Developers plan to acquire 47-acre site near Jacksonville and build 150,000 sq. ft. of retail, restaurants and hotel

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PEBB Enterprises and Falcone Group say they are again joining forces to expand the master-planned Beachwalk community in St. Johns County, part of the Jacksonville metropolitan area. The joint venture is set to purchase 47 acres within Beachwalk and develop more than 150,000 sq. ft. of new retail, restaurants and a 100 key hotel to complement the community’s residential, commercial, industrial, and educational components.

Closing on the project site acquisition is scheduled for the first quarter of 2021. The venture did not disclose the purchase price.

The development site surrounds Beachwalk’s signature 14-acre Crystal Lagoon. PEBB and Falcone’s mixed-use development will include a merchandising mix of multi-tenant outparcels, single tenant net leased pads, waterfront restaurants with outdoor seating, retail shop space along the lagoon, and a full-service hotel.

“This development is a tremendous way to expand our partnership with Falcone Group and deliver much-needed retail directly within the Beachwalk community,” PEBB Enterprises president and CEO Ian Weiner said in a Dec. 1 statement.

PEBB and Falcone are also jointly developing about 65,000 sq. ft. of retail, medical and restaurant space on 14.88 acres on the southside of State Road 210. Separately, PEBB is building a 48,400-sq. ft. Publix and 10,500 sq. ft. of in-line retail space at the same site. The Publix center is expected to be completed in summer 2021.

“Our venture is thrilled to have the opportunity to acquire this site within Beachwalk and enhance the experience for Beachwalk’s residents, area professionals and visitors,” Falcone Group chairman and CEO Art Falcone said.

Beachwalk’s northern commercial component, where the venture will develop the new mixed-use project, is planned to include 300 multifamily units which is expected to break ground in January 2021, the developers say.

“We will be ready to commence construction on this first-class mixed-use project immediately upon closing the site acquisition,” PEBB Chief Development Officer Eric Hochman said. “Our company shares Falcone Group’s enthusiasm for the potential of Beachwalk and we are ready to further activate the commercial components surrounding the Crystal Lagoon.

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