The long-anticipated and now eminent opening of the Publix center at the corner of Hendricks Avenue and Atlantic Boulevard has become the catalyst for increased interest in San Marco real estate, as evidenced by the recent sale of two prominent office buildings at 1639 and 1649 Atlantic Boulevard. The building at 1639 Atlantic Boulevard sold for $3.4 million. The adjacent building at 1649 Atlantic Boulevard sold for $2.25 million.
Bob Warren, broker and president of Warren & Company Realty Advisors, represented the seller. Christian Harden of NAI Hallmark represented the buyer in the transaction. Both buildings had been recently renovated and include 40 parking spaces.
Together those sales and Publix’s opening have changed the primary traffic pattern into San Marco, according to Warren.
“Jacksonville has become an increasingly strong real estate market as a whole, and the San Marco and Riverside submarkets continue to gain popularity among resident, tenants and investors,” Warren said.
Warren foresees additional demand to live work and play in those two neighborhoods throughout 2022.
“This will continue to improve quality of life, which in turn brings additional retail goods and services,” he said. “While increased traffic and overall density will be affected and might be looked at as a negative by some, a neighborhood Publix also brings an improved quality of life that few other improvements can.”
Warren likens predicted growth in San Marco to the well-known phrase, “a rising tide lifts all boats.”
“When quality of life improves in an area, demand for homes and businesses in that area naturally increases also,” said Warren.
Realtors like Warren are optimistic that momentum on the Northbank and Southbank of the St. Johns River will converge with plans for Downtown Jacksonville.
“It will go a long way towards Jacksonville’s return to a thriving, productive and desirable downtown,” he said.
Warren anticipates, however, that the rate of momentum like Jacksonville has experienced in the last four to five years is due for a correction.
“This correction will be nothing like 2008-2009,” he said. “However, I believe an overall market correction of five to eight percent is coming in late 2022 or early 2023.”
Regardless, the strongest submarkets in Jacksonville will remain the strongest and experience less of a correction than others and have a more rapid recovery, he predicts.
By Karen Rieley
1301 Riverplace Blvd. Suite #800
Jacksonville, FL 32207