Thompson Thrift to Develop Luxury Community Near Jacksonville

The project will take shape on the former site of an outlet mall.

The development at 500 Outlet Mall Blvd. in St. Augustine, Fla.
Terrassa will feature 324 luxury units. Image courtesy of Thompson Thrift

Thompson Thrift will be developing Terrassa, a 324-unit luxury community in St. Augustine, Fla., a Jacksonville submarket. The company plans to break ground on the project this month, with completion scheduled for the fall of 2026.

Terrassa is part of the redevelopment of the former St. Augustine Outlets, an almost 100,000-square-foot retail center that was demolished two years ago.

Upon delivery, this will be the developer’s 17th Florida community. Thompson Thrift 2024 Multifamily Development LP will provide project equity.

Terrassa will rise on 14 acres at 500 Outlet Mall Blvd., close to Ford’s Garage Restaurant and the St. Augustine Premium Outlets. Downtown Jacksonville will be within 35 miles, while downtown St. Augustine will be some 8 miles away.

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The community will consist of one-, two- and three-bedroom floorplans up to 1,400 square feet in size. Units will have walk-in closets, detached garages, washers, dryers and private patios, balconies or yards for select layouts.

Common-area amenities are to include a fitness center, a swimming pool, courtyards, community grilling areas, a pickleball court, a dog park and a pet spa with grooming station. The project will also feature a social hub with billiards, a coffee bar, private focus rooms and a work area with printing station.

Thompson Thrift’s national growing inventory

Thompson Thrift’s multifamily portfolio as of the first quarter of this year consisted of more than 21,500 units spread across 22 states.

Earlier this month, the company announced the development of The Landing at Lemay, a 344-unit luxury project in Fort Collins, Colo. This project is scheduled to break ground this month as well.

In June, the firm opened The Depot, a 300-unit community in Raymore, Mo., a Kansas City suburb. Work on the development started in 2022 and was nearly 30 percent leased upon its opening.

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