Roughly 10 days ago Navarre Beach Crossing, LLC closed on the sale of roughly 33 acres to Atlanta-based Branch Properties, which plans to move forward with a retail/residential development.
The site is located on the northwest corner of Navarre Parkway and SR-87, just a few miles to Navarre Beach access and adjacent to Shoppes of Navarre, a Publix-anchored shopping center.
Craig Kruse of Navarre Beach Crossing, LLC told South Santa Rosa News he believes Branch Properties will split up the 33 acres, making part of it retail and restaurants and another part apartments – as previously announced.
Branch Properties on Monday confirmed the acquisition and intent to develop a 332-unit multifamily community, featuring a mix of one-, two- and three-bedroom layouts, on 13 acres with the surrounding 7.25-acre site to accommodate space for five retail outparcels and additional development for future uses.
This marks a major expansion of Branch’s multifamily development portfolio in Florida, where the firm already has a presence with several grocery-anchored shopping centers.
Branch is currently underway on the development of Merganser Commons at Dogwood Estates, the first Publix Super Markets-anchored shopping center in nearby Milton, Florida.
“Over the past 18 months, the migration to the Sunbelt has been accelerated by the pandemic, and Navarre itself has experienced a lot of this growth in both its population and in opportunities for new multifamily and retail development,” said Branch Development Director Jack Haylett. “As we seek to expand our multifamily development portfolio across the Southeast, we look forward to the completion of the development and delivering a top-of-the-line residential offering to the Santa Rosa community.”
Navarre is the second largest community in the Pensacola-Ferry Pass-Brent MSA and has grown immensely in the past decade. Known for its miles of white sand beaches, Navarre is one of the top tourist destinations in northwest Florida and has accounted for 25% of the county’s growth since 2010, with around 20,000 people projected to move to the area by 2045.
While Branch is predominantly retail-oriented, the firm has expanded its multifamily portfolio over the past two decades to include a total of 2,500 units and completed more than 11 ground-up developments. Branch’s multifamily strategy centers around identifying opportunities to develop thoughtfully designed, Class-A assets in key primary and secondary markets throughout the Southeast.
In addition to Branch’s multifamily portfolio, the firm is primarily involved in the acquisition and development of essential grocery-anchored shopping centers across the Southeast. Several of Branch’s multifamily assets are situated within larger mixed-use projects, creating a cohesive live-work-play environment and a walkable, well-connected community with a mix of key retail offerings.
Branch is currently underway on the development of several Publix Super Market-anchored retail projects slated to deliver later this year, including Hugh Howell Marketplace in Tucker, Georgia; Perimeter Marketplace in Dunwoody, Georgia; Summerhill Station in Southwest Atlanta, Georgia; Moncks Corner Marketplace in Moncks Corner, South Carolina; The Market at Hays Farm in Huntsville, Alabama; and Merganser Commons at Dogwood Estates in Milton, Florida.
Meanwhile, Kruse continues to work on several major developments along the 87 S Corridor. Splash RV Park, located at Hwy. 87 S at Interstate 10 will open December 15.
Additionally, ground was recently broken on a Aldi store at a retail site next to Culver’s in Navarre. Kruse confirmed Tuesday that site, located off Ortega Street, will not feature any apartments.