A Publix-anchored shopping center in Lake Alfred is moving forward, as 37.5 acres were sold on July 30 for $6.8 million to Dunphy Development, a Tampa-based developer.
Dunphy closed a $28.5 million construction loan from United Community Bank the same day for the project. Lake Alfred Square will feature a 54,964 square-foot Publix, retail shops and seven outparcels ranging in size from just under an acre to 2.18 acres. Publix will lease the store for 20 years with options to extend the lease another 10 years.
The site is currently undeveloped agricultural land that was used for citrus farming.
Barkett Realty Group brokered the sale between Dunphy and Memos Florida, a Winter Haven-based investment company. The site was never on the market and was always a private sale and negotiation.
“The process began over two years ago and required patience and diligence on the part of both buyer and seller while many of the challenges to this development were overcome,” said Bob Barkett. “We first identified this site about four years ago when it was determined that US 27 traffic was becoming overwhelmed and the drive time to I-4 and US 27 was faster via Lake Alfred than Haines City.”
CR557 has been permitted for a 4-lane widening. Two full-access entrances will be added to Old Lake Alfred Road, with a third entrance providing right-in/out. Two right-in/out entrances will be added to CR 557. A future signal light at the intersection of CR 557 and Old Lake Alfred Road will be added by the county.
The Publix will include a 2,100-square-foot liquor store, along with 9,800 square feet of inline retail-space adjacent to it. The site is planned to have 335 parking spaces.
Source: [Publix-anchored shopping center moves forward after developer scores 28.5m construction loan] — [GrowthSpotter]
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