PALM COAST, FL—Branch Properties is getting ready to launch a massive transformation of one of its newly-acquired Palm Coast, FL retail assets. The Atlanta-based commercial real estate firm is planning to redevelop Palm Harbor to offer a high-quality shopping center.
Branch and Michael Collard Properties acquired the 28.7-acre site from Chicago-based Inland Real Estate Group earlier this year. With a $40.8 million redevelopment loan from Synovus Bank, the owners aim to attract new tenants—and convince existing tenants to expand—in the retail center. The project hopes to revitalize the city's original core.
“The redevelopment of Palm Harbor—which will now be known as Island Walk—is set to re-infuse this corridor with the retail synergy that was originally ignited in the 1970s,” says Nick Telesca, president of Branch. “We are confident that when completed, Island Walk will emerge as a destination with some of the most popular names in retail—many that are not currently in the market—ultimately driving even more shoppers to the center.”
Branch's plans include an additional 50,000 square feet of retail 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 the existing store.
“The redevelopment of Palm Harbor is an opportunity to restore the vibrancy and energy of this site that is such an important part of Palm Coast's history,” says Telesca. “Palm Harbor is another opportunity to bring value and needed amenities to the communities we serve.”
Construction is slated to begin this fall with the demolition of the buildings to the west of Publix and the eastern portion of the central shops. Phase I of Island Walk, which includes the majority of small shop tenants, is expected to be completed Spring 2015 followed by Phase II with Publix and additional small shop space by Fall 2015. The final phase to the east of the new Publix is expected to be complete by mid-2016.
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