Cravey Real Estate broker wins CoStar Impact Award for Olive Garden lease

By AI, Created 11:15 AM UTC, May 20, 2026, /AGP/ – A South Padre Island Drive ground lease in Corpus Christi earned the 2026 CoStar Impact Award for Lease of the Year after Cravey Real Estate brokered a redevelopment that will replace an old restaurant with a new Olive Garden. The project is being credited with helping revive South Coast Plaza and boost momentum along the retail corridor.

Why it matters: - The Olive Garden lease is more than a tenant change. The project is positioned as a redevelopment that could lift occupancy, attract more retail activity and strengthen South Coast Plaza’s role in Corpus Christi. - The deal was recognized as the 2026 Lease of the Year CoStar Impact Award winner in the Corpus Christi market. - CoStar said winners are chosen for growth, diversification and the ability to overcome market challenges. - The awards honor commercial real estate projects that shape neighborhoods and submarkets across 129 major markets in the U.S., Canada and the U.K.

What happened: - The Olive Garden ground lease at South Coast Plaza was named the 2026 Lease of the Year CoStar Impact Award winner. - Lynann Pinkham of Cravey Real Estate Services, Inc. brokered the transaction on behalf of the landlord. - The site is at 1625 S. Padre Island Drive in Corpus Christi, Texas. - The former Johnny Carino’s restaurant site is being redeveloped into a new Olive Garden restaurant of about 7,825 square feet. - The award recognizes projects completed in 2025.

The details: - The redevelopment required demolition of the former structure. - Olive Garden’s newest restaurant prototype will include modernized building systems. - The project adds enhanced kitchen infrastructure. - The restaurant design includes dedicated pickup and to-go parking to support takeout demand. - The transaction included landlord participation in construction costs. - The work also required coordination on site planning, utility upgrades and redevelopment logistics. - The award winners were selected by a panel of more than 600 industry professionals from each market. - CoStar honored more than 300 winners across five categories: Lease of the Year, Sale/Acquisition of the Year, Commercial Development of the Year, Multifamily Development of the Year and Redevelopment of the Year. - CoStar said the full list of winners is available at More information.

Between the lines: - The lease signals continued confidence in the Corpus Christi retail market. - The project has helped create leasing momentum along the South Padre Island Drive retail corridor. - The deal also supports long-term occupancy at South Coast Plaza. - Lynann Pinkham said the transaction reflects strategic redevelopment and the strength of the local retail market. - Pinkham also said the project should create lasting value for the property, the surrounding trade area and the broader community. - Andy Florance, founder and CEO of CoStar Group, said the awards are meant to recognize projects transforming the industry landscape and the communities they serve.

What’s next: - Olive Garden’s new restaurant is expected to open after redevelopment work is completed. - South Coast Plaza and the surrounding corridor may see additional leasing interest if the project continues to draw traffic and tenant demand. - Cravey Real Estate Services, Inc. will likely continue to market itself around the award-winning transaction and its redevelopment work in South Texas.

The bottom line: - A ground lease that replaced an aging restaurant is now being used as proof that strategic redevelopment can reset a retail corridor and win industry recognition at the same time.