Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)
Issue link: https://sct.epubxp.com/i/704472
60 S C T / A u g u s t 2 0 1 6 J acksonville boasts the largest population of any city in Florida, though it is spread across the largest land mass of any city in the contigu- ous United States. So when local commercial brokers get excited about all the new development in Jacksonville, they are not talking about the total city, but only about specific commercial nodes, such as St. Johns Town Center, in the southeast sector, 20 minutes from downtown. "This is a great time to be in Jacksonville," said Rob Whitmire, vice president of retail investment sales for New- mark Grubb Phoenix Realty Group. "There are quite a few new developments on the books. In the first quarter we had three big land deals closed." Those three were all in the Town Center area. Atlanta-based Core Property Capital pur- chased 69 acres on which it plans to build two hotels, some apartments and space for retailers. Birmingham, Ala.–based Preferred Growth Properties grabbed 61 acres on which it will build a Hobby Lobby site and some apartments. And Houston-based Hines bought 105 acres only two miles away. In addition to all that, an Ikea and a Top Golf facility are under construction at the Town Center. "The Town Center is probably the best retail development between Orlando and Atlanta," said Jason Ryals, a Jacksonville-based principal of Colliers International. "The dirt-up development at Town S I T E S & C I T I E S Jacksonville adds more stores to serve a growing population RETAIL CATCH-UP MARKET PROFILE By Steve Bergsman JACK SON VIL L E, F L A .' S T. Br EN d A N K EM P GIVES T HE INSI d E SCOOP ON HIS HOME M A r K E T 62 A VEN T ur A ( F L A . ) M A L L GE T S E VEN MO r E L uxur IO u S w IT H NE w HIGH - EN d T EN A N T S 6 4 G AINESVIL L E, F L A .' S B u T L E r PL A Z A dr A w S d INE r S TO IT S r ESTA ur A N T r O w 66 t HE PL AC E s W HE RE RE t A IL D E V E LO PME N t I s H O t 3 percent retail sales growth 350,000 square feet of new retail due in 2016 Median home price grew 3.3 percent in 2016 to $202,504 Asking rents to grow 3.1 percent in 2016