Site is part of the redevelopment of the
former St. Augustine Outlets property
JACKSONVILLE, Fla., July 8, 2024
/PRNewswire/ -- Thompson Thrift, a full-service nationally
recognized real estate company and one of the nation's leading
multifamily developers, announced today the development of
Terrassa, a 324-unit Class A multifamily community located in the
growing market of St. Augustine in
St. Johns County. The company
expects to begin construction in July, with completion expected in
fall 2026.
"St. Johns County is one of the
most desirable counties to live in Florida, and is renowned for its excellent
schools, strong income levels and impressive home values," said
Josh Purvis, managing partner for
Thompson Thrift Residential. "Securing approval for new
developments is becoming increasingly challenging, but our team's
proven track record and commitment to excellence have allowed us to
secure a prime spot in this highly desirable county."
Terrassa is part of the redevelopment of the former St.
Augustine Outlets property off I-95 and will provide 324 one-, two-
and three-bedroom apartment homes offering up to nearly 1,400
square feet of living space. Residents will have convenient
access to the area's pristine beaches as well as a variety of local
entertainment, shopping and dining options.
Like all Thompson Thrift communities, Terrassa will feature
superior, in-demand amenities that demonstrate the company's
dedication to quality. Kitchens will include stainless steel
appliances, a smooth glass-top range, side-by-side
refrigerator, tile backsplashes, a pantry and hardwood-style
flooring. Large walk-in closets, bathrooms with a walk-in
shower, detached garages, a full-size washer and dryer and private
patio, balcony or yard options add to the list of features.
Additionally, certain upgraded homes will feature accent-colored
island cabinetry, premium quartz countertops, a dry bar,
under-cabinet lighting and deluxe closet systems with shelving.
High-speed internet access will ensure seamless connectivity for
residents while energy-efficient LED lighting and a smart
thermostat will help residents save on energy costs. Smart light
switches and door locks will provide convenience with an
Alexa-compatible smart hub to easily control the devices.
Community amenities will include a 24-hour fully equipped
fitness center, a resort-style swimming pool, courtyards, community
grilling areas, a pickleball court, an on-site dog park and pet spa
with a grooming station. The 24-hour social hub will feature
billiards, a coffee bar, private focus rooms and work area with a
printing station.
St. Augustine is the oldest
city in the United States and
maintains a strong Mediterranean architectural influence. The
name Terrassa comes from a city in Spain, and Thompson Thrift has taken care to
incorporate Mediterranean accents in its design to further connect
with the community.
Brian Timberman, president of
Thompson Thrift Construction, added, "We are excited to break
ground on another Thompson Thrift community, and our construction
team looks forward to seeing this project through to on time
completion."
St. Johns County is the
wealthiest county in Florida and
one of the fastest-growing counties both in Florida and the
United States. The county's population grew 40% during the
past decade and is expected to add 100,000 residents by 2030. The
Terrassa site is located in a very high-growth pocket of the county
and will offer easy access to major employers such as Bank of
America/Merrill Lynch, Saddle Creek Logistics, the St. Johns County School District, Citi and Florida Blue.
Since its founding nearly 40 years ago, Thompson Thrift has
invested more than $5 billion into
local communities and has become known as a trusted partner
committed to developing high-quality, attractive commercial and
multifamily communities.
The company continues to expand its footprint with eight new
residential developments targeted for 2024, including new markets
in Georgia, Utah and Idaho. Equity for Terrassa, Thompson Thrift's
17th Florida multifamily community, will be provided by
Thompson Thrift 2024 Multifamily Development, LP.
About Thompson Thrift Real Estate Company
Thompson
Thrift is an integrated full-service real estate company with
offices in Indianapolis and
Terre Haute, Indiana; Denver; Houston and Phoenix. Three business units drive Thompson
Thrift's success—Thompson Thrift Residential which is focused on
upscale Class A multifamily communities and luxury leased homes,
Thompson Thrift Commercial which is focused on ground-up commercial
development, and Thompson Thrift Construction, a full-service
construction company. Through these business units, Thompson Thrift
is engaged in all aspects of development, construction, leasing,
and management of quality commercial real estate projects across
the country. The company earned national recognition from Energage
as a winner of a 2024 Top Workplaces USA award and five Culture Excellence awards,
the latest accolades that reflect the company's ongoing commitment
to excellence in the community and workplace. For more information,
please visit www.thompsonthrift.com.
Contact:
Jennifer Franklin
Spotlight Marketing Communications
949.427.1385
jennifer@spotlightmarcom.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/thompson-thrift-to-develop-luxury-324-unit-multifamily-community-near-jacksonville-302188553.html
SOURCE Thompson Thrift