BOYNTON BEACH, FL-Publix Super Market is the new anchor of Boynton Lakes Plaza, a 117,000-square-foot retail center. The store will occupy a former Winn-Dixie site that was closed along with 29 other locations in July 2010. Publix is relocating from an undersized 39,000-square-foot store in a nearby center to open a new 45,600-square-foot prototype in late summer 2012.
“The addition of a market-leading grocer and redevelopment of Boynton Lakes Plaza illustrates Regency’s commitment to expand and improve its South Florida presence,” Josh Spooner, vice president of Investments at Regency Centers, said in a statement. “In fact, we are actively pursuing additional development projects and partners in South Florida who can benefit from Regency’s available capital and full-service development expertise.”
Located one mile west of I-95 at the intersection of Congress Avenue and Hypoluxo Road in Boynton Beach, Boynton Lakes Plaza is home to national retailers such as Hair Cuttery, Coastal Dental and Dunkin’ Donuts. The center is located at 4740 N. Congress Ave. The center was built in 1994 and acquired by Regency in 1997.
Anthony Blanco, a managing partner at Plaza Advisors, tells GlobeSt.com that Regency Center’s ability to replace Winn Dixie at Boynton Lakes Plaza with Publix is significant on various fronts. Regency, he says, has continued developing high-quality retail projects, as well as exploring the redevelopment of strategic assets like Boynton Lakes Plaza to enhance value.
“The property’s trade area has barriers to entry that made this opportunity of interest to Publix, versus developing a new store in the market,” Blanco says. “Given the dense population base and strong traffic counts around the property, I expect the property will perform exceptionally well once the redevelopment is complete.”
As Blanco pointed out, Boynton Lakes Plaza will undergo a redevelopment including the reconfiguration of the former 56,000-square-foot Winn-Dixie site into anchor and side-shop space, new exterior fa
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