The Real Deal Miami

Aventura Shopping Center to be demolished, redeveloped

Publix is the only remaining store not yet torn down

August 05, 2016 03:45PM
By Ina Cordle

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Rendering of Aventura Shopping Center and Regency Chairman and CEO Martin Stein

An Aventura shopping center anchored by Publix has been partly demolished and is slated to be rebuilt, with plans to bring in a roster of new tenants.

The rebuilt Regency Centers-owned Aventura Shopping Center, at 2952 Aventura Boulevard, will have 95,834 square feet of new construction, including an expanded, 49,000-square-foot Publix with parking below the supermarket. Delivery is expected in the fall of 2017, Jan Hanak, spokesman for Regency Centers told The Real Deal.

“We’re trying to build a merchandising mix that makes sense for the local community,” he said.

All the space other than Publix‘s current 35,500-square-foot store has been torn down, according to a Publix spokesperson. Demolition is expected later this year or early next year, she told TRD.

Additional new tenants will include CVS and an HSBC bank, Hanak said. According to a Loopnet listing, a total of 32,320 square feet is available for lease.

Miami-Dade property records show Regency paid $11.8 million for the Aventura shopping center in 1994. Built in 1973, it is located between Aventura Mall and Turnberry Isle.

Publicly-traded Regency, based in Jacksonville, has a portfolio of 31o retail properties throughout the country, according to its website.

Nearby, Aventura Mall, at 19501 Biscayne Boulevard, is undergoing its own expansion to include a new three-story, 241,000-square-foot retail wing and parking garage. The mall first opened in 1983, then doubled its size in 1997 and added Nordstrom and a three-level wing of high-end stores in 2007. It has more than 2.7 million square feet of space, making it the third largest shopping mall in the United States, behind Mall of the America in Minnesota and King of Prussia Mall in Pennsylvania.