Fuqua and Regency Plans Shopping Center on $3M Site it Purchased
By Balazs Szekely, Associate Editor
Fuqua Development and Regency Centers Corp. acquired a downtown plot of about two acres from Pope & Land Enterprise Inc. of Atlanta for $3.085 million. The former landlord acquired the Brooklyn site located at the intersection of Riverside Avenue and Jackson Street from a bank in late 2011. The partnership intends to establish a grocer-anchored shopping center on the still-empty parcel, Jacksonville Business Journal reports.
The developers’ vision is in fact an urban mixed-use project comprised of 300 luxury multi-family units and 60,000 square feet of space including multiple restaurants and other retail venues as well as a specialty grocery store. Potential partners were not specified. Completion can be expected in spring 2014.
The newspaper announced one year ago that The Fresh Market Inc. was considering expansion to the location the partnership just bought. Fuqua’s intention to build a retail center was already public, though Fresh Market representatives still keep mum about the details. Developers also decline comment on possible cooperation with the firm.
The grocer’s expansion sounds reasonable by every indication, considering that the site in question is surrounded by a population of over 75,000 with the average household income of $48,579, and has a daily average traffic count of 18,000 according to the developer’s estimates. Right next to the property, Hallmark Partners Inc.’s residential and retail project is under construction and Lincoln Property Co. has proposed an apartment complex in the neighborhood as well. The Fresh Market operates more than 100 stores in over 20 states across the nation and they are not new to the Jacksonville market either, already having two locations in the city and one in Ponte Vedra Beach.
Photo credits: Fuqua DevelopmentTags: Acquisitions/Dispositions, Brokers, Brooklyn Jacksonville, Condo, Co-op, HOA, Developers, Development, economy, Finance/Investment, Fuqua Development, grocery store, Hallmark Partners Inc., Investors, Jacksonville Lead Story, leasing, Lincoln Property Co., Local, mixed-use, National, operations, Ponte Vedra Beach, Pope & Land Enterprise Inc., Regency Centers, Regional, retail, Riverside Avenue Jacksonville, The Fresh Market