JWB Real Estate Capital President Alex Sifakis says the first phase of the redevelopment of Town & Country Shopping Center in Arlington into College Park is over time and over budget, but he said it is still designed to meet community needs.
Sifakis said July 6 the project was delayed nine months to a year and is $3.5 million over budget.
“We really view this project as something that can be catalytic for Arlington and are committed to doing it right, even if we make a lesser return up front,” Sifakis said.
“We’ve had to deal with a lot of hidden issues that we uncovered once we got into the job,” he said.
Sifakis said previously the cost to develop the first phase of College Park is $18.5 million, paid for by financing, city incentives and JWB cash.
He said the cost over budget could be higher as JWB Real Estate Capital finishes the retail build-outs.
“Despite some significant delays and being 3.5MM over budget, we haven’t value engineered any of the original design out of the center – keeping the aesthetic the same as our renderings,” Sifakis said in an email.
The first phase of redevelopment includes the parking lot renovations and facade work, which are underway.
“It was originally supposed to be late last year to early this year,” he said.
Sifakis said now the parking lot, landscaping and facade work should be completed by October. The Winn-Dixie grocery store could open a few months after that.
The second phase of apartments and a shipping container food court would start in mid-2024.
Property records show Town & Country was built between 1953 and 1979. It comprises about 189,000 square feet of space.
Through 903 University Blvd LLC, Jacksonville-based JWB Real Estate Capital paid almost $5.1 million for the 18.27-acre property in August 2019.
JWB does not own the McDonald’s and a gas station at the front of the center.
The center, which was largely vacant at the time of the sale, anchors northeast Arlington Expressway and University Boulevard.
The property is part of the Renew Arlington Community Redevelopment Area, which the city hopes to assist with rejuvenation.
Town & Country Shopping Center Inc., led by President Leonard Setzer, sold the property to 903 University Blvd LLC.
The first sign of renovation was when Jacksonville artists created an eight-panel mural in early 2020 on the side of the building facing the expressway.
In June 2021, the Renew Arlington Community Redevelopment Agency board approved an almost $1.31 million code compliance grant to the new owners, as well as a $2 million infrastructure development grant payable up to $400,000 annually over five years.
The city approved a permit in June 2021 for Reliant Roofing Inc. to re-roof the center at a cost of $1 million.
It approved a permit Jan. 5, 2022, for ShayCore to renovate the facade at a cost of $4.5 million.
The first phase also creates two building pads for the second phase, which will consist of a shipping container food court and a multifamily project of 82 market-rate apartments among two three-story buildings in the parking lot corner at the expressway and University Boulevard.
Sifakis said previously the second phase should come online 12 to 18 months after completion of the first phase.
He said July 5 JWB still plans on the residential in the parking lot and the outdoor shipping container food court.
“Those should start middle of next year,” he said.
