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.
The property was approximately 60% occupied at press time. Currently, the rental range in the shopping center is in the $15 to $18 per-sf range. That will increase substantially after the redevelopment, Rodstein tells GlobeSt.com.
The property's redevelopment is not yet designed, and costs associated with it are not yet determined, Rodstein says. The owner of the shopping center is 127th Street Shopping Center Inc.
This property is not the only development activity occurring in the area, which is going through a renaissance and has seen other commercial and residential development. The Home Depot and a new shopping center on Biscayne Boulevard were developed recently. In addition, in the next five years, 5,000 residential units are planned for development within two miles of the property, which should support the reinvigorated property.
Monroe's Prestige Group Inc., based in Safety Harbor, is a developer of shopping centers. The company specializes in developing and redeveloping shopping centers anchored by grocery stores and its principals have developed more than 45 shopping centers throughout Florida.
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