MIAMI—Its first-ever ground up retail development in Miami-Dade County, Regency Centers is building Fontainebleau Square, a 320,339-square-foot grocery-anchored community center 10 miles west of downtown. Retailers like Publix Sabor, with a 45,600-square-foot store, and Target, with a 139,751-square-foot store, will anchor the property.
Fontainebleau Square is located at the signalized intersection of Northwest 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. Construction will start this month with anchor openings beginning as early as October 2014. Regency owns and operates nine centers in the South Florida market, totaling 843,000 square feet.
“We could not ask for a better location for our first ground-up development project in Dade County,” says Josh Spooner, vice president 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% leased and committed.”
The center's urban, infill location gives Fontainebleau Square retailers densest trade markets in Miami-Dade County. There are 180,000 people, including the 40,000 students at nearby Florida International University, and a daytime population of 249,000. Putting that into perspective, the retail site serves a population density twice the market average and is between the high-income submarkets of Doral, Coral Gables and Kendall.
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. Specifically, the project will tap energy-efficient design, use of sustainable building materials, water conservation and recycling.
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