IRC Retail Centres (IRC) is planning to develop a 66,000ft² Publix-anchored retail centre in Pensacola, Florida, US.
The joint venture between IRC and MAB American Retail Partners has purchased 16 acres of land in Gulf Breeze to develop the new Tiger Point Pavilion shopping centre.
The venture has executed leases with Publix for a 45,600ft² grocery store and a 1,400ft² Publix Liquors outlet.
IRC intends to lease three freestanding pad buildings with a combined space of 19,000ft² to complementary retailers and service providers.
Set to begin shortly, construction is expected to be completed in the first quarter of 2018.
IRC executive vice-president and chief investment officer Scott Carr said: “The new Publix supermarket will benefit from its strategic location on US 98, the main travel artery for full-time residents of the market area and five million overnight visitors annually to popular local beaches and other attractions.
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“We look forward to beginning construction on our fourth development for Publix in the south-eastern US.”
IRC and MAB have also collaborated with Publix on the development of new stores in Alabama and North Carolina.