Baptist Health South Florida cashed out of a large development site near Cutler Bay, selling a planned mixed-use project anchored by Publix for nearly $30 million, the South Florida Business Journal reported.
The nonprofit healthcare system sold the 25.5-acre property at the southeast corner of Southwest 112th Avenue and Southwest 248th Street, west of Florida’s Turnpike, to two buyers in two transactions totaling $29.8 million.
An affiliate of Delray Beach-based Kolter Group paid $19.8 million for the residential portion of the site, where plans call for Alton Cutler Bay, a six-story apartment project with 330 units on 15 acres. Another developer previously pursued a similar proposal, but Kolter acquired the land and development rights.
The remaining 10.5 acres traded for $10 million to an affiliate of Boston-based AEW Capital Management. The buyer secured a $29.5 million construction loan from Santander Bank for an approved 85,000-square-foot shopping center anchored by Publix.
The sale reflects Baptist Health’s strategy of shedding surplus land as developers target South Miami-Dade for residential and retail projects.
Publix is one of South Florida’s largest employers and commercial property taxpayers. While it doesn’t own this site, the supermarket giant has been on a spree of buying shopping centers it occupies across the state, spending $326.5 million on Florida plaza acquisitions over the past two years.
Publix’s most recent Miami-Dade acquisition came less than a year ago, when it paid $71.9 million for Hammocks Town Center, a 207,500-square-foot shopping center in Kendall anchored by a Publix supermarket at 10201 Hammock Boulevard.
The grocer’s latest purchase this year was Fountains of Boynton, a shopping center near Boynton Beach at 6627 Boynton Beach Boulevard, for $78 million.
Publix posted $62.7 billion in revenue in fiscal year 2025 and is the highest-grossing Florida-based company, according to the Fortune 500 list.
—Eman Elshahawy
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