Monroe's Prestige Group Inc. and the 127th Street Shopping Center Inc. will redevelop and redesign the property, located at 12700 Biscayne Blvd., in the next year's time. The center is anchored by a Publix supermarket. The property was developed in 1959 and, at the time, it was a landmark property in the area and was anchored by Publix, a Woolworth store and North Miami General Hospital Care Center.

"We are pleased with this opportunity to work with the current owners to reinvigorate the property and deliver a quality shopping center to the area," says Charles Monroe, president of Monroe's Prestige Group.

That company has retained NAI Miami, a locally based real estate services firm, to lease and market the property throughout its redevelopment. Josh Rodstein of NAI Miami negotiated the joint venture agreement. And according to Rodstein, the redevelopment is planned to include renovation of the Publix as well as about 100,000 sf of retail space.