Real Estate

Included in our net real estate are income producing shopping center properties that are recorded at cost less accumulated depreciation and amortization, construction in process and land available for development or sale.

Land available for development or sale includes real estate projects where vertical construction has yet to commence, but which have been identified by us and are available for future development when market conditions dictate the demand for a new shopping center. Land available for sale was $21.8 million and $19.9 million at December 31, 2014 and 2013, respectively.

At December 31, 2014, we had three projects under pre-development. Our land available for development consisted of:



	Carrying Value As of December 31,
	2014		2013
Development Project/Location	(In thousands)

Hartland Towne Square - Hartland Twp., MI	$	4,699	$	25,193
Lakeland Park Center - Phase II, III - Lakeland, FL	14,506		11,774
Parkway Shops - Phase II - Jacksonville, FL	7,962		11,673
Total	$	27,167	$	48,640

Construction in progress represents existing development and redevelopment projects. When projects are substantially complete and ready for their intended use, balances are transferred to land, buildings or improvements as appropriate. Construction in progress was $25.7 million and $33.5 million at December 31, 2014 and December 31, 2013, respectively. The decrease was primarily due to the completion of Phase I of Lakeland Park Center, located in Lakeland, Florida. The cost for Lakeland Park Center Phase I was approximately $33.4 million, excluding initial land costs. This decrease is offset in part by costs associated with the commencement of Phase II of Parkway Shops located in Jacksonville, Florida which commenced in the third quarter of 2014, as well as by costs associated with redevelopment and expansion projects at various centers.