MIAMI--(BUSINESS WIRE)--Regency Centers Corporation (NYSE:REG), a national owner, operator and developer of grocery-anchored and community shopping centers, announced today the development of Fontainebleau Square, a 320,339-square-foot grocery-anchored community center. The project is the company’s first ground-up retail development in Dade County.
Located 10 miles west of downtown Miami, Fontainebleau Square will be anchored by top retail brands, including Publix Sabor (45,600 square feet) and Target (139,751 square feet). Construction will start this month with anchor openings beginning as early as October 2014.
Fontainebleau Square is centrally located at the signalized intersection of NW 102nd Ave. and West Flagler Street, a primary arterial from the Florida Turnpike to Palmetto Highway and Miami, with daily traffic counts of 50,000.
The center’s urban, infill location benefits from a 360-degree trade area in one of the densest markets in Dade County with 180,000 people, including the 40,000 students at nearby Florida International University, and a daytime population of 249,000. The retail site serves a population density twice the market average and is situated between the high-income submarkets of Doral, Coral Gables and Kendall.
“We could not ask for a better location for our first ground-up development project in Dade County,” said 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 percent leased and committed.”
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, including energy-efficient design, use of sustainable building materials, water conservation and recycling.
About Regency Centers Corporation (NYSE:REG)
Regency is the preeminent national owner, operator and developer of high-quality grocery-anchored and community shopping centers. As of March 31, 2013, the company owned 345 retail properties, including those held in co-investment partnerships. Including retailer-owned square footage, the portfolio encompassed 46 million square feet located in top markets throughout the United States. Since 2000, Regency has developed 209 shopping centers, including those currently in-process, representing an investment at completion of more than $3 billion. Operating as a fully integrated real estate company, Regency is a qualified real estate investment trust that is self-administered and self-managed.