the property’s evolution and support retailer success, particularly with onsite activations, fresh merchandising, events, public art and interactive amenities.
“This partnership with WS Development marks a very exciting opportunity for The Avenue Viera,” said Joanna Mulford, managing director and senior portfolio manager for PGIM Real Estate’s U.S. core equity strategy. “WS Development’s expertise, relationships, and experience will be critical to strengthening The Avenue Viera’s position as a daily lifestyle destination for nearby residents, thereby filling a significant market void in Central Florida.”
Located directly off I-95, The Avenue Viera is the only open-air lifestyle center in the area. The award-winning shopping destination is well-positioned to reach a variety of demographics across Viera, Melbourne and the Space Coast and showcases an impressive lineup of 80+ retailers, restaurants, and entertainment venues, from local treasures to nationally recognized brands.
The Avenue Viera will join WS Development’s portfolio of over 100 properties across the U.S. For more information on WS Development projects, please visit https://www.wsdevelopment.com/.
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About WS Development
Massachusetts-based WS Development is a mixed-use developer with a singular mission: creating places people want to be. With an approach that values art, science, innovation and, above all else, people, WS strives to engage each community it serves with best-in-class installations and activations. Established in 1990, WS is a vertically-integrated company that conceptualizes, owns, operates and leases more than 100 properties that range from cutting-edge urban spaces to lifestyle and community centers. With over 22 million square feet of existing space and an additional nine million square feet under development, it is one of the largest privately-owned development firms in the country. For more information, visit www.wsdevelopment.com, call 617.232.8900 or follow WS Development on LinkedIn.
About PGIM Real Estate
With $207.9 billion in gross assets under management and administration ($133.8 billion net),1 PGIM Real Estate provides investors and borrowers access to a range of real estate equity, real estate debt, agriculture, and impact solutions across the risk-return spectrum.
PGIM Real Estate is a business of PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU). PGIM Real Estate’s risk management approach, execution capabilities and industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing,2 and the local experience of professionals in 32 cities globally. Through its investment, financing, asset management, and talent management approach, PGIM Real Estate engages in practices that strive to ignite positive environmental and social impact, while pursuing activities that seek to strengthen communities around the world. For more information visit pgimrealestate.com.
1 As of December 31, 2022, net AUM is $133.8 billion and AUA is $48.7 billion.
2 Includes legacy lending through PGIM’s parent company, PFI.
Media Contact
Megan Hackworth
megan.hackworth@berlinrosen.com