Hakimian Holdings Inc. intends to start upgrading the Promenade Shopping Center in the fourth quarter for full conversion into the Gates of the Promenade, add more retail space and sell some of the property for apartments.
Jacksonville-based Hakimian Holdings estimates those projects represent a $36 million investment at the almost 30-year-old property at 8595 Beach Blvd., west of Southside Boulevard, according to WJCT News partner the Jacksonville Daily Record.
Hakimian Holdings intends to invest $2 million to upgrade the 115,835-square-foot center and $3 million to build about 20,000 square feet of additional speculative retail space, according to Blake Hakimian, Hakimian senior vice president of leasing.
Hakimian Holdings intends to sell 11 acres to a developer for an estimated $31 million project of 240 high-end apartments.
An expanded version of this story that includes an additional rendering of the Promenade Shopping Center is at JaxDailyRecord.com.
