IMC Moves Forward With $25M Jacksonville Grocer-Anchored Project
Phase I of Northpoint Village will have a standalone shopping center and approximately 16,600 square feet of inline space adjacent to the Publix grocery store.
JACKSONVILLE, FL—International Management Co. plans to develop a Publix-anchored, retail project at the intersection of New Berlin Road and Yellow Bluff Road on the city’s Northside. Publix has signed a 48,387-square-foot lease for a grocery and pharmacy.
Phase I of Northpoint Village will consist of a standalone shopping center with approximately 16,600 square feet of inline space adjacent to Publix, with units ranging from 1,300 square feet to 7,000 square feet as well as five outparcels ranging up to 1.53 acres.
Brett McKee, IMC’s VP of property services, tells GlobeSt.com that the current pandemic did not have a major effect on the project.
“This deal was a long time in the making with discussions and negotiations starting well before the pandemic,” he says. “Using innovative technology such as virtual meetings, digital signing, etc., IMC was able to maintain momentum in keeping the project moving forward given the current restrictions of this pandemic.”
The project is expected to deliver in summer 2022, and McKee says he expects to be well past the current challenges and impact that this pandemic is having on the economy.
Planning and design will continue through the end of 2020 with physical construction slated to begin early 2021. The cost is approximately $25 million.
Phase I of Northpoint Village will be developed on approximately 16.86 acres of land totaling approximately 88,000 square feet.
Depending on demand, Phase II may be developed in conjunction with Phase I or at a future date with entitlements to develop up to 64,000 square feet of retail, medical and/or office uses. At completion, Northpoint Village will consist of approximately 142,000 square feet sitting on about 27 acres.