Palatka Promenade, which has been in the Vanguard portfolio since 1999, is in the midst of a substantial redevelopment and “de-malling” of the property. Constructed in 1979 as a 195,000 square foot GLA property. Palatka Promenade is located on busy Highway 19 in Palatka Florida, approximately 25 miles west of St. Augustine. In 2010/2011, a large portion of the center was redeveloped into Cititrends, Shoe Show, and a VA Clinic. More recently, a portion of interior space was demolished to create a box for Ollies Bargain Outlet, which has had strong performance and driven significant traffic since opening in May 2017. This project included the creation of a new storefront entrance and facade specifically for Ollie’s, as well as a loading area. In 2018, Roses took 51,200 sq ft. and they are very pleased with this store.
Additional portions of the interior space are also planned to be converted to anchor or junior-anchor spaces with exterior entrances. It is anticipated that the project GLA will increase by 15-20% as a result of former interior common area being converted to tenant space.
Palatka Promenade is serviced by two traffic signals on Highway 19, one of which is a shared signal with an adjacent shadow-anchor Lowe’s. Other tenants in the immediate area include Home Depot, Publix, Big Lots, Tractor Supply, Harbor Freight, and Staples.