FIRST COAST COMMUTER RAIL TOD STUDY | EXISTING CONDITIONS
FIRST COAST COMMUTER RAIL TOD STUDY | EXISTING CONDITIONS
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RETAIL
Typologies Retail development along the corridor is mostly large (100-300,000 SF), suburban shopping centers following new residential development further away from mixed- use urban cores. An example in southeastern Duval County is the upscale regional mall, St. Johns Town Center, near several recent multifamily developments like The Jaxon and the Oasis at Town Center. Big box stores and shopping centers are located along I-95 and suburban roads extending from the highway. The largest pipeline projects are in southern Jacksonville and around CR 210 Station, such as The Pavilllion at Durbin Park, and a recently built neighborhood shopping center proposed for the Beachwalk housing development in northern St. Johns County.
Takeaways Demand for retail space in both counties has followed residential growth, with most recent development in neighborhood shopping centers.
Since 2010, over 4,100,00 of retail square footage has been delivered in Duval County and over 3,500,000 SF has been delivered in St. Johns County. However, since 2017, deliveries have decreased in Duval County while they have increased in St. Johns County, driven by shopping mall projects like the Pavilion at Durbin Park that included deliveries like Walmart and Home Depot. Since 2010, net absorption has averaged over 570,000 SF per year in Duval County and over 300,000 SF per year in
St. Johns County. Net absorption fell in 2020, following the start of the pandemic, but rebounded strongly in 2021. The average vacancy rates in both counties spiked during 2020 because of the pandemic but have otherwise decreased steadily since 2010. The average rent in Duval County has risen slowly since 2015, while the average rent in St. Johns County fell in 2019 before recovering to reach over $22 per SF/Year in 2021.
Retail Deliveries (2010-2021)
1,000,000 1,200,000 1,400,000 1,600,000
Starting in 2017, large deliveries included ALDI, Walmart, and Home Depot
Large deliveries included IKEA, The Strand (regional mall), and a RaceTrac Petroleum service station
Walmart Supercenter 4250 Phillips Hwy, Jacksonville Freestanding retail built 1973, under renovation (expected 2022) 159,457 SF (RBA) 1 Story (Low-Rise) Rent/SF/Yr: $14.11 - $17.25 Surface parking ALDI 145 Harper Ln, Saint Johns Retail building built 2021 224,000 SF (RBA) 1 Story (Low-Rise) Rent/SF/Yr: $23.39 - $28.58 Surface parking Lowe’s Super Center 1955 US Highway 1 S, Saint Augustine Freestanding retail built 2016 139,819 SF (RBA) 1 Story (Low-Rise) Rent/SF/Yr: $17.61 - $21.52 Surface parking
200,000 400,000 600,000 800,000
JRTC
BAYMEADOWS
AVENUES WALK
(200,000)
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
CR 210
Duval County Change in Inventory
St. Johns County Change in Inventory
PALENCIA
Retail Average Vacancy Rate (2010- 2021)
Retail Average Rent (All Service Types) per SF/Year (2010-2021)
KING STREET SR 312
$25
0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10%
Pipeline projects Deliveries since 2010 FCCR corridor
$20
$15
Figure 3-44: RETAIL DEVELOPMENT NEAR CORRIDOR
Source: CoStar, Dot size based on Rentable Building Area (RBA)
$10
$5
$0
Duval County Avg. Vacancy Rate St. Johns County Avg. Vacancy Rate
Duval County Avg. Rent St. Johns County Avg. Rent
Figure 3-43: RETAIL DELIVERIES, VACANCY & RENT
Source: CoStar
FCCR TOD
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