New Town Center Development Announced

[spuwho]

Cantrell & Morgan representing the Skinner Family Holdings has announced a new development at the St John's Town Center.

http://jaxdailyrecord.com/showstory.php?Story_id=544887

http://www.cantrellmorgan.com/new-developmentcoming-soon-town-center-in-jacksonville-fl/

[spuwho]

[chipwich]

Wow.  Very adventurous.  I love the initial layout and design.  Given the economics of the land as well the estimated fancier than stucco build costs, I would venture to say rents are going to have to be lofty.

I would be surprised if this design doesn't get several modifications and we end up seeing more in the way of outparcel sales vs. the amount of multistory in-line retail space proposed here.

Either way, would be very excited to see this come to fruition.

[benfranklinbof]

That area is booooooooming! Its a little overwhelming lol

[Captain Zissou]

If the development keeps the density proposed, I'll be a fan. I don't think that's how the project will end up.

[spuwho]

No anchor tenants announced.  SJTC is already somewhat overserved.  My concern with this proposal is the stress it will bring to the JTB/Gate Parkway ramps, notably during holidays.

I am trying to think what greater Jax is missing in retail that is underserved enough to warrant such a large buildout.

The hotel mix is great. I would guess that Chase would move out of thier strip mall setting into a standalone bulding.

With Belk going to Atlantic North and Macy's a non player the only thing left would be the cannibalization of nearby strip malls in a more traveled retail zone.

Sales per sq ft at SJTC is creating some unusual land valuations. This all looks great, but I am concerned about what is going to lease all the new space.

[thelakelander]

^The site plan doesn't include the type of space an anchor the size of a Belk or Macy's would need. This looks like a mix of restaurants, specialty retail, a few big boxes and office space. Sort of like the Metropolitan near Uptown Charlotte....

[copperfiend]

Oh man, that traffic.

[edjax]

Urban Home & Garden, Restoration Hardware, Crate & Barrel.

[blizz01]

The Container Store, Macy's Home Store, Amazon Brick & Mortar (j/k)....

[southsider1015]

The Container Store, Macy's Home Store, Amazon Brick & Mortar (j/k)....

So Lake, what sort of intersection improvements are proposed to handle the increase in traffic for these developments?  Gate Parkway and Town Center Parkway are COJ roads, and the developer should be paying Mobility Fees, right?  Or is there some poorly-negotiated agreement/exemption/deal that Skinner has for the SJTC?

I can't see how adding any traffic demand to these intersections without improvements can happen.  It's not even a holiday shopping problem anymore.  It's 12 months a year now, and it's clearly going to get worse.

[thelakelander]

I believe this particular area is excluded from paying a mobility fee. It is a Transportation Management Area that pays concurrency fees (which are actually higher than mobility fees). Essentially, most of these monies go to payback the Skinner Family for roads, sidewalks, etc that were constructed a few decades ago. With that said, don't expect much change in the roadway network or its intersections any time soon. Just get used to sitting in traffic.

[ProjectMaximus]

maybe if the developments suffer enough from the traffic, then the tenants or owners will agree to fund some types of improvements. money talks..

[tufsu1]

from what I hear, the developers are considering a multi-use path through the site....I doubt that will have much effect on their required concurrency mitigation though

[spuwho]

Preferred Growth Properties is one of the three business unit of Books-A-Million, along with traditional book retailing and online retailing. The real estate business owns, develops and leases commercial retail estate.

That's one tenant.

They just bought Mandarin South at San Jose and Loretto and are redeveloping it.  So if you need to benchmark them, they already have another parcel under development.