Hines, the international real estate firm and developer of Palencia, has announced that 2005 Palencia Associates LLC has acquired a 10.5-acre site for a commercial development that is expected to include a Walgreens pharmacy and Peoples First Bank. The Ferber Company of Ponte Vedra Beach will be the project’s developer.
The development will be located off U.S.-1 between Jacksonville and St. Augustine just south of Palencia’s main entrance. Complementing Walgreens and Peoples First Bank, the new commercial development will include additional retail space. Gateway Capital Development in Jacksonville will be responsible for leasing and outparcel sales for the project.
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.