As the city’s master developer at AllianceFlorida at Cecil Commerce Center in West Jacksonville, Dallas-based Hillwood expects to sell about 15 acres in July or August for a retail project at the West Jacksonville business park.
Hillwood reported the impending sale in its first-quarter report to the city Office of Economic Development for activities from January-March 2023.
It did not identify the prospective buyer.
The site is at southwest Normandy Boulevard and POW-MIA Memorial Parkway. It is on the almost 112-acre Parcel Q.
Hillwood said that it, the prospect and the city continued to work in the first quarter through due diligence and permitting. It said the prospect executed a contract in the third quarter of 2022 to buy the property.
“The prospect has several options to extend the permitting period, and Hillwood expects the prospect to exercise all its extension options,” the report said.
Because the report covered January-March, it did not refer to Spain-based Cosentino Group’s agreement with the city in May to buy 330 acres of the megasite at Cecil Commerce Center and possibly another 150 acres later for a manufacturing plant to build surfaces for kitchens, bathrooms, living and outdoor spaces and other architectural projects.
In other activity during the first quarter, Hillwood told the city it:
• Received a preliminary inquiry from a broker representing a prospect interested in buying about 125 acres to build multiple distribution facilities.
• Received a preliminary inquiry from a broker representing a prospect interested in leasing about 300,000 square feet of distribution space.
As the master developer, Hillwood is required to report its quarterly activity at AllianceFlorida to the city.
Hillwood has developed about 3.225 million square feet at AllianceFlorida. That includes two 1 million-square-foot centers for internet retailer Amazon.com on about 86.5 acres and online home-furnishings company Wayfair on 80 acres.
Hillwood and the former Jacksonville Economic Development Commission made a 25-year Master Disposition and Development Agreement in 2010 to develop Cecil Commerce Center.
The agreement was 10 years with three five-year renewal options. It calls for Hillwood to build-out AllianceFlorida on about 4,499 acres of city property, the former Naval Air Station Cecil Field, off Normandy Boulevard and 103rd Street in West Jacksonville.
The agreement is designed for the city to share in the profits. As the master developer, Hillwood typically secures the tenant, buys the land from the city, develops the project and then sells the property to an investor.
The city receives 10% of the profit proceeds for industrial space and it will be 50% for mixed-use development.
As for sales, among them Hillwood sold both of the million-square-foot completed structures that are leased to Amazon and Wayfair.