Sembler-Granite Break Ground on $107M Shopping Center

JACKSONVILLE, FL-The Sembler Co. of St. Petersburg and Plano, TX-based Granite Properties Inc. are joint venturing the development of Oakleaf Town Center. The planned 858,642-sf, open-air shopping center has broken ground at Argyle Forest Boulevard and Old Middleburg Road, near Brannan Chaffee Road.

A Sembler spokesperson declined to disclose the project’s development cost. “We don’t discuss monetary values,” However, area construction sources familiar with comparable large-size retail undertakings in Florida tell GlobeSt.com the recent price rise in materials will probably mean the center will be built for no less than $125 per sf or about a total $107 million.

Minneapolis-based Target Corp. plans a SuperTarget store at the center which will probably total 215,000 sf, area retail brokers tell GlobeSt.com. The developers will also be selling off nine outparcels surrounding the center.