The developer who was going to building apartments and condominiums as park of a complex that would bring a Publix grocery store to San Marco has pulled out of the project, but the managing partners of the project is still hopeful it can break ground by the end of this year.
Regency Centers along with St. Joe Company announced Friday they are optimistic they will select and close with a new residential developer for East San Marco, which it will develop at the corner of Hendricks Avenue and Atlantic Boulevard.
Whitehall Realty Partners, a Jacksonville-based commercial, multi-family and senior living developer, was to be the residential developer for the project, pulled out, but was hopeful the another firm would set forward.
“I am hopeful that the capital markets will take a positive view of this tremendous project going forward,” said John Carey of Whitehall Realty. “This development will have a long-term positive impact on San Marco due to the vision and planning that has gone into it.”
Regency Centers will develop the retail portion of East San Marco, which will consist of a 30,000-square-foot Publix, 14,000 square feet of boutique retail space and on-site retail parking.
The development was initially proposed in late 2007, but was put on hold when the economy took a turn for the worst. Regency Centers restarted the project last year with Whitehall Realty.
Regency Centers is now seeking a residential developer to construct the 280-unit upscale multi-family residence portion of the project. Once started, the project is expected to be complete in 24-30 months.