JACKSONVILLE, Fla. – Regency Square Mall is now under the ownership of Blackwater Development and headed toward a different future.
The once-bustling mall will undergo redevelopment to include residential communities, national retail brands, and financial institutions. The project will also feature a new name: the Nexus at Regency.
Before the redevelopment can start, Blackwater must address some outstanding issues from the previous owners. The property currently faces fines totaling nearly $2 million due to the poor conditions of the building.
News4JAX made a public records request to the city of Jacksonville that provided five documents, all dated April 3. These documents outline agreements to reduce the fines from code enforcement once all necessary repairs are completed.
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The settlements stipulate that Blackwater must bring the building up to code within two years. Additionally, the company is required to begin work on the property within a year of the agreement and pay an upfront fee of $20,000 to initiate the process, which breaks down to $4,000 for each agreement.
Ken Amaro, District 1 Jacksonville City Councilman, shared a statement regarding the settlement and the future of the property.
“The settlement is necessary to be able to move forward. Regency Square is out of the previous owner’s hands, and that is one reason to celebrate. Looking ahead, the Arlington community is expecting transformative work,” Amaro said.
News4JAX reached out to Rurmell McGee, owner of Blackwater Development, for a comment on the agreement with the city and what current tenants can expect. We’re waiting on a response.
