Boaters, Rejoice: Waterfront Publix with Boat Access Moves Forward
October 6, 2019
A waterfront Publix supermarket with boat dock access is progressing toward completion in Hollywood, Florida. Albert Benalloun, principal at Miami Beach-based TransAmerican Development Corp., acquired the property at 3100 Ocean Drive for $4.75 million. The developer will lease the three-story structure to Publix supermarket.
Construction is anticipated to begin in the third quarter of 2020, with total project costs estimated at approximately $18 million. The 50,095-square-foot property will feature a dock where boaters can park their boats and go grocery shopping, representing a unique retail concept for the area.
The site sits before high-rise condominiums in a rapidly developing neighborhood. Nearby developments include Margaritaville Hollywood Beach Resort, a 349-room, 17-story property, and Brookfield Properties' Diplomat hotel, a 1,000-room facility, both along North and South Ocean Drive respectively.
Publix-anchored properties are highly desirable to real estate investors due to consistent customer traffic patterns and the grocer's strong market reputation.