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.
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.