A Massachusetts developer this month acquired partial ownership of The Avenue Viera retail complex, and plans to give it a makeover and add new retailers to the tenant mix.

WS Development said it has assumed responsibility of managing The Avenue Viera and now shares ownership with PGIM Real Estate, which had been owner of The Avenue Viera since 2006. Financial terms of the deal, which closed May 10, were not disclosed.

The Avenue Viera, a 550,000-square-foot open-air shopping center, has more than 80 retailers, restaurants and entertainment venues. The Avenue Viera and its tenants employ more than 1,000.

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The new co-owner said it plans to refresh The Avenue's appearance, including repainting, as well as adding new amenities, events, public art and interactive attractions. The company said details will be announced in the coming months, as will details about new tenants coming into the complex. WS said it aims to "build upon The Avenue Viera's strong fundamentals and existing success."

Todd Pokrywa, president of The Viera Co., the developer of the 43,000-acre Viera planned community, said his company is excited about the investment WS is making in The Avenue Viera.

Pokrywa said WS Development "has a strong track record in creating places people want to be," and works to set "the new standard for place-making in retail lifestyle centers throughout the country." He said WS's vision is aligned with that of The Viera Co. to elevate The Avenue "to serve the continuing growth in our market."

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In a statement announcing the deal, Joanna Mulford, managing director and senior portfolio manager for PGIM Real Estate’s U.S. core equity strategy, said WS Development partnering with her company will be a positive for The Avenue Viera, adding that 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."

The Avenue Viera is the third investment in Florida for WS, which is based in Chestnut Hill, Massachusetts. The others are The Royal Poinciana Plaza in Palm Beach and Hyde Park Village in Tampa.

WS owns, operates and leases more than 100 properties. With over 22 million square feet of existing space and an additional 9 million square feet under development, it is one of the nation's largest privately owned development companies.

PGIM Real Estate is a unit Prudential Financial Inc., a New Jersey-based financial services company.

Contact Berman at  dberman@floridatoday.com, on Twitter at @bydaveberman and on Facebook at www.facebook.com/dave.berman.54

This article originally appeared on Florida Today: New owner plans new tenants, new events, upgrades at The Avenue Viera