Canyon-Johnson Urban Funds (CJUF) recently closed all-cash on the acquisition of a 32-acre parcel located in Miami’s Flagler Corridor. CJUF plans to develop the property – a dormant former golf course – into a 235,000 square-foot neighborhood shopping center called Fontainebleau Park Plaza, which will be anchored by a Walmart supercenter with full service grocery and general merchandise.
The site, which enjoys an unusually high amount of frontage on the main thoroughfare of West Flagler Street at the intersection of SW 92nd Avenue, is located in the heart of a diverse neighborhood with extremely high density. Nearly 400,000 residents live within five miles of the site, and more than 250,000 employees work within the same radius.
The Fontainebleau site is one of the last remaining parcels in the Flagler Corridor that is entitled for retail development. The project will meet existing demand for services in a community that traditionally has been under-served from a retail perspective.
“When you consider the population density and low retail vacancy rate in this corridor, it’s clear there is a significant supply and demand imbalance that needs to be addressed in this submarket,” said Canyon-Johnson CEO and Managing Partner Bobby Turner. “We believe in Miami and know the area well, and we are thrilled to contribute to the continued growth and revitalization of the area. Fontainebleau is exactly the kind of project we like to invest in.”
“Canyon-Johnson is focused on creating job opportunities and revitalizing urban America,” said Canyon-Johnson Partner, Earvin “Magic” Johnson. “We are thrilled to be back in Miami, and to breathe new life into a piece of land that has been underutilized for too long.”
National and local retailers have shown significant interest in the remaining available space in the center. Leasing for the project is being handled by Rod Castan at the Courtelis Company. Construction for the development of the project is expected to commence in the second half of 2012.
“The market fundamentals are currently very strong for retail investments in Miami, and the Fontainebleau project fits directly into our urban retail strategy,” said CJUF Principal Jonathan Roth. “I am confident that Miami-Dade will remain a target market for further CJUF investments.”
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