Chase Properties Inc. paid $1.55 million for 6 acres in St. Augustine that previously was designed for a commercial and retail center.
Jacksonville-based Chase bought the property May 24 from Atlanta-based Opus Group LLC.
The property addresses for the five parcels include 1490-1498 Florida 207, at northeast Florida 207 and Hilltop Road.
A previous commercial site plan by the former owners shows six single-story retail and commercial buildings totaling almost 50,000 square feet of space.
Chase Properties President, CEO and Principal Michael Balanky said the development plans are subject to change.
“We bought the site from the previous owner based on the explosive growth in the 207 corridor,” Balanky said June 6.
“We are exploring our development options based on the highest and best uses for the neighborhood.”
Balanky said Chase is talking with potential users, but that the Florida Department of Transportation announced improvements to the corner that may change the configuration of the parcel.
“Once we understand those changes and have determined the use, we will then decide what to build,” Balanky said.