Businesses flee Regency Square Mall without AC

[Charles Hunter]

Film a zombie appocalypse movie where the Thrilling Finale has the intrepid band of heroes torch the place, killing all the zombies.
Make a few bucks on rental and demo the property.

[jaxoNOLE]

Figure any potential buyer would be paying a steeply discounted price. One potential use that might not be bothered by other landowners: car dealership. The JC Penney parking lot is already being used as one.

[thelakelander]

I see this property sitting underutilized for a long time. IMO, the new user will shut the mall down before spending big money to keep five small businesses operating on site. With a church owning that Belk plot (why would they sell? They are more likely to be the buyer than selling their space), I don't see major redevelopment or revitalization of a 1960s mall taking place.

[Tacachale]

Film a zombie appocalypse movie where the Thrilling Finale has the intrepid band of heroes torch the place, killing all the zombies.
Make a few bucks on rental and demo the property.

I know you're joking, but I love this idea!

[jaxlongtimer]

I see this property sitting underutilized for a long time. IMO, the new user will shut the mall down before spending big money to keep five small businesses operating on site. With a church owning that Belk plot (why would they sell? They are more likely to be the buyer than selling their space), I don't see major redevelopment or revitalization of a 1960s mall taking place.

For money, everything is for sale.  LOL.  A lot of churches have faced declining membership.  How is this one doing?  What did they pay for their property?  If they got a great return on it, maybe they would be happy to go somewhere else.  If I could buy all the surrounding property for a bargain price and owning this parcel would greatly enhance all my holdings, I could afford to give the church an "offer they couldn't refuse."  Isn't that part of the economics of developers?

[thelakelander]

^I think it's more likely this church would buy the mall before a development group doing true mixed use would do. Old dead malls come a dime a dozen these days. I imagine there are good opportunities in more advantageous markets.

[marcuscnelson]

I see this property sitting underutilized for a long time. IMO, the new user will shut the mall down before spending big money to keep five small businesses operating on site. With a church owning that Belk plot (why would they sell? They are more likely to be the buyer than selling their space), I don't see major redevelopment or revitalization of a 1960s mall taking place.

For money, everything is for sale.  LOL.  A lot of churches have faced declining membership.  How is this one doing?  What did they pay for their property?  If they got a great return on it, maybe they would be happy to go somewhere else.  If I could buy all the surrounding property for a bargain price and owning this parcel would greatly enhance all my holdings, I could afford to give the church an "offer they couldn't refuse."  Isn't that part of the economics of developers?

According to today's new Daily Record article the church paid $7 million. That doesn't include whatever they might have spent inside the building to convert it into their facility.

^I think it's more likely this church would buy the mall before a development group doing true mixed use would do. Old dead malls come a dime a dozen these days. I imagine there are good opportunities in more advantageous markets.

I would still note what Rimrock Devilin said about the place, even knowing they decided not to buy during the pandemic:

"It's not often that you find a 70-plus acre tract of land in the heart of a community surrounded by rooftops, local businesses and national brands with frontage on a main thoroughfare encompassing over 100,000 passing cars each day," it said.

Rimrock Devlin said the mall is central in the Jacksonville market because it is a 15-minute drive to Jacksonville International Airport and the Beaches, not far from Downtown and 10 minutes from St. Johns Town Center.

Maybe city leadership is what ultimately needs to lay the groundwork here, and that's what can't be expected in the near term but I do think this is a good opportunity at the end of the day. Not the lowest risk but definitely a reward with creativity.

[jaxlongtimer]

^I think it's more likely this church would buy the mall before a development group doing true mixed use would do. Old dead malls come a dime a dozen these days. I imagine there are good opportunities in more advantageous markets.

Does a church need 70 acres of impervious land?  Are they going to get into the development business?  Do they have the dollars to pay for all the surrounding land?  I don't see this as a likely outcome based on these questions.

I could see Corner Lot or JWB taking on this project.  Corner Lot already built around a church in San Marco, too, so that might not bother them here.  LOL.

[thelakelander]

^Those groups have their hands full already and revamping of regional malls isn't their area of expertise. If they took on a property that size and without also getting ownership of the other parcels, it would likely sit for a while.

Normandy Mall was purchased by a church. The old Sam's is the sanctuary. Part of the mall was sold to Sleiman, who converted it into a Winn-Dixie anchored strip shopping center. The church uses the rest of the mall for shops owned by its members and places that cater to that community.

Another example is the old Lakeland Mall in Central Florida. A Baptist Church acquired the entire mall and uses it for a variety of things.

https://flbaptist.org/first-baptist-church-at-the-mall-prepares-for-future-as-lakes-church/

The little old churches may be struggling. But a lot of mega churches are doing quite well.

[thelakelander]

I would still note what Rimrock Devilin said about the place, even knowing they decided not to buy during the pandemic:

"It's not often that you find a 70-plus acre tract of land in the heart of a community surrounded by rooftops, local businesses and national brands with frontage on a main thoroughfare encompassing over 100,000 passing cars each day," it said.

Rimrock Devlin said the mall is central in the Jacksonville market because it is a 15-minute drive to Jacksonville International Airport and the Beaches, not far from Downtown and 10 minutes from St. Johns Town Center.

Maybe city leadership is what ultimately needs to lay the groundwork here, and that's what can't be expected in the near term but I do think this is a good opportunity at the end of the day. Not the lowest risk but definitely a reward with creativity.

I wonder why they never closed? I also wonder what they've been up to since.

[Lostwave]

Knock down the mall.  Build a new Multifamily mixed use development with ground floor retail.  Build a new church by the theater and give it to them in a land swap so the church isn't in the middle of the development.

Thats what they did to this dead mall (minus the church) and its fantastic.
https://www.thevillageattotemlake.com/

[thelakelander]

^How strong is that market for that type of product at the Regency site? If Arlington was in South Florida, sure. Here, the realist in me believes it will be while. There's no Trader Joe's, Nordstrom Rack, etc. coming to save the day. Just about every potential type of anchor, is already present in various shopping centers within the two or three mile radius. I hope I'm wrong but I think this Regency property will be sitting empty and blighted for while.

[Jax_Developer]

Simply put, our rents just don't allow these products to be built, right now. Im with Lake, it's going to take a while. The highest and best use is a very intense multi-level site.. the economics won't allow that for a while.

The same macro factors that lead to the demise of Regency are still true. There hasn't been the demand for a shopping "mall" this far north.

[jaxoNOLE]

Additional retail shopping is not much in demand in Arlington, but anecdotally I've observed the demand for housing and restaurants is very high. Dining choices are on average pretty sub-par compared to other areas of Jax (not that we don't have a few bright spots), but always seem to be busy. When new places open up, there's a surge of interest because most of our restaurants have been chains and fast food places.

This may not be enough to make the economics of developing said products worthwhile right now, given the site conditions, but I do think the demand is there.

[thelakelander]

^It all depends on the cost to acquire the property, the other properties and the cost to develop a product that the market can support. It's sort of like downtown. There's a demand for housing. However, you can't really build a product for a price that the market supports, without incentives to make the project feasible.