Category Archives: Land
IKEA plans to invest nearly $36M into the planned Jacksonville location. According to a recent article, the opening is expected to be in the fall of 2017 and the store plans on hiring 250 people to staff the location. The permits show a store size of 294,203 SF with 950 parking spaces and an expected development cost of $22.7M. IKEA paid $13M for the 25 acres back in May.
An unnamed company is seeking incentives totaling some $8.3M from the state and city for the proposed construction of a 1 million square foot distribution center that could be built at city owned Cecil Commerce Center in Jacksonville’s Westside submarket.
The project sounds very similar to the Amazon distribution center that was announced earlier this year, which was being referred to as Project Rex when they were at this stage of the process. There is a strong possibility that the company behind Project Vero could be Amazon, who has built more than one distribution center in the same market before. In fact, it is somewhat common for Amazon to build one distribution center to pick, pack and ship smaller items, and another to process larger items, such as furniture, sporting equipment, TV’s and other larger consumer products.
The Cecil Commerce location would be about 23 miles south of the location that was already announced, which is at 12900 Pecan Park Road, right off I-295 and just south of the Airport.
A 1M SF distribution center appears to be in the works at Cecil Commerce Center on Jacksonville’s Westside. Similar to the Amazon distribution center that was recently announced, at this point the company has not being identified. What we do know is that the proposed facility would serve as a packaging distribution center for a national company and would employ about 1,000 people. Some people are hypothesizing that the building could be an additional Amazon facility…. We will have to wait and see.
After much speculation, Amazon has made it official- they will be opening a 800,000 SF + distribution/fulfillment center in Jacksonville, which will create more than 1,500 full time jobs. The site, which was sold by Colliers International, is at Duval and Pecan Park roads, visible from I-295. For several months, there has been speculation surrounding a project being referred to as “Project Rex” which was seeking city and state incentives, and described a company that sounded very much like Amazon, without actually naming them.
Plans and renderings for East San Marco were just flied with the city. The $41M project will include a Publix anchor, small shop space and 239 apartments above the retail on the ground floor.
Plans for Durbin Park, a mixed use development project that is slated for development on land owned by Gate Petroleum, were recently shared with the public. The 1,600 acre project is located St. Johns County, at the southwest quadrant of I-95 and Race Track Road and bordered by the new road, 9B. The plans call for retail, office, hotel and multifamily uses, as well as nearly 1,000 new homes. One of the biggest highlights, which is slated for Phase II, is a Bass Pro Shoppes. Phase I is expected to be complete by 2018, and Phase II by 2019. Gatlin Development will partner with Gate on the retail component of the project, which could account for some 600,000 square feet.
The long awaited East San Marco project appears to be back on schedule- with construction set to begin late this summer. The project, which was first announced back in 2002, is estimated to cost about $60MM. It will feature 239 apartment units stacked on top of 46,000 SF of retail space. Publix will anchor the retail component, taking about 32,500 SF. The 4.33 acre property is located at the intersection of Atlantic Boulevard and Hendricks Avenue, in the heart of San Marco Square shopping and entertainment district. A JV between ArchCo (Atlanta based) and Bluerock (NY based) will buy the property from Regency Centers this summer, and then develop the property. Regency Centers will then purchase the retail component of the development and handle the commercial leasing and management of the project.
Town Center Promenade, Core Property Capital’s development across from St. Johns Town Center, will feature Northeast Florida’s first Red Robin Gourmet Burgers, as well as Aldi’s second Jacksonville location. Other retailers who will be joining them include Texas de Brazil, Piada Italian Street Food, Newk’s Eatery, Starbucks, Aspen Dental and Mattress Firm. In addition to the retail, Core plans to build 2 hotels and multifamily along the rear portion of the property.
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.
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.
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.
The 69 acre site (30 acres developable) at the St. Johns Town Center (across from Publix) that was under contract to Core Property Capital closed at $23.5M, and now has a name- Town Center Promenade. Since closing, the buyer has released some additional information about the proposed development. Highlights include:
- National Grocer
- Full-service hamburger restaurant
- Brazilian steakhouse
- Two (2) Hotels
- Apartment complex (on 8.5 acres)
- Includes 11 outparcels