Shopping Center Business is the leading monthly business magazine for the retail real estate industry.
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FLORIDA August 2016 • SHOPPING CENTER BUSINESS • 77 Market continue to find Orlando an at- tractive opportunity for growth." Lucky's Market, an organic grocer based in Boulder, Colorado, with ties to Kroger, is moving into 52,752 square feet of space at 11750 E. Colonial Drive, and Whole Foods is moving into a 40,000-square-foot space at 303 E. Altamonte Drive. JACKSONVILLE LOADS UP DEVELOPMENT PIPELINE Since being developed in 2005, St. Johns Town Center has been the bell- wether for retail in Jacksonville. The 150-store development has gone through several phases of expansion and will soon add the market's first Top Golf. Retail- ers such as Denim & Soul, Francesca's Collections, Uniformi-T, Chicken Salad Chick, Noodles and Company, Pieology and Tossgreen have also recently leased space at St. Johns Town Center. Members of the Skinner family have recently sold off two parcels of land at St. Johns Town Center for future development. "The 45-acre lot near the entrance has been sold for $47 million to Preferred Growth Properties, a subsidiary of Books- A-Million. The company will develop a power retail center on that parcel," says Cliff Taylor, senior vice president of CBRE's Jacksonville office. "The 67-acre parcel to the north sold to Atlanta-based Core Property Capital. Both projects will have retail, in the way of shops and out- parcels, some multifamily and potentially a hotel." Another massive development is Durbin Park, a mixed-use project that will span more than 5 million square feet upon completion. The 1,600-acre Durbin Park is a partnership between the real estate division of Gate Petroleum Co., a Jacksonville-based oil and gas firm, and Gatlin Development, a developer known best for building Walmart stores. Durbin Park will include an estimated 2.4 million square feet of retail, 2.8 million square feet of office space, 999 multifamily units and 350 hotel rooms once completed. The first phase of the project, locat- ed on an 80-acre parcel west of the new 9B/2209 interchange on I-95, will include approximately 700,000 square feet of re- tail space anchored by at least three big- box retailers. Phase I is projected to open in the second quarter of 2018. Phase II, located east of the new 9B/2209 interchange and adjacent to I-95, is projected to follow Phase I by 12 to 18 months and will include lifestyle retailers, restaurants, entertainment com- ponents and Bass Pro Shops. The full de- velopment will be built out in four phases. In Jacksonville's Southside submarket, Hines acquired 105 acres earlier this year for a new live/work/play destination at the intersection of I-295 and J.T. Butler Boulevard. Developers delivered 283,422 square feet of retail space in the second quar- ter, according to CoStar Group. Gatlin Development recently delivered a new Walmart Supercenter at I-95 and Collins Road, and Casto is planning on building a Costco nearby. There was a little more than 800,000 square feet of retail space under construction at the end of the sec- ond quarter, according to CoStar. Jacksonville's job and population growth are propelling the retail market to new heights, according to Taylor. "For the first time in our history we are seeing real or measurable in-migration to the city, due to job growth and company relocations," says Taylor. John Crossman, president of Crossman & Co., agrees that the market is adapt- ing to the population and job growth, but Jacksonville still offers a small-town atmosphere. "Jacksonville has a community feel, but at the same time the market is learn- ing to bring in outside businesses," says Crossman. "Jacksonville is leveraging off its core resources and they're welcoming outside businesses in from various fields. It's an exciting time." Similar to most markets in Florida, a big project is coming to Jacksonville's inner core. Peter Rummell is developing The District-Life Well Lived-Jacksonville, a $400 million mixed-use destination along St. Johns River in downtown Jacksonville that Crossman believes will be a game changer for the market. "The District is bringing in a healthy lifestyle concept, which really works with today's market, and Jacksonville is ready for it. It's sophisticated and will bring Jacksonville's downtown market to a whole other level," says Crossman. "The project will offer views of EverBank Field, and it will be a model for future projects in Florida and around the country." GAINESVILLE: A TALE OF TWO CENTERS Historically speaking, Gainesville's re- tail offerings have not matched the city's demand for retail and restaurants per cap- The 100-acre Lake Nona Town Center in Orlando will feature 3.8 million square feet of retail, restaurant, entertainment, office and hospitality space.