PALM COAST, FL—Branch Properties is pressing into a $40.8 million redevelopment at Island Walk, formerly known as Palm Harbour. The goal is to return to the 28.7-acre lot into a high-quality shopping experience. 

Once completed in 2016, the upgraded retail destination promises to bring new and tenants and amenities to the Palm Coast community and hopes to revitalize the city's original core. Anchored by Publix Super Markets, the 204,000 square-foot retail center is 84% pre-leased with another 17,500 square feet in active lease negotiations. 

“Island Walk's high-traffic location along a popular corridor along with the strength of the surrounding demographics made it a no-brainer for many tenants to not only join the center but also remain through the redevelopment,” says Nick Telesca, president of Branch. “To add to the mix, The Shopping Center Group leasing team has brought the ideal tenants to the mix that really create a valuable, balanced asset—shaping once again a popular destination for household retail and casual dining for the Palm Coast community.” 

The expanded tenant line-up includes Petco, Tuesday Morning, Hobby Lobby, Leslie's Pool Supply, Great Clips and Chase Bank. Moe's Southwest Grill, The Brass Tap Craft Beer Bar, Metro Diner, Jacksonville's popular eatery as featured on Food Network's “Diners, Drive-ins and Dives,” Anthony's Brick Oven Pizza, and Thai By Thai restaurant are also in the lineup.

The new, expanded Publix is set to open in November.  The 53,785-square foot store is approximately 20% larger than the existing store making it one of the largest locations in the region. Starbucks, The UPS Store, Eyeglass Express, Coast Dental & Orthodontics, Aimee's Hallmark Shop, Wild Rice China Express, Palm Nails and Salsa's Mexican Restaurant, which will be relocating and expanding into a 4700-square foot restaurant with an expanded patio late 2015, are also among the existing tenants.

“Our job is not done,” says Nancy Sumner, partner, senior leasing advisor, for Shopping Center Group, the exclusive leasing agent for Island Walk. “We are still seeking retailers and restaurants to round out the current tenant line-up at Island Walk, The fundamentals that made this center a success many decades ago, still exist today.  Island Walk's longevity is proven by the overwhelming response from potential and existing tenants to our leasing strategy and the opportunity that exists to revitalize this area.”

Island Walk is the largest retail outlet on the Palm Coast. Located at Palm Coast Parkway and Interstate 95, an intersection that carries an excess of 45,000 vehicles per day, there are nearly 44,000 residents with an average household income of more than $60,700 within a three-mile radius and a trade area population of almost 100,000 consumers. Branch, in conjunction with Michael Collard Properties, acquired the site on May 16 from Chicago-based The Inland Real Estate Group.