St. Augustine Outlet Mall owner wants to close it, redevelop site
Posted by Carlos Renteria on
By: Katie Garwood
The owner of the St. Augustine Outlets at northeast Interstate 95 and Florida 16 wants to redevelop the 31-acre property into a mixed-use development.
According to a June 8 application to St. Johns County Growth Management requesting a major modification to the St. Augustine Centre Planned Unit Development, New York City-based mall owner Lightstone wants to close the mall and develop up to 350 multifamily units and up to 99,500 square feet of retail and commercial space.
“The Applicant proposes to redevelop the site, or a portion thereof,” the application reads. Lightstone owns the property through LVP St. Augustine Outlets LLC.
The development at 500 Outlet Mall Blvd. is called St. Augustine Centre on the application.
Lightstone said it didn’t have a timeline for closing the mall.
“As the retail industry evolves we are exploring re-imagining the St. Augustine Outlets site for the 21st century,” a Lightstone spokesperson said by email June 10.
“The redevelopment of St. Augustine Outlets into a vibrant mix of residential, retail, dining and medical uses will revitalize this high-profile location at the doorstep of St. Augustine and spur economic development throughout St. Johns County.”
A site plan shows 14 acres dedicated to multifamily development that according to the PUD could be up to three stories. It shows five outparcels of 1.4 to 4.5 acres each.
The application also said a theater of up to 10 screens as well as up to 400 hotel rooms could be part of the plan.
Across Outlet Mall Boulevard, Baptist Health owns 8.5 acres, which the site plan shows is for “Baptist Medical Center.” Baptist Health Properties Inc. bought the property May 25 from Lightstone Value Plus REIT LP for $6.8 million.
It is not clear what Baptist intends to build on the property but it was rezoned this year to allow for a 100,000-square-foot medical center.
Baptist bought 23 acres at I-95 and Florida 207 last year for $11.9 million. Baptist has not announced plans for that site.
The application cited the reason to redevelop the 332,000-square-foot mall is because it “has been struggling for some time.” It was built in 1999. Lightstone purchased it in 2006 for $42 million.
According to the mall website, there are 35 active tenants and 75 in-line retail spaces total. It is anchored by Saks Off 5th and H&M.
The application materials do not mention demolishing the structure, but site plans show development across the entire mall site.
Newmark Phoenix Realty Group of Jacksonville is representing the property to prospective buyers. CEO and Principal Jim Sebesta and Senior Vice President and Principal Forrest Gibson are representing the medical office and retail sites.
The Newmark Multifamily team, headed by Senior Managing Director Tyler Nilsson, is handling the multifamily parcel.
The Rogers Towers law firm is the representative. Plans show England, Thims & Miller Inc. as the civil engineer on a conceptual site plan dated June 1.
St. Augustine Premium Outlets is less than a mile away on the west side of I-95.