Bakkar Development in Jacksonville Florida

History

Facelift to give St. Marys new shopping vista

Click-2-Listen

Camden's largest shopping center, Kings Bay Village, will become St. Marys Town Center.

ST. MARYS - Camden County's largest shopping center is preparing for a major facelift, the first phase of a renovation that new owners say will transform it into an upscale retail area.

Work at the Kings Bay Village Shopping Center in St. Marys is set to begin in coming weeks and continue about two years, said David Laurie, vice president of operations for Jacksonville-based Bakkar Group. Once the first phase is completed, the center will be renamed St. Marys Town Center, Laurie said.

A second phase will include building new stores to help draw business to the merchants currently operating in the shopping center, Laurie said.

"We're taking our time in how we approach this," he said. "It's [now] a very disjointed shopping center, at best."

The new owners are negotiating with St. Marys officials on relocating a portion of City Smitty Drive, a road that cuts through the middle of the shopping center.

St. Marys Mayor Rowland Eskridge said the proposed redesign of City Smitty Drive is relatively minor. A turn will be added to the road to create room for developers to build more retail store space for national chains. Plans also include the demolition of a bank and possibly a restaurant now operating in free-standing buildings.

Eskridge said developers hope to lure a supermarket into the shopping center after the improvements are completed.

"I think it's going to do real well," he said. "Appearance-wise, it will be a lot more attractive."

Some existing business owners have agreed to relocate to another part of the shopping center, Laurie said. The intent of the voluntary relocations is to create more space for larger retail stores by knocking out the walls between adjacent retail shops that are vacant, he said.

The intent is to lure upscale retailers to capture the business of existing customers and new residents moving into the many developments under construction in the region, Laurie said.

Sutton Seibold, manager of the Belk store at the shopping center, said she hasn't heard specifics about the new owners' plans, but expressed optimism the improvements will increase business for all the stores.

"We welcome any upgrades," Seibold said. "It would mean more foot traffic for us."

Chris Beasley, co-owner of the Radio Shack store in the center, said he considered relocating the business after he bought it in July. Beasley said he chose to leave the store where it has been the past 13 years because he was concerned he'd lose business if he were to move.

"I'm feeling better about my decision," he said.

Chris Daniel, executive director of the Camden County Chamber of Commerce, said the plans have generated excitement in the business community, especially among merchants in the center.

"This will be a help, especially if they get a big-box store," Beasley said. "It will get the traffic we're looking for."

gordon.jackson@jacksonville. com, (912) 729-3672

Bakkar Development is a thirty five year old company that began as a small investment for Wadie Bakkar (owner and founder) and has grown into a multi-million dollar family operation.  Ramzy Bakkar, President of Bakkar Development and son of Wadie Bakkar currently leads the company and has put together a competent team of professionals to help him take the company to the next level of growth.  The company is comprised of several departments to include development, construction, leasing and sales, property management and real estate services.  Bakkar Development and the other Bakkar entities are in the process of reorganizing under the name Bakkar Group.   

Although Ramzy has been involved with the family business since the 1980’s working as a young man in the business, he officially started with the company in 1998 after earning his BA degree in business from Florida State University. 

Ramzy has increased the business in both square footage and net worth during the eight years at the helm of the company.  The company’s portfolio has grown approximately three times its size to more than 300,000 square feet in GLA and has increased the company’s value by more than 200%.   

Business Philosophy

Bakkar Development’s business philosophy is to develop quality retail projects that create an enjoyable shopping experience for the community.  Furthermore, Bakkar provides its tenants with an environment that incorporates excellent locations and in high-traffic areas in which each tenant may profitably operate.   

Strategic Direction

The strategic direction of Bakkar Development is to continue developing and acquiring neighborhood shopping centers while expanding into lifestyle centers and small malls within southeast Georgia and northeast Florida region.  The growth plan includes developing one to two large projects while simultaneously working on several smaller projects.  Bakkar Development traditionally does not sell its holdings and develops with the future in mind.  The creative drive and cost efficient manner by which Bakkar Development invests has resulted in a very strong portfolio enabling the company to continue to prosper at record pace.    

Financial Capacity

Bakkar Development has recently developed a $20,000,000 project and has reached the stage within its growth strategy to move into the next tier of development which will consist of projects up to $50,000,000.  Bakkar Development has the financial capability of performing at its projected growth rate and will do this with fiscal responsibility as it has proven to do so within the last several years.