Newspaper article The Florida Times Union

Ring Power to Start St. Johns Building Soon

Newspaper article The Florida Times Union

Ring Power to Start St. Johns Building Soon

Article excerpt

Byline: Karen Brune Mathis, Times-Union senior business writer

Jacksonville-based developer Duke Steinemann said construction should start by the end of September on the St. Johns County headquarters for Ring Power Corp. for completion by the end of 2004.

The Ring Power move will open its 38 acres at northwest Philips Highway and Baymeadows Road for a Lowe's Home Improvement Warehouse on about 16 acres and a potential shopping center on another 18 acres.

Steinemann said that Ring Power, a heavy construction equipment dealer, will keep a Ring Lift truck operation on a corner of the property.

The Lowe's interest has been well known for two years. Steinemann said this week that the neighboring 18 acres "would accommodate an anchor and then some inline retail."

"We are discussing that with a number of retail developers for a power center," he said. "We have some interested parties, but we don't have anything signed up," he said.

"I think it's definitely going to revitalize that section of Philips Highway and Baymeadows," Steinemann said.

The Philips Highway corridor from downtown to Baymeadows Road has been undergoing redevelopment as property owners seek to rejuvenate the aging area.

Lowe's is one of at least two big box retailers interested in the corridor. Wal-Mart Stores Inc. is considering development of a Supercenter at Philips Highway and Emerson Street, north of the Ring Power site.

Ring Power will move to the almost 1,000-acre World Commerce Center at Interstate 95 and International Golf Parkway. Steinemann announced last week that it obtained Development of Regional Impact approvals for the World Commerce Center for up to 2.19 million square feet of office space, about 909,000 square feet of retail space, about 406,000 square feet of industrial space, 1,000 hotel rooms and 1,150 residential units. …

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