Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ST. AUGUSTINE, FL-Mike Pullen of Jacksonville can play on the 140-acre, 18-hole St. Augustine Shores Golf Club course anytime he pleases. He bought the 29-year-old property at 707 Shores Blvd. from Bank of America Inc.’s Los Angeles division for $1.7 million, or about $12,143 per acre (28 cents per sf).

A 6,770-sf clubhouse was included in the sale. Roger Garret of CB Richard Ellis Inc.’s Phoenix office represented the buyer and seller.

Designed by John Denton, the signature hole at the semi-private club’s course is the 488-yard, 11th hole which has a large lake in front of it. The hole is rated a par 5.

Never known as a commercial real estate hub, the city, nevertheless, is receiving increasing attention from national real estate developers.

For example, James F. Jacoby, the Atlanta developer who is building the $2 billion, 138-acre, mixed-use Atlantic Station venture in Midtown Atlanta, plans to break ground this fall on an estimated $25 million enterprise. The project would include 100 condominiums, 25 office/loft structures and 80 single-family residences, as GlobeSt.com previously reported.

Construction industry estimators tell GlobeSt.com the condominiums could come in at an individual hard cost of $100,000, or $10 million; the single-family homes at an estimated $80,000 each, or about $6.5 million; and the office/loft project about $8.5 million.

Besides the new commercial development, Jacoby plans to start construction in September on a new dolphin lagoon complex at Marineland, 16 miles south of the city. Visitors to the 65-year-old Marineland attraction would be allowed to feed the wildlife, pet the dolphins, scuba dive and snorkel in the five-acre, 450,000-gallon oceanarium structure.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.