Lakeland-based supermarket Public has acquired land in Coral Gables with the intent of building a new store at the former Riviera Plaza.
The company paid $23 million to acquire the property, a two-story mixed-use retail building, which was purchased by Riviera Holdings Plaza LP for $16.5 million in 2015. It previously included tenants like Misha’s Cupcakes and the Riviera Theatre, but most moved out earlier this year. The new store will likely replace the nearby store no. 94 on Monza Avenue which has been in operation since 1979. The store will cost $10 million to construct and include a parking garage on top of the store. Public records show that the seller obtained a Publix building permit in March 2019.
In addition to selling groceries, Publix is also a major landlord, with many businesses operating on Publix-owned shopping centers. The company owns both the land and building for 351 of its 1239 locations. Grocery businesses large and small often use flyer printing and banner printing to advertise new stores as well as sales and new products. Modern stores also use Print advertising and rewards programs to encourage customers to purchase a wider range of products.
The Publix purchase and plans for a future store were announced this April, with construction and opening to come in future years.
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