Hines has acquired a 100 acres tract of land near the St. Johns Town Center in Jacksonville in a $20 million deal. The site on southwest Butler Boulevard and Interstate 295 stretches from the FBI Building to the Shoppes at Village Walk. Hines’ preliminary plans call for a mix of single-family and multifamily residential development with retail and office space. Hines closed the deal with a a $9 million mortgage from Atlantic Coast Bank of Jacksonville. Hines has experience in the market, having developed the 2,000-acre Palencia community north of St. Augustine as well as owning The Markets at Town Center.
“We will consider building some of the vertical elements ourselves” stated Hines Managing Director Lane Gardner, adding that the company might also sell the land to end users such as high-quality retailers, a hotel or office users that would benefit the master-planned community.
