PEBB Enterprises, Falcone Group to Acquire 40-Acre Site for Significant Retail Development within Beachwalk Community near Jacksonville
Joint venture to construct 150,000 square feet of prime retail in vibrant mixed-use community featuring a 14-acre Crystal Lagoon
JACKSONVILLE, FL – Dec. 1, 2020 – PEBB Enterprises and Falcone Group are once again joining forces to expand the master-planned Beachwalk community in St. Johns County, part of the Jacksonville metropolitan area. The joint venture is set to purchase 47 acres within Beachwalk and develop over 150,000 square feet of new retail, dynamic restaurants and a 100 key hotel to complement the community’s luxury residential, commercial, industrial, and educational components.
The development site surrounds Beachwalk’s signature 14-acre Crystal Lagoon. PEBB and Falcone’s mixed-use development will include a merchandising mix of multi-tenant outparcels, single tenant net leased pads, waterfront restaurants with ample outdoor seating, retail shop space along the lagoon, and a full-service hotel.
Outparcels fronting State Road 210 range from one to five acres. Prominent pylon signage along the highway is also available. Preleasing for this project has commenced with numerous signed letters of intent and leases for both outparcels and lagoon fronting buildings. The tenant demand and leasing momentum for this project is very robust and continues to pick up pace.
Closing on the project site acquisition is scheduled for the first quarter of 2021. The venture did not disclose the purchase price.
“This development is a tremendous way to expand our partnership with Falcone Group and deliver much-needed retail directly within the Beachwalk community,” PEBB Enterprises President and CEO Ian Weiner said. “We anticipate strong demand for the retail and restaurant space, similar to the activity we are seeing at our nearby projects.”
PEBB and Falcone are also jointly developing about 65,000 square feet of retail, medical and restaurant space on 14.88 acres on the southside of State Road 210. Separately, PEBB is building a 48,400-square-foot Publix and 10,500 square feet of in-line retail space at the same site. The Publix center is nearly 100% leased and expected to be completed in summer 2021.
“Our venture is thrilled to have the opportunity to acquire this site within Beachwalk and enhance the experience for Beachwalk’s residents, area professionals and visitors,” Falcone Group Chairman and CEO Art Falcone said. “The new retail and restaurant offerings will further cement Beachwalk as a dynamic, fully integrated community.”
The 3,000-acre Beachwalk community includes luxury residences, a planned 100-room hotel, retail, offices, industrial facilities, an elementary school and the existing 14-acre Crystal Lagoon – the largest of its kind in the U.S. Beachwalk’s northern commercial component, where the venture will develop the new mixed-use project, is also planned to include 300 multifamily units which is expected to break ground in January 2021.
“We will be ready to commence construction on this first-class mixed-use project immediately upon closing the site acquisition,” PEBB Chief Development Officer Eric Hochman said. “Our company shares Falcone Group’s enthusiasm for the potential of Beachwalk and we are ready to further activate the commercial components surrounding the Crystal Lagoon.
For leasing inquiries, contact PEBB’s Chris Stewart or Jenny Schuemann at (561) 613-4020.
About PEBB Enterprises: Based in Boca Raton, FL, PEBB Enterprises is an entrepreneurial, full-service private equity real estate investment company. PEBB has operated as a family-owned business for more than four decades and takes pride in the company’s team of forward-thinking associates who continue to push and expand PEBB’s growth on a daily basis. PEBB has an unparalleled track record of acquiring and developing high-quality neighborhood, regional and power shopping centers, as well as suburban office buildings. The company’s vast portfolio includes properties in Florida, Texas, Nevada and numerous Midwest and Southeast states. For more information, visit https://pebbenterprises.com/.
About Falcone Group: Based in Boca Raton, FL and led by veteran developer Art Falcone, the Falcone Group has reshaped skylines and redefined the way Americans live, work and play for more than 40 years. Their expertise in hospitality and real estate includes large-scale mixed-use developments, residential communities, and entertainment venues from Miami to San Francisco. For more information, visit falconegroup.info