Under Construction | Groundbreaking ceremony held for luxury apartments coming to Santa Rosa Mall
MARY ESTHER, Fla. (WEAR) — It was a groundbreaking day for what is a groundbreaking project in Northwest Florida. It will be a mix of old and new, with the goal of providing housing and resurrecting a decades-old building.
Like many brick and mortar stores, the Santa Rosa Mall in Mary Esther has seen better days, but things are changing. An upscale apartment complex is the mall’s newest tenant.
“It will be a 229-unit luxury apartment complex that is replacing the Belk department store at Santa Rosa Mall,” explained Rea Venture Group Vice President Breck Kean.
The project, two years in the making, is part of a national movement; but one usually reserved for larger communities.
“It is a national trend, the redevelopment of malls across the country are happening. Most of them in much larger, urban areas,” Kean added.
The 1 – 3 bedroom units will meet a need for housing, both in and out of the military community. Rent for the apartments run between $1,000 – $1,600.
For the city, this development is a big boom.
“We are expecting $200,000 additional ad valorem revenue to the city from this apartment complex,” said Mary Esther Mayor Margaret McLemore.
For the Santa Rosa Mall, it’s a first-step in reinventing itself.
“We have the multifamily we are building now, and we add to that additional uses. Whether it be elderly housing, a second phase of multifamily,” said Santa Rosa Mall Co-Owner David Schonberger.
The Renaissance Santa Rosa Apartments will give this retail hub a helping hand and offer its new residents a place to live, work and play.
The complex will have resort level amenities. It’s scheduled for completion in fall 2020.