A representative of Dewberry Capital Corp. said Monday that Roosevelt Square will undergo a third phase of redevelopment under its ownership.
The representative, who asked not to be identified because plans were not completed, called it “a total renovation” of the shopping center east of Roosevelt Boulevard and south of San Juan Avenue.
“Every part of the shopping center will be touched,” the representative said, adding that plans would be released when ready.
Atlanta-based Dewberry Capital, through Roosevelt Square LLLP, applied to the city Thursday to demolish the closed Belk department store at a cost of $250,000 and a former pharmacy at a cost of $50,000.
In 1997, Dewberry Capital bought the former Roosevelt Mall, an enclosed center built in 1961, and completed two redevelopment phases in 1999 and 2003.
It transformed the center into an open-air shopping plaza.
The third phase was signaled by permitting, tentative plans and a $68.5 million mortgage issued in May by Protective Life Insurance Co. to Roosevelt Square LLLP. The loan matures in five years.
The agreement, signed and recorded in May, shows that Dewberry Capital intends to retain existing anchors Stein Mart and Publix and sign new tenant PetSmart.
Mark Dowst & Associates Inc. is the agent. Dewberry President John Dewberry signed permitting documents as the owner.
Roosevelt Square operates on 29 acres.
Stein Mart confirmed last year that it renewed its lease in a 46,000-square-foot space and plans to renovate it.
It said it will be flanked by Ulta Beauty and a pet supplies retailer, likely PetSmart, both new to the center.
