Hillwood, the city’s master developer at AllianceFlorida at Cecil Commerce Center in West Jacksonville, continued to work on the sale of about 15 acres for a retail facility during the second quarter.
While not in the report, Duval County Clerk of Courts records show that through JCCC Parcel Q-1 LLC, Hillwood sold the land to Gate Petroleum Co. on July 26 for $5.78 million. The city deeded the land to Hillwood the same day for about $365,000.
The site is at southwest Normandy Boulevard and POW-MIA Memorial Parkway on the almost 112-acre Parcel Q.
Gate said it plans to build a convenience store and car wash on the site.
Dallas-based Hillwood told the city that the undisclosed prospect executed a contract to buy the land in Parcel Q and expected to close on the deal in July or August.
Hillwood reported the impending sale in its second-quarter report to the city Office of Economic Development for activities from April-June-March 2023.
Hillwood said the prospect’s activities in the third quarter were focused on the permitting and approval process.
In other activity during the second quarter, Hillwood told the city it:
• Received and responded to an inquiry from a broker representing a prospect interested in buying Parcel R, about 24 acres at southeast Normandy Boulevard and POW-MIA Memorial Parkway, for a retail development.
Hillwood said that while it was not directly involved, two other developments were significant:
• In mid-May, Baker Hughes announced it would close its 510,000-square-foot facility at 12970 Normandy Blvd. at the end of 2024 and has placed the facility on the market for sublease.
• In late May, the Jacksonville City Council approved a 330-acre land sale and incentives package for Cosentino Group, a Spain-based producer of sustainable architectural surfaces. It intends to break ground in early 2025 on a manufacturing facility in the AllianceFlorida megasite.
As the master developer, Hillwood is required to report its quarterly activity at AllianceFlorida to the city Office of Economic Development.
Hillwood has developed about 3.225 million square feet at AllianceFlorida. That includes two 1 million-square-foot centers for internet retailer Amazon.com on about 86.5 acres and online home-furnishings company Wayfair on 80 acres.
Hillwood and the former Jacksonville Economic Development Commission made a 25-year Master Disposition and Development Agreement in 2010 to develop Cecil Commerce Center.
The agreement was 10 years with three five-year renewal options. It calls for Hillwood to build-out AllianceFlorida on about 4,499 acres of city property, the former Naval Air Station Cecil Field, off Normandy Boulevard and 103rd Street in West Jacksonville.
The agreement is designed for the city to share in the profits. As the master developer, Hillwood typically secures the tenant, buys the land from the city, develops the project and then sells the property to an investor.
The city receives 10% of the profit proceeds for industrial space and it will be 50% for mixed-use development.
As for sales, among them Hillwood sold both of the million-square-foot completed structures that are leased to Amazon and Wayfair.