Multi-Family Housing Partner Announced as Ferber Finalizes Plans in St. Johns County
JACKSONVILLE, FLA. – The Ferber Company (Ferber), a privately held real estate development and investment company headquartered in Ponte Vedra Beach, Fla. has closed and will begin groundbreaking at its Durbin Creek Crossing development on July 1st, 2020. The 70-acre mixed-use development will be the largest Ferber project in Northeast Florida to date and feature the second ALDI in St. Johns County as well as previously announced retailers, ABC Fine Wine & Spirits, First Florida Credit Union, and the Tire Kingdom.
“Durbin Creek Crossing is the ideal site to support this type of development,” explains Tom Mundy, vice president, of retail development services, The Ferber Company. “With the latest addition of Burger King and DHI Communities (a DR Horton Company)as the multi-family developer, we’ve created an attractive mixed-use project for the northwest sector of St Johns County.” Tyler Nilsson, Newmark Knight Frank, assisted with brokering the deal between DHI Communities and The Ferber Company.
Locally owned Vallencourt Construction Company has been selected by Ferber to complete the site work before turning over the commercial outparcels to retailers in May of 2021. Both Aldi and DHI will receive their completed sites prior to the end of the year in order to begin construction.
The five remaining outparcels are “perfect for quick service, fast-casual or sit-down restaurant concepts and medical offices, particularly given the expansive frontage and ease of access from Race Track Road and St. Johns Parkway,” states Teresa Grashof, vice president, leasing, The Ferber Company. The Colliers International team of Nancy Sumner and Katy Figg, directors of retail services, is the exclusive leasing advisor for the commercial portion of Durbin Creek Crossing.
“As always, The Ferber Company seeks to preserve our environment surrounding our major developments,” explains Mundy. When the development is complete, it will incorporate 22 acres of wetlands at the southern portion of the site which will be untouched and serve as an environmental buffer protected by a conservation land use designation for the single-family communities south of the site. Mundy expects some retailers will start opening by the end of 2021 and the multi-family should be ready for occupancy in 2022.