Author Topic: Kmart Property in Mandarin?  (Read 21300 times)

jaxlongtimer

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Re: Kmart Property in Mandarin?
« Reply #15 on: May 16, 2023, 11:36:41 PM »
^ I wouldn't count on it.  I doubt they budget capex/new stores based on quarterly ups and downs.  More likely, they are more dependent on longer trends. 

In the case of Mandarin, it may also be more of tapping a whole new market currently owned by Lowes so sales there could be additive if the location is appropriate.  Unless online sales take up a bigger portion, the way a company like HD grows is more dollar sales per existing stores plus more stores.

A decline in sales dollars can also be misleading as it may represent price deflation, not lower unit volumes, as this quote infers for some of the decline:

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Decker said a few key factors drove sales lower. "Our sales for the quarter were below our expectations, primarily driven by lumber deflation and unfavorable weather, particularly in our Western division as extreme weather in California disproportionately impacted our results."
« Last Edit: January 15, 2024, 05:10:13 PM by jaxlongtimer »

jaxlongtimer

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Re: Kmart Property in Mandarin?
« Reply #16 on: January 15, 2024, 05:03:31 PM »
Heard an updated rumor today that Home Depot has signed an agreement for the Mandarin Kmart property.  Anyone have verification of same?

realestatejax

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Re: Kmart Property in Mandarin?
« Reply #17 on: January 16, 2024, 10:49:05 AM »
Heard an updated rumor today that Home Depot has signed an agreement for the Mandarin Kmart property.  Anyone have verification of same?
They have longed been rumored to be the replacement tenant for this property.  I have not heard anything recently though. 

Jax_Developer

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Re: Kmart Property in Mandarin?
« Reply #18 on: January 17, 2024, 08:58:43 PM »
The plans are now under civil site review. You had a good hunch Jax! Was surprised to see this in intake all of a sudden.

jaxlongtimer

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Re: Kmart Property in Mandarin?
« Reply #19 on: January 17, 2024, 10:19:41 PM »
The plans are now under civil site review. You had a good hunch Jax! Was surprised to see this in intake all of a sudden.

Thanks, JD.  I predicted this years ago even before I started this thread 18 months ago with HD as my lead candidate.  To me, it was so obvious that I can't imagine what took HD so long.  Maybe delayed by COVID years.  Looking forward to the grand opening  :D.

jaxlongtimer

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Re: Kmart Property in Mandarin?
« Reply #20 on: March 11, 2024, 10:02:19 PM »
Home Depot in permitting for the Mandarin Kmart site.... bet they wish they had the Zaxby's site back as this looks to be a little bit tight.  Ash also owns the former bank property at the southeast corner of the property and wonder if it would have made sense to include that in this plan.  Maybe they option that if it is needed later.

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Owner wants to rezone closed Kmart property in Mandarin for Home Depot

Ash Properties is preparing the site at San Jose Boulevard and Old St. Augustine Road for the home improvement company.

Property ownership applied to rezone the closed Kmart property in Mandarin to develop a Home Depot store.

The property is at 9600 San Jose Blvd. west of the intersection with Old St. Augustine Road.

KJS Law of Ponte Vedra Beach is the applicant for property owner Onoudidnt Inc., which is affiliated with Ash Properties.

Ash Properties wants to rezone the 11.6-acre property from Commercial Community/General-1 to Planned Unit Development....

.....As the project developer, Home Depot U.S.A. Inc. proposes demolishing the closed 105,737-square-foot Kmart and construction of a 106,208-square-foot Home Depot with a 25,225-square-foot garden center and the outdoor uses.

Including vestibules, the total project will be 133,123 square feet.

Greenberg Farrow of Atlanta is listed as the project engineer.

The site will include at least 380 parking spaces, including ADA-accessible spaces.

The Home Depot applied for an environmental resource permit Jan. 18 with the St. Johns River Water Management District.....

....The 11.5-acre site does not include the separately owned Zaxby’s restaurant along San Jose Boulevard in front of the building.

Property records show the Kmart building was developed in 1979.

Through Atlantic Mini-Storage of America Inc., Ash Properties paid almost $4.39 million for the property Dec. 1, 2015.

Kmart closed there in 2016 but continued to lease the property until parent company Sears Holdings Corp. filed for Chapter 11 bankruptcy protection in October 2018.... 


jaxlongtimer

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Re: Kmart Property in Mandarin?
« Reply #21 on: April 25, 2024, 09:43:49 PM »
Update:

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City reviewing rezoning and $8 million construction permit for Mandarin Home Depot
The home improvement chain wants to demolish the closed Kmart and redevelop the site at 9600 San Jose Blvd.

https://www.jaxdailyrecord.com/news/2024/apr/25/city-reviewing-rezoning-and-8-million-construction-permit-for-mandarin-home-depot/

thelakelander

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Re: Kmart Property in Mandarin?
« Reply #22 on: April 25, 2024, 09:48:04 PM »
Where is the nearest Home Depot? Southside Boulevard? Any idea of what will happen to the old site they were looking at years ago at University and I-95?
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Charles Hunter

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Re: Kmart Property in Mandarin?
« Reply #23 on: April 25, 2024, 10:24:41 PM »
Where is the nearest Home Depot? Southside Boulevard? Any idea of what will happen to the old site they were looking at years ago at University and I-95?

Looking at the JaxGIS Property map - looks like FDOT bought it in 2020. The FDOT parcel is an "L" surrounding the Racetrac station on the corner of University and Richard. Interestingly, Home Depot still owns a 1 acre "L" surrounding the Racetrac, separating it from the FDOT parcel.  My guess, FDOT bought it for future expansion of I-95 - possibly for reconfiguring the interchange at University, and most likely for a retention pond.

jaxlongtimer

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Re: Kmart Property in Mandarin?
« Reply #24 on: April 25, 2024, 10:59:41 PM »
Where is the nearest Home Depot? Southside Boulevard? Any idea of what will happen to the old site they were looking at years ago at University and I-95?

Looking at the JaxGIS Property map - looks like FDOT bought it in 2020. The FDOT parcel is an "L" surrounding the Racetrac station on the corner of University and Richard. Interestingly, Home Depot still owns a 1 acre "L" surrounding the Racetrac, separating it from the FDOT parcel.  My guess, FDOT bought it for future expansion of I-95 - possibly for reconfiguring the interchange at University, and most likely for a retention pond.

Ennis, to expand on Charles above, see the discussion that took place in previous posts on this thread as per below.

Aside from the HD on Southside Blvd. which I believe is a smaller than average HD, the next closest would the one off 9B at Race Track Road in St. Johns County.  For some, maybe the HD across from Orange Park Mall but you have to cross the Buckman to boot.  Really, none of these stores work well for Mandarin compared to the two Lowes, one at Baymeadows and Philips Hwy, and the other at I-295 and Old St. Augustine Rd.  HD is way overdue for building a store in the heart of Mandarin so here we are  ;D.


The only question is why HD waited so long to pursue this spot  ;D.

Probably because they were burned by the one they were going to open at University and 95. LOL. That one has been in the works since at least 2007 or so, if memory serves me correct.

That has not been "in the works" for years.  I am familiar with the Univ. & I-95 site as it was offered to a group of investors when HD long ago walked away from it.  Per the tax rolls, RaceTrac bought about 25% of it and there is already a gas station there.  The other 75% is now owned by FDOT.

Someone spent millions buying out the hotels/restaurants on that site and I recall HD buying the assembled site for about $10 million.  But, I heard HD didn't do their homework and ultimately realized they couldn't get bi-directional access directly from Univ. Blvd. due to the proximity to the I-95 interchange (and, thus, why FDOT probably also bought the land portion adjoining I-95.  It looks like they may be planning a future southbound on-ramp for Univ. Blvd. instead of having to go to Bowden Rd.).  After HD backed off, the land, at the time, was being offered for far less than HD paid for it.

So, I wouldn't lay that "burn" on the marketplace but rather incompetent real estate actors on behalf of HD.

Megabox

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Re: Kmart Property in Mandarin?
« Reply #25 on: May 08, 2024, 03:35:01 PM »
Here is a spoken article about the Home Depot plan for the former Kmart.

https://www.connectcre.com/stories/home-depot-taking-over-shuttered-jacksonville-k-mart/

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Home Depot intends to demolish a former Jacksonville K-Mart that had been there, empty, since 2016 and build a 133,123-square-foot home improvement center that includes a 25,225-square-foot garden center on the 11.5-acre site at 9600 San Jose Blvd. The application explains the closed 105,737-square-foot K-mart would be demolished.

There also is site and parking lot work, including an 8,575-square-foot outdoor seasonal sales area outside the garden center.

Sun-Ray Cinema thought about expanding with a five-screen theater at the site but the 2020 pandemic shut down those plans.