Joint Venture to Redevelop Mixed-Use Property

MIAMI-Two companies have formed a joint venture to redevelop a 167,000-sf mixed-use property in North Miami. The property includes retail as well as office space.

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.