Branch Properties, LLC, an Atlanta-based, privately held, real estate investment firm, launches the redevelopment of Palm Harbor with the start of Phase I construction. The $40.8 million development plan is set to transform the 28.7-acre lot into a high-quality shopping experience to be known as Island Walk. Once completed in 2016, the new retail destination will bring new and expanded tenants and amenities to the Palm Coast community in an effort to revitalize the City’s original core.
“Island Walk is the catalyst that will re-infuse this corridor with the energy originally ignited in the ‘70s,” explains Nick Telesca, president, Branch Properties, LLC. “Once completed, Island Walk will once again be a popular destination with household names in retail – many that are not currently in the market – and casual dining.”
Construction is slated to begin early November with the demolition of the buildings to the west of the existing Publix Super Markets 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.
Redevelopment plans call for an additional 50,000 square feet of retail space to create a quality shopping experience that includes Publix, along with additional national anchor tenants and small shop space, including some of the existing tenants, and outparcels for additional retail, restaurants and services. As part of the expansion, Publix signed a lease for a new 53,785-square foot store, approximately 20% larger than its existing one with a new location west of the existing store. Publix along with many existing tenants such as Starbucks, The UPS Store, Eyeglass Express, Coast Dental & Orthodontics and Salsa’s Mexican Restaurant, will remain open during redevelopment.
“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,” continues Telesca. “Our deep roots in the Southeast and extensive experience in Florida, coupled with our strong capital base, enable us to bring value and needed amenities to the Palm Coast community.”
Branch Properties, in conjunction with Michael Collard Properties, acquired the 28.7-acre site on May 16 from Chicago-based The Inland Real Estate Group.