North FL Retail Development Lands $80M Loan
ByThe Pavilion at Durbin Park, a retail development on track to become the largest shopping center in Northeast Florida, has landed $80.5 million in construction financing. City National Bank of Florida provided the three-year construction loan, which has a variable interest rate. The owner, a joint venture between Gatlin Development Co. and Gate Petroleum, is building the 80-acre property near Jacksonville, Fla., and the first retailer—WalMart—plans to opens its doors in November 2018.
JUST THE START
Located at the southwest corner of Interstate 95 and Race Track Road, the development site is positioned about 20 miles south of central Jacksonville. The first phase is expected to be fully complete by the summer of 2019 and will total 600,000 square feet, anchored by both WalMart and The Home Depot. The long-term plans for Durban Park call for a total of 2.4 million square feet of retail, 2.8 million square feet of office, 999 housing units and a 350-guestroom hotel, according to The St. Augustine Record…
