In what will be welcome news for neighboring residents and business, Fairway Red Hook announced this morning they will reopen on March 1.

The 52,000-square-foot waterfront grocery took on five feet of water during Hurricane Sandy, according to a report by the New York Times this fall.

Fairway Market, which has 350 employees, has long been noted as a major food destination in the area, attracting foot traffic from visitors that spreads to nearby smaller businesses.