Gatlin and Gate Partner on Durbin Lakes Retail Project

Gatlin Development and Gate Petroleum have announced a strategic partnership to develop Gate’s Durbin Creek property, located in northern St. Johns county, where I-95 and 9B connect.

First Phase:
According to the developer, the first phase will include a total of 600k square feet on 80 acres and will be anchored by 3 big box retailers, accounting for 450k SF (150k SF balance will be small shop retail / restaurants). Without naming the anchor tenants, Mr. Gatlin described them as: “a discount department store, a home improvement store and a membership club”. The initial phase is estimated to cost $125m, with construction set to begin in Q1, 2017 and a 1 year expected construction timeframe.

Entire Project:
The project is designed for 4- 5 year phases. The property is 1,600 acres, of which only about 600 is developable. Eventually it will encompass 2.4m SF of retail/shopping center space, 2.8m SF of office, 350 hotel rooms and 999 multifamily units. The retail component is expected to cost about $500m, spread over the 4 phases. A major highlight of the project, includes the areas first and long awaited Bass Pro Shops, which should occur in the second phase of development.

Karen Brune Mathis with the Jacksonville Business Journal covered the story; which was confirmed by Frank Gatlin at this weeks ICSC conference held at the Hyatt.

About Ernie Saltmarsh

Ernie works for Colliers International in the Northeast Florida Investment Services Group. The team includes Robert Selton, Scott Rogers, Ernie Saltmarsh and Adrienne Miller. Ernie works with buyers who are looking to invest in commercial real estate and sellers who are looking to dispose of investment assets. Ernie's background in research, marketing and finance provide the vital skills necessary to serve his clients.

Posted on January 29, 2016, in Development, Hotel-Restaurant-Tourism, JAX Daily Record, Jobs/JAX Economy, Land, Multifamily, Shopping Centers/Retailers, St. Johns County, Uncategorized and tagged , , , , , . Bookmark the permalink. Leave a comment.

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