Boaters, rejoice: Waterfront Publix with boat access moves forward

Publix will lease the store from TransAmerican Development Corp.

Sep.September 19, 2019 08:45 AM
Publix plans to build and open a grocery store in Hollywood (Credit: Getty Images, Pixabay)

Publix plans to build and open a grocery store in Hollywood (Credit: Getty Images, Pixabay)

Boaters are one step closer to getting a waterfront Publix they can access via boat.

Albert Benalloun, a principal at Miami Beach-based TransAmerican Development Corp., closed on the property at 3100 Ocean Drive in Hollywood for $4.75 million, he said. Hollywood 3100 LLC, which is tied to Carlos Tarrab of North Miami Beach, sold the vacant lot.

Benalloun will lease the three-story store to Publix. He expects construction to start in the third quarter of 2020 and the project to cost about $18 million. The property will include a dock where boaters can park their boats and go grocery shopping.

The 50,095-square-foot property is situated in front of high-rise condo buildings in an area that is seeing an influx of new development, including Margaritaville Hollywood Beach Resort, a 349-room, 17-story resort at 1111 North Ocean Drive. Also nearby is Brookfield Properties’ 1,000-room Diplomat at 3555 South Ocean Drive, one of the largest hotels in South Florida.

The Publix site last traded for $2.3 million in 2012, records show.

A spokesperson for Publix did not immediately return a request for comment.

Publix-anchored shopping centers are highly valued by real estate investors because the popular grocery store chain brings consistent traffic. Over the past few years, Publix has been buying up retail centers to become its own landlord.

TransAmerican Development focuses on retail and multifamily properties in South Florida. The company paid $13.4 million to acquire a North Miami Beach property at 16375 Biscayne Boulevard where it plans to build a 2-acre mixed development project.

Related Articles

Hyde Beach House Resort & Residences, Carlos Rosso and Drew Sims

Sotherly closes on acquisition of Hyde Beach House hotel space

A conceptual rendering and Lon Tabatchnick

Margaritaville developer plans another Hollywood hotel despite opposition

Orangebrook Mobile Home Estates and Carlyle Group co-CEOs Kewsong Lee and Glenn A. Youngkin (Credit: Google Maps, Carlyle Group)

Private equity giant scoops up mobile home park in Hollywood

From left: James Grage, Matthew Elliott, and Marc Hameroff, with the home

Fitness expert wants to shed his Hollywood home via auction

Daily Digest Miami

Project with downtown Miami’s first brewery moves forward, startup aims to institutionalize investing in Miami condos: Daily digest

Luna at Hollywood, Peter Mekras of Aztec Group

Luna at Hollywood sells for $19M in bulk condo deal

Jeffrey Soffer and the Diplomat Beach Resort (Credit: Getty Images)

Jeffrey Soffer in talks to buy 1,000-room Diplomat Beach Resort for under $1B: report

Left to right: Debbie Orshefsky, Seth Bour, Vivian Dimond, Peter Flint, Tim Wheat and Chip Abele

Hollywood attracts developers but lacks new office space: panel