Regency to build new Miami center

MIAMI —Regency Centers Corp.has announced the development of Fontainebleau Square, a 320,339-sq.-ft. grocery anchored community center, the company’s first ground-up retail development in Dade County.

Fontainebleau Square has signed Publix Sabor (45,600 sq. ft.) and Target (139,751 sq. ft.) as anchors. Construction starts this month, with anchor openings expected as early as October 2014.

Located 10 miles west of downtown Miami, at 102nd Ave. and West Flagler Street, a primary artery running from the Florida Turnpike to Palmetto Highway and Miami, the center will count 50,000 passing vehicles per day.

The urban infill location features a 360-degree trade area in one of Dade County’s densest markets — twice the density of the market’s average. About 180,000 people, including 40,000 students at nearby Florida International University, live in the area, and the daytime population rises 249,000.

“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,” said Josh Spooner, VP, investments for Regency. “In fact, the center is already 86% leased and committed.”