First major retail development in West-Miami Dade in two years
A rendering of the Shops at Beacon Lakes
Continental Real Estate has been named the exclusive leasing agent for the Shops at Beacon Lakes, a new retail development by Flagler and AMB planned for western Miami-Dade County.
The Shops at Beacon Lakes is the first major retail project in the west Miami-Dade submarket in more than two years. Along with Gables Station, which is planned by developer Jeff Berkowitz for the site at 4811 Le Jeune Road, the two offer hope for South Florida’s retail market after several years of prolonged struggle.
“What we are seeing is that the Florida market for retail is still underserved,” Brian Latta, senior project manager of development at Flager, told The Real Deal. “South Florida is one of the areas where retailers still want to grow, and there are a few locations, like the Shops at Beacon Lakes, that can accommodate the big-box retailers.”
Latta said the firm chose Continental because of their relationship with potential tenants and the location.
The project is part of a 6 million-square-foot business park being jointly planned by AMB and Flagler. Flager’s real estate services arm recently announced that new hire and industry veteran Ed Lyden would be handling leasing for the Beacon Lakes Business Park.
“We feel confident that this project will attract a healthy mix of big-box retailers and smaller tenants,” said Alan Esquinazi, senior vice president at CREC.
The Shops at Beacon Lakes is slated to consist of up to 470,000 square feet of build-to-suit retail development at the intersection of Florida’s Turnpike and the Dolphin Expressway.
Latta said the firm assembled the land in 2000, and has since been in the process of developing it. There is currently 1.5 million square feet of office and industrial space at the park.
“I think retailers have been more focused on same-store sales instead of growing, and they’re finally looking at growing again,” Latta said.