**Struggling Jax Mall Set for Revitalization as New Owners Step In**
Once a premier shopping destination, Jacksonville’s Regency Square Mall is poised for a major redevelopment after decades of decline. Opened in 1967, the mall was once the largest shopping center in the Southeast. However, by 2014, occupancy had plummeted from 60.1% at the end of 2012 to a mere 37.9%. In the years since, the property continued to struggle, becoming a shadow of its former self.
In a bid to restore the site’s vitality, Blackwater Development has acquired the 74-acre property for $19.1 million. With over 900,000 square feet of retail space, the mall will be transformed into a mixed-use development called The Nexus at Regency. The project is expected to include new residential communities, national retail brands, and financial institutions, breathing new life into the aging property.
Blackwater Development specializes in identifying underperforming assets with untapped potential. The company’s goal is to transform these properties into premier commercial destinations, revitalizing communities and fostering economic growth.
Development is already underway at the site. A Raising Cane’s restaurant is currently under construction, and a Firestone Complete Auto Care facility remains in operation at the corner of Monument Road and Atlantic Boulevard.
The transformation of Regency Square Mall marks a significant turning point for Jacksonville’s retail landscape and indicates promising economic developments for the surrounding community.
