Trader Joe’s-anchored project in Miami Beach breaks ground with $35M loan
11,500 sf Trader Joe’s slated to open during second half of 2018
Article from the Real Deal Miami written by Katherine Kallergis
Miami’s second Trader Joe’s is one step closer to becoming a reality.
Construction is officially underway at 17 West, a mixed-use building at 1698 Alton Road and 1681-1683 West Avenue, according to a notice of commencement filed on Tuesday. The developers, Rock Soffer of Turnberry Associates, Elion Partners and members of the Sredni family, also closed on a $34.5 million construction loan. Fifth Third Bank is the lender, according to Miami-Dade County records.
In addition to an 11,500-square-foot Trader Joe’s, the five-story building will also have loft-style apartments, townhomes, residential amenities, and a parking garage with about 160 spaces set aside for the public.
Turnberry is looking for “neighborhood-friendly” retail and restaurants to lease the remaining space. The building, which is being designed by Touzet Studio with Stantec, will be completed next summer, Soffer previously said. Trader Joe’s is slated to open during the second half of 2018.
Property records show the developer bought the land for a combined $15.9 million between 2013 and 2015. Turnberry founder Don Soffer is also listed on corporate records for the LLCs.
The popular California-based grocer’s other Miami-Dade store is in Pinecrest. In South Florida, Trader Joe’s is also located in Pembroke Pines, Boca Raton, Delray Beach, Palm Beach Gardens, Wellington, Fort Lauderdale and Davie.
In Miami Beach, it will join a Whole Foods planned for the Crescent Heights development on Alton and 19th Street, and an existing Epicure Market at 1656 Alton Road.
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