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.

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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.

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“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.”

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Branch's plans include an additional 50,000 square feet ofretail space that features the likes of Publix Super Markets.Publix signed a lease for a new 53,785-square foot store, about 20%larger than its existing one and located to the west of theexisting store.

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“The redevelopment of Palm Harbor is an opportunity to restorethe vibrancy and energy of this site that is such an important partof Palm Coast's history,” says Telesca. “Palm Harbor is anotheropportunity to bring value and needed amenities to the communitieswe serve.”

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Construction is slated to begin this fall with the demolition ofthe buildings to the west of Publix and the eastern portion of thecentral shops. Phase I of Island Walk, which includes the majorityof small shop tenants, is expected to be completed Spring 2015followed by Phase II with Publix and additional small shop space byFall 2015. The final phase to the east of the new Publix isexpected to be complete by mid-2016.

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