Thompson Thrift Development Inc. announced plans July 8 to develop Terrassa, a 324-unit luxury apartment community that is part of the redevelopment of the former St. Augustine Outlets property off Interstate 95 in St. Johns County.
The mall was demolished in 2022. The property on the east side of I-95 north of Florida 16 is under redevelopment.
Thompson Thrift said it expects to begin construction this month, with completion in fall 2026.
“St. Johns County is one of the most desirable counties to live in Florida, and is renowned for its excellent schools, strong income levels and impressive home values,” Josh Purvis, managing partner for Thompson Thrift Residential, said in a news release. “Securing approval for new developments is becoming increasingly challenging, but our team’s proven track record and commitment to excellence have allowed us to secure a prime spot in this highly desirable county.”
Terrassa will offer one-, two- and three-bedroom units up to 1,400 square feet.
Amenities will include stainless steel appliances, walk-in closets, detached garages and private outdoor spaces. The community will feature a fitness center, swimming pool, pickleball court and dog park.
Thompson Thrift, founded in 1986 and headquartered in Terre Haute, Indiana, specializes in multifamily housing, commercial and mixed-use development.
Terrassa will be Thompson Thrift’s 17th multifamily community in Florida and its first in Northeast Florida.
Its closest developments are Drift in Daytona Beach, Canter in Ocala and Standard441 in Lady Lake, according to the developer’s website.
The company plans eight new residential developments for 2024, including projects in Georgia, Utah and Idaho.
The St. Augustine Outlets site is owned by New York City-based Lightstone through LVP St Augustine Outlets. Lightstone paid $42 million for the property in 2006.
In a 2021 application with St. Johns County, LVP St Augustine Outlets requested a modification to the property to “develop up to 350 multifamily units and up to 99,500 square feet of retail and commercial space.”
The application cited the mall’s ongoing struggles as the reason for redevelopment.
“As the retail industry evolves, we are exploring re-imagining the St. Augustine Outlets,” it said.
New development there has been underway. Baptist & Wolfson St. Augustine Emergency Room and Imaging Center opened June 17. The estimated $21 million center is on 8.5 acres that Baptist Health Properties Inc. bought in May 2021 for $6.8 million.
A Texas Roadhouse restaurant opened there in 2023.