Core Property Capital is setting its proposed Town Center Promenade in motion near the St. Johns Town Center.
The Atlanta-based developer filed site plans with the city of Jacksonville and the St. Johns River Water Management District providing more detail about the first phase of the project.
Tom Mundy, a retail specialist at The Shopping Center Group, said Thursday that construction should start by the end of spring or early summer and be completed by the end of the first quarter in 2017.
Mundy is working with Core Property to market the Promenade. He said nine leases have been signed and two or three more are pending.
He declined to identify the tenants.
In January, Core Property Capital bought 69 acres, of which 30 acres can be developed, along Town Center Parkway for the mixed-use retail and residential project. It is across from the St. Johns Town Center.
Mundy said the Town Center, at Butler Boulevard and Gate Parkway, is the most dynamic trade area in Northeast Florida.
He said the Promenade is a positive sign for the Jacksonville market. “There haven’t been many new projects of this size in the past couple of years,” Mundy said.
So far, Newk’s Eatery and Piada Italian Street Food have confirmed they will operate at the Promenade.
Also, the Aldi supermarket chain matches the size of the Promenade’s planned grocery store. Aldi has not confirmed the location.
Red Robin Gourmet Burgers has expressed interested in Jacksonville, but in no specific location.
Plans submitted this week show seven lots in the first phase and three more for future development.
Prosser Inc. is the civil engineer.
The seven lots comprise four for specific uses and three for build-to-suit commercial, retail or restaurant uses.
Lot No. 1 is the proposed 17,825-square-foot grocery store on 2.2 acres. Aldi stores typically are 17,000 to 18,000 square feet.
Lot No. 3 is a proposed 5,800-square-foot building for two restaurants, one with a drive-thru, on 0.92 acre.
Lot No. 4 is a proposed 2,800-square-foot restaurant on almost a half-acre.
Lot No. 5 is a proposed 7,800-square-foot commercial building for two tenants, on almost 1.1 acres.
The lots for build-to-suit development include No. 6 at 1.56 acres and No. 7 at 1.95 acres. Lots No. 2 and 2A total about 1.5 acres.
The site plans do not identify the tenants. Mundy said previously a national grocery store has signed a lease.
He said to expect a national coffee chain, hamburger concept, Brazilian steakhouse, fast-casual Italian concept, another restaurant, a mattress store, a medical-dental office and some fast-food restaurants.
To fit into the puzzle, Newk’s Eatery averages about 4,500 square feet. The Piada restaurants average 2,500 to 2,700 square feet. Red Robins average 4,400 to 6,000 square feet.
The remaining four sites for future development range from 1.94 to 8.7 acres and three have lake frontage, site plans show.
Those are expected to include a multifamily development by Core Property Capital on the largest site, along with a lakefront restaurant and two hotels.
Mundy said the second phase should be firmed up in a few months.
@MathisKb
(904) 356-2466