PEBB Enterprises and Falcone Group announced plans Dec. 1 to purchase 47 acres in the master-planned Beachwalk community in St. Johns to construct retail, restaurant and hotel space.
The site is adjacent to the community’s Crystal Lagoon, a news release said. The mixed-use development will include multitenant outparcels, single-tenant leased pads, waterfront restaurants, retail shop space on the water and a 100-room hotel.
The news release said more than 150,000 square feet of new retail space will be constructed on the property.
PEBB and Falcone plan to close on the property early next year. They did not share the sale price.
Preleasing has started, and several parcels already are under signed letters of intent, it said.
“This development is a tremendous way to expand our partnership with Falcone Group and deliver much-needed retail directly within the Beachwalk community,” PEBB Enterprises President and CEO Ian Weiner said in the release.
“We anticipate strong demand for the retail and restaurant space, similar to the activity we are seeing at our nearby projects.”
Beachwalk is a 3,000-acre community that includes homes and residences, offices, retail, industrial facilities, an elementary school and the 14-acre Crystal lagoon. A 300-unit multifamily complex is expected to break ground in January.
The two groups also are developing 65,000 square feet of medical, retail and restaurant space on 14.88 acres south of County Road 210. They paid $4.95 million for the property Aug. 4.
PEBB is constructing a 48,400-square-foot Publix and 10,500 square feet of in-line retail space at the same site.
The Publix center is expected to be completed in the summer and is nearly fully leased.
“The new retail and restaurant offerings will further cement Beachwalk as a dynamic, fully integrated community,” said Falcone Group Chairman and CEO Art Falcone in the news release.