News Summary
InvenTrust Properties is leading a significant redevelopment project at Gateway Market Center in St. Petersburg, Florida. The project includes the construction of a new Publix supermarket, expanding retail options in the area. The existing Publix will remain open during construction, with plans for additional retail spaces to cater to community needs. This redevelopment continues the evolution of the center, originally established in 1963. The upgrade signals an enhanced shopping experience for local consumers.
St. Petersburg, Florida – A significant redevelopment project is underway at the Gateway Market Center, poised to enhance the shopping experience in the area six miles north of downtown St. Petersburg. InvenTrust Properties Inc., an Illinois-based real estate investment trust, is spearheading this redevelopment, which includes the introduction of a new Publix supermarket.
The new Publix will replace a recently closed 60,450-square-foot Bealls space and will be constructed adjacent to the existing 37,888-square-foot Publix that has operated for over twenty years. The new facility will cover 54,964 square feet and provide a range of offerings for local shoppers, further solidifying Publix’s long-standing presence in the community.
Construction will begin once the necessary permitting is completed, with Tampa-based KH Build LLC serving as the general contractor. Interestingly, the current Publix store will remain operational throughout the construction process. Once the new larger store is completed, operations will transition to that location.
InvenTrust has revealed plans for a new 16,450-square-foot retail outparcel building behind the CVS located within the shopping center. The intention is to fill existing vacancies within the center, including an 11,940-square-foot space near Target and an 11,324-square-foot space adjacent to PetSmart, the latter currently occupied by Spirit Halloween.
The redevelopment is part of a broader effort that reflects the ongoing evolution of the Gateway Market Center. Originally established in 1963 with a freestanding Publix supermarket before the Gateway Mall’s opening in 1968, the center was later redesigned into an open-air shopping format in the late 1990s, becoming the Gateway Market Center we know today. The first Publix store was replaced in 1999 with the current location that has satisfied the community’s needs for over two decades.
InvenTrust has owned the 46.8-acre shopping center since 2010, which is home to various tenants including Target, PetSmart, and HomeGoods. The redevelopment will not only enhance the shopping environment but also cater to the growing needs of residents in the area.
Additionally, construction is already in progress for a new Chase Bank situated at the corner of 77th Avenue North and Dr. Martin Luther King Jr. Street North. This site was previously occupied by a Burger King before being purchased by JP Morgan Chase for $1.55 million in July 2024, further indicating an expansion of commercial services in the community.
The redevelopment at Gateway Market Center represents a pivotal moment for local consumers, promising to offer improved shopping options and modern facilities as InvenTrust moves forward with its plans.
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