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South Florida

New shopping centers unlikely

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The Fifth and Alton shopping center in Miami Beach, scheduled to open this summer, could be one of the last retail projects to open in South Florida for a long time, as the recession stops retail development in its tracks. Many retailers, including Circuit City and Home Depot’s Expo Design Centers, are closing existing stores, which puts more vacant retail real estate on the market. Retailers are worried about signing new leases before 2010, and developers are having trouble obtaining financing.