JACKSONVILLE - A joint venture partnership composed of a retail developer and an insurance services company will develop a Food Lion-anchored shopping center on the Northside.
Retail developer JDH Capital LLC and insurance services company USAA will develop an 83,500-square-foot shopping center at Dunn Avenue and New Kings Road called Dunn Village.
A representative of JDH Capital said the cost of the project was not determined yet, but it is expected to start construction this spring and should be complete by the second quarter of 2010.
"Our vision for Dunn Village is to create a convenient retail destination for the residents of this Jacksonville community," said Bill Allen, principal and chief operating officer of JDH Capital.
Allen said the company selected the site because of the limited retail and service options in the area. Brokerage firm Cantrell & Morgan Inc. represented JDH Capital in the sale of the 28.5-acre site.
Charlotte, N.C.-based JDH Capital develops in Florida, Georgia, Maryland, North Carolina, Pennsylvania, South Carolina and Virginia. The Dunn Village project is the company's third in Florida. JDH Capital also owns a shopping center in Lake City and The Shoppes at Palencia Commons in St. Johns County.
A 34,928-square-foot Food Lion will anchor the Dunn Village project, which may also include services such as a bank, a dry cleaner, a fitness center and restaurants. No other specific tenant information is available.
Food Lion LLC, a subsidiary of Brussels, Belgium-based Delhaize Group (NYSE: DEG), operated 1,158 stores in 11 states in the Southeast and Mid-Atlantic regions at the end of 2008. Other Delhaize Group grocer banners include Bloom, Bottom Dollar Food, Harvey's Supermarket, Hannaford and Sweetbay Supermarket.
The Dunn Village Food Lion is expected to be similar to an upscale prototype Food Lion that anchors the Palencia development on U.S. Highway 1, just north of St. Augustine. That Food Lion opened in the fourth quarter of 2008.
The Shoppes at Palencia Commons Food Lion includes international and specialty items, organic products and a full-service deli and bakery department.
A representative of Food Lion said the specifics of the Dunn Village store have not yet been determined but will likely include different signage, graphics and decor from traditional Food Lions.
Palencia resident and commercial real estate broker Bob Warren said he's been very pleased with his area Food Lion because of its produce and meat selection and its gourmet grocer ambience.
Warren said that even with a grocer anchor already confirmed, the rest of the Dunn Village project might take a while to fill up because most retailers have slowed or stopped expanding and financing is more difficult to come by because of the economic recession.
Still, he said, "I think it's a good time if a retailer is capable, because they'll be able to negotiate a good price on leasing."
JDH Capital LLC
Principals: Gary Davies, David Hill and Bill Allen
Headquarters: Charlotte, N.C.
Specialty: Retail development
Years in business: 15
Web site: www.jdhcapital.com
