MIAMI-A Publix Supermarket has broken ground and is on track to open in November at the West Kendall’s Market Square Shopping Center. The 28,800-square-foot store is the new shopping center’s largest tenant.
Market Square is located just east of the Florida Turnpike at the southwest corner of SW 104th Street and 117th Avenue, approximately one mile from Miami-Dade College’s main campus. Walgreens opened a 14,572-square-foot store last year, and leases with national and local tenants are currently in negotiations. New deals are expected to be inked in the next 30 days.
“We are very pleased that Publix has commenced construction and that the residents and business community in the surrounding area will soon have the pleasure of shopping at the new store,” says Pablo Cejas, director of PLC Investments, Inc., the developer of Market Square. “At this time next year, there will be a fully realized retail development that will be a welcome asset to one of Miami-Dade County’s most solid neighborhoods.”
The new seven-acre shopping center will include an additional 27,000 square feet of retail space spread over three buildings. One building will offer 10 retail spaces totaling about 15,000 square feet. The second building offers five retail spaces totaling approximately 8,000 square feet. There is also an outparcel with approximately 4,000 square feet.
These three buildings are scheduled for construction completion by May 15, 2011. Gadinsky Real Estate, the leasing agent for Market Square Shopping Center, expects leases for approximately 50% of the available space in these three buildings to be signed by June 1.
This property is being built in one of the best retail trade areas in South Florida, one that combines a dense population base with substantial daytime traffic from Miami Dade College and other daytime employment centers, according to Anthony Blanco, co-managing partner at Plaza Advisors. This area is largely built out with very limited development sites, he tells GlobeSt.com, so the project is a testament to the developer’s vision and creativity, as well as Publix’s flexibility in store size and approach to a non-conventional layout.
“This trade area is actually under the average ratio of anchored retail square footage to population and as a result,occupancy rates and market rents have remained high in this area and above that of the South Florida market as a whole,” Blanco says. “It is interesting to note that two of South Florida’s largest and most notable retail investment transactions during 2010 occurred within three miles of Market Square Shopping Center and both deals received an overwhelmingly positive response from the capital markets. With a new Publix store in this location, Market Square Shopping Center is poised for a very bright future well into the foreseeable future.”
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