The 70,000-square-foot Pinecrest Place project will be built next to an existing Target store
Jacksonville-based Regency will build the retail center, called Pinecrest Place, next to an existing 173,000-square-foot Target department store off U.S. 1.
Regency expects to complete construction of the $16.4 million Pinecrest Place project in the second quarter of 2018.
“Pinecrest Place is an ideal blend of best-in-quality anchors with substantial parking, and visibility from the heavily traveled U.S. 1 commercial corridor south of Miami,” Paul Maxwell, vice president of investments for Regency said in a prepared statement.
Regency said in a press release that 90,000 cars a day pass by the site of Pinecrest Place, which is located in an area where household income averages more than $130,000.
Equity One, a retail real estate investment trust in North Miami Beach, completed a $5 billion merger Regency Centers on March 1.