Regency Centers Corp., a national owner, operator and developer of grocery-anchored and community shopping centers, says the development of Fontainebleau Square, a 320,339-s.f. grocery-anchored community center, will include a Publix Sabor and Target. The project is the company’s first ground-up retail development in Dade County.
Located 10 miles west of downtown Miami, Fontainebleau Square will be anchored by a 45,600-s.f. Publix Sabor and 139,751-s.f. Target. Construction will begin this month with anchor openings beginning as early as October 2014.
Fontainebleau Square is centrally located at the signalized intersection of NW 102nd Avenue and West Flagler Street, a primary arterial from the Florida Turnpike to Palmetto Highway and Miami, with daily traffic counts of 50,000, Regency reports.
The center’s urban, infill location benefits from a 360-degree trade area in one of the densest markets in Dade County with 180,000 people, including the 40,000 students at nearby Florida International University, and a daytime population of 249,000. The retail site serves a population density twice the market average and is situated between the high-income submarkets of Doral, Coral Gables and Kendall, according to Regency.
“We could not ask for a better location for our first ground-up development project in Dade County,” says Josh Spooner, VP of investments for Regency. “Retailer interest is high as Fontainebleau Square brings together the key components for success—an infill location with high barriers to entry and market-dominant anchors. In fact, the center is already 86 percent leased and committed.”
As part of Regency’s “greengenuity” program to reduce the environmental impact of developing and operating shopping centers, the project will incorporate a variety of green building practices, including energy-efficient design, use of sustainable building materials, water conservation and recycling.
Regency owns and operates nine centers in the South Florida market, totaling 843,000 s.f.