This week’s Insider Deals are so good you’ll want all of themThe entrance to Regency Square Mall at 9501 Arlington Expressway, at Arlington Expressway and Atlantic Boulevard. Regency Realty LLC, a partnership of Mason Asset Management and Namdar Realty Group LLC, both based in Great Neck, New York, paid $13 million for the bulk of the 1.4 million-square-foot mall Feb. 14, 2014.
Prospective buyer Blackwater Development LLC President Rurmell McGee said on Wednesday the purchase could be completed by the first quarter of 2025 and the redevelopment could take five to 10 years.“How can people in the community benefit from that property? So instead of just looking at it from a development standpoint … it has to perform, it has to make money,” McGee said during a recent panel discussion on “The Future of Arlington” at Jacksonville University.
“That’s the only way any of us can do the things that we do. It has to be profitable, but the reality is we want to create a vibrant property project that benefits the neighborhood and benefits the constituents in that area.” Lake City-based Blackwater Development LLC announced Oct. 16, 2023, that it has a contract to buy that part of the mall. McGee said then he expected the sale could close in the third quarter of 2024.
The redevelopment would not include Impact Church, the operating Dillard’s Clearance Center and the closed Sears stores, which have separate owners from the rest of the mall.Digital reporter who has lived in Jacksonville for more than 25 years and focuses on important local issues like education and the environment.
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