PALM COAST, FL—Branch Properties is gettingready to launch a massive transformation of one of itsnewly-acquired Palm Coast, FL retail assets. TheAtlanta-based commercial real estate firm isplanning to redevelop Palm Harbor to offer a high-qualityshopping center.

Branch and Michael Collard Properties acquiredthe 28.7-acre site from Chicago-based Inland Real EstateGroup earlier this year. With a $40.8 millionredevelopment loan from Synovus Bank, the ownersaim to attract new tenants—and convince existing tenants toexpand—in the retail center. The project hopes torevitalize the city's original core.

“The redevelopment of Palm Harbor—which will now be known asIsland Walk—is set to re-infuse this corridor with theretail synergy that was originally ignited in the1970s,” says Nick Telesca, president of Branch.“We are confident that when completed, Island Walk will emerge as adestination with some of the most popular names in retail—many thatare not currently in the market—ultimately driving even moreshoppers to the center.”