Stanmore Partners reportedly paid $7M to Preferred Growth Properties for about 6 acres of land near the St. Johns Town Center to construct a 306-unit apartment building. The apartments are being referred to as “Ravella at Town Center” and will include 6 buildings and a 7-level parking garage. The total cost of the development was reported at $32M.
Best Buy is going to be relocating their existing store at The Markets at Town Center to the proposed new development across the street, known as The Strand, and expanding by 4,800 SF along the way. The Strand is being developed by Preferred Growth Properties, LLC, a subsidiary of Books A Million, Inc.
Stanmore Partners, a Houston based apartment development and investment firm, is under contract to purchase 6.6 acres of land near the St. Johns Town Center and plans to develop up to 347 apartment units on the site, which it plans to call Ravella at Town Center Apartment Homes. Before that deal can go thru, Preferred Growth Properties must first close on the 61.35 acres that it has under contract with the Arthur Chester Skinner III Trust, expected to close at the end of January. The plans for the site include a one building complex with a seven level parking garage and two courtyards. That deal is expected to close in the 2nd quarter of 2016.
Preferred Growth Properties, the Birmingham, AL-based developer with ties to the Books-A-Million retailer, has revealed details of its proposed development across from the front door to SJTC – and its pretty big. The plan calls for 500k SF or retail/commercial space, 100k SF of office space, 400 hotel rooms and 500 multi-family units. PGP is under contract to buy the site from the Skinner family. Karen Brune Mathis has the details in a story for The JAX Daily Record.