Palencia developer Hines has announced that Joyce Development Group has acquired a 6.3-acre site to develop The Mercado Walk at Palencia Commons.
The site is located along Paseo Reyes Drive just north of Palencia’s main entrance on U.S. 1 between Jacksonville and St. Augustine. The commercial development will include both retail and office space in one- and two-story buildings. Construction of The Mercado Walk at Palencia Commons is expected to begin in January, with completion by the end of 2006.
Palencia sits on 1,450 acres and is zoned for the development of 2,642 residential units, 300,000 square feet of retail space and 600,000 square feet of office space.
Palencia’s master plan was designed by Hines to blend a variety of home styles and price ranges into one community. Palencia includes single-family homes, townhomes, condominiums, multi-million dollar estate homes, live/work units and marsh-front estate lots.