Preferred Growth Properties bought 45 developable acres near St. Johns Town Center on Friday from members of the Skinner family, sparking the launch of another major mixed-use project in the popular Southside area.
Chip Skinner, a member of the family and one of the landowners, said Friday that PGP Jacksonville TC LLC paid almost $46.95 million for the property.
“We feel like the additional activity that they are going to bring to the area from a retail, residential and hotel perspective is going to really add to the already growing and vibrant area,” Skinner said.
He said $3 million to $4 million in transportation improvements are planned by the developer.
The property is north of Butler Boulevard along Town Center Parkway.
PGP plans to make traffic improvements at the intersection of Gate and Town Center parkways, including adding turn lanes, access points and a trail for pedestrians, runners and bicyclists.
PGP, a subsidiary of Birmingham, Ala.-based Books-A-Million, could not be reached immediately Friday.
Skinner said Cantrell & Morgan CEO Chris Morgan and President Jim Loftin represented Preferred Growth Properties in the deal.
PGP’s plans show it wants to develop a mix of commercial, hotel, office, retail stores, multifamily residential and recreational uses.
The project has been referred to as the Strand, which Skinner said would be the property used for the shopping center part of the development.
Skinner said PGP has commitments from users and tenants, but he referred questions about them to the company.
In November, a retailer and an apartment developer confirmed plans to open there.
Hobby Lobby said it would open one of its arts, crafts and home-goods stores there and Houston-based Stanmore Partners said it was under contract to buy land from PGP for a 347-unit apartment community.
The project, called Ravella at Town Center Apartment Homes, would be developed at northwest Town Center and Midtown parkways on about 6.6 acres Stanmore would buy from Preferred Growth Properties.
Preferred Growth Properties can develop about 45 acres of the 61.35-acre site it will buy. The rest includes lake property. “From the plans we’ve seen, they will make good use of that lakefront,” Skinner said.
Permitted uses are up to 500,000 square feet of enclosed retail and commercial space, 100,000 square feet of office space, 400 hotel rooms and 500 multifamily residential units.
PGP will have company. Its site is directly south of the Town Center Promenade, a new development by Atlanta-based Core Property Capital to include apartments, a hotel, restaurants and retailers.
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