If the loans issued are an indication, Preferred Growth Properties could be anticipating at least a $94 million investment in its proposed Strand and Crossing mixed-use development near the St. Johns Town Center.
Preferred Growth Properties, a subsidiary of Birmingham, Ala.-based Books-A-Million Inc., paid $46.95 million among two deeds.
It was issued three loans totaling almost $93.8 million for the development.
The deeds and loans were executed Friday and recorded Tuesday with the Duval County Clerk of Courts.
Preferred Growth Properties bought the property and borrowed the funds through PGP Jacksonville TC LLC.
The property comprises 45.02 acres that can be developed and 16.33 acres with lakes and other property that cannot be developed.
Nine members of the Skinner family sold the property to PGP through two deeds — almost $36.95 million and $10 million.
The property is at Gate and Town Center parkways.
The larger main tract, referred to as the Strand, is east of Gate Parkway and runs north and west along Town Center Parkway. The smaller tract, called the Crossing, is west of Gate Parkway. Both include lakefront footage.
The three mortgages recorded comprise two from Protective Life Insurance Co. and one from the Skinners.
Protective Life, in Birmingham, issued a $68.525 million mortgage, security and fixture filing that refers to the Strand property and a $15.27 million agreement that refers to the Crossing.
The documents refer to construction and completion of improvements. Both mature April 1, 2041.
The Skinners made a $10 million mortgage, security agreement and financing statement that matures Dec. 28, 2018. That document refers to a multifamily parcel and a hotel parcel.
Preferred Growth Properties executives were unavailable to answer questions about the financing and did not return an email or a phone call.
The Skinner family rezoned the property as a Planned Unit Development district for commercial and residential uses. City Council enacted the ordinance in May.
Based on that, permitted uses are up to 500,000 square feet of enclosed retail and commercial space, 100,000 square feet of office space, up to 400 hotel rooms and up to 500 multifamily residential units.
PGP has not announced any tenants, although two companies have said they intend to open at the project.
Oklahoma City-based Hobby Lobby said it would open one of its arts, crafts and home-decor stores on the property. It said early this month it anticipates a late 2017 opening.
Houston-based Stanmore Partners said it was under contract to buy land from PGP for a 347-unit apartment community, called Ravella at Town Center Apartment Homes.
That project would be developed on about 6.6 acres at northwest Town Center and Midtown parkways.
While no new site plans have been provided, a previous preliminary site plan by the England-Thims & Miller Inc. firm shows the multifamily site at the northern end of the Strand property. A hotel would be just south of that.
The majority of the Strand retail development would be between Gate Parkway and Big Island Drive, across from The Markets at Town Center.
The apartments, hotel and some of the retail, as well as a park, would front Lake Meadowbrook.
The Crossing is west of Gate Parkway, between Sail Cove Apartments and Bono’s and Black Creek Outfitters. The property fronts Skinner Lake. Previous site plans show outparcels on that site.
PGP plans to pay for transportation improvements at Gate and Town Center parkways, including adding turn lanes, access points and a trail for pedestrians, runners and bicyclists.
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