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.
The Apple store located within the St. Johns Town Center is relocating to a larger space just down the street, and will be updated with the “next generation” Apple store design. The new store will be located in the higher end section of the outdoor mall, near restaurants J. Alexander’s, Capital Grill and Cantina Laredo, next door to the new Tesla showroom and across the street from Mayors, Tiffany & Co. and Louis Vuitton stores. The new location, which will be double the size of their existing store, will also be much closer to parking, making a trip to the store much more convenient for shoppers. The “next generation” store design proves that Apple thinks highly of the Jacksonville market and that its a strong performing store for them. As of May, there were only 4 locations open with this new store design, including San Francisco, Memphis, Guilderland (NY) and Brussels, and one planned in Oklahoma City.
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.
The 90K SF CenterOne Medical Office Building near the St. Johns Town Center, just sold for $34.3M. The buyer was CNL Healthcare Properties, a REIT based out of Orlando. The multi-tenant building was 100% leased at the time of the sale, and the group that sold the building leased back a portion of the space.
On the heels of the recent announcement (posted here) regarding Stanmore Partners intention to develop 347 apartments across from the St. Johns Town Center, Hobby Lobby is the next big announcement related to the same site. The retailer has confirmed that it intends to sign a lease for space in a retail project known as The Strand. The Strand will be built on land that is currently under contract by Preferred Growth Properties (Arthur Chester III Trust is seller) and set to close in January. Hobby Lobby plans on opening in mid-2017. Hobby Lobby, which already has stores in NEFLA, is growing in popularity due to the widespread use of social media platforms such as Instagram and Pinterest, which is a popular place for people to post and search for DIY (Do It Yourself) projects.
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.
Tesla Motors, a luxury, all-electric car company, will be opening a small “pop-up” showroom at the St. John Town Center, located near the Anthropologie store. In addition to the showroom (2,058 SF), plans show a charging station behind the showroom, which can accommodate up to six cars. Additionally, the Tesla website says that a service center is also coming to Jacksonville soon, but does not say where.
IKEA held a press conference in Jacksonville today, announcing plans to open up a store in the First Coast. The plan is for a 294,000 square foot facility to be built on 25 acres at I-295 and Gate Parkway. Construction would begin in the summer of 2016, with an open date in the fall of 2017. This will be the 5th location in Florida. This announcement follows several other planned developments nearby, including new phases at the St. Johns Town Center and a Top Golf facility in the immediate area.
There have been rumors that Top Golf was coming to town, but it was not until recently that the company made it official and shared more details. Top Golf facilities offer indoor driving ranges with luxury amenities such as golf balls with microchips to track accuracy, food and beverage service to private “bays” and full restaurant and bar.
- Location: St. Johns Town Center, off Town Center Parkway and fronting I-295
- Cost: $5.88M for the land (15 acres) and $20M – $25M to build and furnish
- Building: 65,000 SF with 3 levels, each with 34 bays (each bay can accommodate 10 players)
- Timing: Construction to start in October, expected to be completed next summer
- Expectations: 450-500 new employees; expected 350,000 to 400,000 customers annually
Core Property Capital has the 63.3 acres (28 developable acres) across from the St. Johns Town Center under contract, with plans to develop the property into what it calls “Town Center Exchange”. The project is expected to include 100,000 square feet of retail and restaurants, a 150 room hotel, an undisclosed amount of office space and 350 apartments. The deal is expected to close by the end of the year and will be developed in phases.
Karen Brune Mathis with the Daily Record has the story.