Fort Lauderdale-based Stiles Corp. and a partner will start construction early next year on a 74,000-square-foot retail development in Jacksonville.
Stiles formed a joint venture with Jacksonville-based Cantrell & Morgan that bought the six-acre development site in late October. Construction is expected to be finished in early 2019.
Chris Morgan, CEO of Cantrell & Morgan, told the Jacksonville Daily Record that the joint venture with Stiles bought the development site for $3.95 million. The estimated cost of the construction project is $14 million.
An unidentified flooring retailer would occupy the 74,000-square-foot development. The site is next to Interstate 295 and near the St. Johns Town Center, a popular open-air shopping mall in Jacksonville.
In a prepared statement, Ryan Carlin, president of Stiles, called the project’s location a “very strategic” retail market, citing “the success of the Town Center area.”
The Jacksonville Daily Record reported that the unidentified retailer may be Georgia-based Floor & Decór, which operates warehouse-style stores with an average of 72,000 square feet of interior space. The flooring retailer declined to comment. [Jacksonville Daily Record] — Mike Seemuth