Commercial Real Estate, Capital, Insurance, Leasing & Management

Look ahead: Retail

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Expect new construction to the First Coast in the new year, said Carrie Smith with Franklin Street.

Expect new construction to his the First Coast in the new year, said Carrie Smith, regional managing partner at Franklin Street.

There are a number of projects planned for 2016, with big ones happening on the Southside and in Downtown.

The Preferred Growth Properties project, a 45-acre mixed-use development near the St. Johns Town Center, should begin construction, Smith said. Already, there are rumors over which retailers will enter the new space, which will lead to more new retailers that are not in Jacksonville yet coming to the Southside. Smith said a big trend will be home improvement retailers entering the area, as well as a number of restaurants the area hasn’t seen before.

Of course, nearby, the Ikea development will continue on Gate Parkway. Although that project won’t open its doors until 2017, expect it to lead to area landowners looking to put their own proposed projects under contract because of Ikea’s influence.

Downtown will also be a big growth area fir retailers.

“We’ve seen lot of momentum this year, more than ever we’ve seen Downtown,” Smith said. “I’m confident that will continue in 2016.”

At the top of the mayoral administration’s mind should be moving forward with plans for the Landing and Laura Street Trio, she said, calling them “two of the most critical pieces of the whole urban core.”

While the Landing may be harder to pull off in the next year, Smith said she’s confident the Laura Street Trio could actually see real progress, as developer Steve Atkins has what he needs to get the project off the ground.

But it’s not just the Urban Core that could get some attention from retail. Smith said to expect retailers to expand in suburban areas, like Mandarin and Nocatee. In the next year, many Jacksonville-based retailers and restaurants could follow the lead of stores like The Loop and M Shack and open new locations in the suburbs.

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