Regency Centers, a company that owns, operates, and develops grocery-anchored shopping centres, has collaborated with three partners, including ArchCo Residential, Whitehall Realty Partners, and Bluerock Residential Growth REIT, for the East San Marco development project in Jacksonville, Florida, US.
The 4.33acre mixed-use project is anchored by Publix and expects to provide living, work, and recreational space for the San Marco neighbourhood.
Overall construction of the project will be undertaken by ArchCo Residential and co-developer Whitehall Realty Partners, with Whitehall being responsible for bringing in local efforts during the entire phase of the development.
Once completed, ArchCo and its partner Bluerock will own and manage the residential section of East San Marco, while Regency will own and operate the retail portion of the centre.
East San Marco will feature 280 apartments, 46,000ft² of retail, of which 32,500ft² will be led by Publix.
To be situated at the intersection of Atlantic Boulevard and Mango Place in the San Marco community, construction of the project is scheduled to start this year with completion expected by 2018.
The project, valued at $55m, requires $10m to $20m in loans and investment, reports Jacksonville.com.
Regency Centers operations executive vice-president Jim Thompson said: "Making sure we had the right players for the project was of utmost importance moving forward.
"ArchCo has a stellar track record and was the perfect choice to handle the residential operations of what we are hoping will become a powerful addition to an already great neighbourhood.
"Having Publix as our anchor will enable us to bring in the right merchandising mix that will really reflect the lifestyles and interests of the surrounding area. They are extremely well-respected for their quality of operations, and we couldn’t be more proud to have them as involved as they have been."
Image: Graphical presentation of East San Marco. Photo: courtesy of Business Wire