PEBB Enterprises and Falcone Group announced March 16 they closed on 47 acres in the Beachwalk community, property they have planned to purchase since December.
PEBB and Falcone purchased the property for $13.25 million, according to the deed filed March 12 with the St. Johns County Clerk of Court.
The two groups plan to build 170,000 square feet of retail and restaurant space and a 110-room hotel. It will include multitenant parcels, leased pads and waterfront restaurant space, the news release said.
The 47-acre site is along the southern end of Beachwalk’s 14-acre Crystal Lagoon. Beachwalk is a 3,000-acre community in St. Johns County along County Road 210 with residential, office, industrial and educational facilities.
“In a short time since initially forming our partnership, PEBB and Falcone have conceived two significant developments that cater to a growing area,” PEBB Enterprises President and CEO Ian Weiner said in the news release. “Not surprisingly, we are getting tremendous interest from prospective tenants at both projects.”
PEBB and Falcone also are developing a 65,000-square-foot center on 14.88 acres along County Road 210. It will include a 48,400-square-foot Publix store and almost 11,000 square feet of retail space.
Tenants in the center include Whiskey Joe’s, Narducci Dental, Great Clips, Lavender Nails, Urgent Vet and Publix Liquors.
