A three-firm development team led by Stiles has locked down roughly 93 acres at World Commerce Center in St. Johns County in a deal valued at $45 million. Announced Thursday, the purchase pulls several key parcels under one ownership group, including a planned 40-acre retail component known as Legends Landing. The buyers will take over the site’s Development of Regional Impact and existing entitlements, clearing the way for phased construction of big-box retail, hotels, office space and residential uses.
What Was Bought and Where
Stiles says the acquisition covers approximately 93.1 net developable acres across six parcels within World Commerce Center, with Legends Landing slated as the flagship retail parcel along International Golf Parkway. According to Stiles, the combined site is one of the largest entitled commercial land portfolios in Northeast Florida and sits just off Interstate 95 near major national anchors.
Plans for the Site
Developers say the existing entitlements allow a flexible, phased buildout that can mix big-box retailers, hotels, office space and residential units as market demand shifts over time. As reported by the Jacksonville Business Journal, the partners — Stiles, Cantrell & Morgan and FCA Partners — paid about $45 million for the assemblage and will assume the site’s current Development of Regional Impact.
Market Context
Marketing materials for Legends Landing play up its position in a rapidly growing retail corridor, with quick access to I-95 and neighbors like Costco, Buc-ee’s, Home Depot and Bass Pro Shops. LoopNet’s listing for the project flags more than 13,000 housing units planned or under construction within a five-mile radius and points to St. Johns County’s strong population growth as a key demand driver; see the site listing for Legends Landing for those specific market figures. FCA Partners, which co-invested in the purchase, says the deal fits its strategy of pursuing value-creation opportunities in high-growth Southeastern markets.
What Comes Next
Because the acquisition includes the DRI and entitlements, the partnership can start marketing pad sites to national retailers while rolling out hospitality, office and residential components over time as tenant demand and permitting line up. According to Stiles, the project is expected to generate significant economic activity and new permanent jobs as buildout progresses.
Jim Loftin, Co-CEO of Cantrell & Morgan, has described the purchase as a rare opportunity to secure a fully entitled, large-scale development portfolio in one of Florida’s fastest-growing markets. The partners say they will work with St. Johns County officials and prospective tenants before releasing a public construction timeline.
