MIAMI—The $40.8 million redevelopment of Palm Harbor is underway. Atlanta's Branch Properties just started phase one construction on a development that's set to transform the 28.7-acre lot into a high-quality shopping experience called Island Walk in Palm Coast, FL.

Once completed in 2016, the new retail destination promises new and expanded tenants and amenities. It's all part of a move to effort to revitalize the city's original core. Branch, in conjunction with Michael Collard Properties, acquired the 28.7-acre site last year 16 from Chicago-based Inland Real Estate Group.

“Island Walk is the catalyst that will re-infuse this corridor with the energy originally ignited in the '70s,” says Nick Telesca, president of Branch Properties. “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.”