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.”