A joint venture led by Stiles has acquired 93.1 net developable acres spanning six parcels within the World Commerce area of St. Johns County for $45 million. The buying partnership includes Stiles, Cantrell & Morgan and FCA Partners, forming a multi-party ownership group targeting large-scale, mixed-use development in a growing corridor. The purchase consolidates control of a significant land position that is already entitled for commercial use, positioning the partners to plan and phase future projects across the portfolio.
The transaction includes Legends Landing, an approximately 40-acre mixed-use retail development site fronting International Golf Parkway. In addition to this flagship parcel, the acquisition covers five further sites within the World Commerce Center DRI. Together, these parcels are described as one of the largest entitled commercial land assemblages in Northeast Florida, underscoring both the scale of the holding and the scarcity of comparable opportunities in the region.
According to the parties, the portfolio benefits from multiple allowable uses, providing flexibility in how individual parcels can be planned and brought to market. The joint venture anticipates a tenant and user mix that can accommodate national retailers, restaurants, hospitality concepts, office space and residential components. That range of options is expected to allow the partners to tailor development phasing and merchandising to evolving demand across different product types.
With sites clustered within the World Commerce Center DRI and visibility along International Golf Parkway, the land is positioned to capture traffic and demand generated by surrounding growth in St. Johns County. The fully entitled status of the assemblage reduces entitlement-related uncertainty, enabling the venture to focus on planning, timing and tenanting strategies rather than navigating initial land-use approvals. This structure may also streamline execution for different product types within the same overall commercial framework.
Jim Loftin, co-CEO of Cantrell & Morgan, described the purchase as a rare chance to secure a fully entitled, large-scale development portfolio in what he characterized as one of Florida’s strongest growth markets. He noted that entitled land of comparable scale has become increasingly difficult to obtain in St. Johns County, highlighting the competitive landscape for developers and investors seeking to establish or expand a presence in the Northeast Florida commercial market.
