The owners of Market Shops at Sandestin — OBP Partners of Miami — have launched a revitalization effort that will transform the resort shopping area into a dining, shopping and entertainment center with a neighborhood flair.
Ian Schenkman, a principal of OBP, said significant renovations will begin in October of this year, with completion anticipated in January.
“There won’t be too many structural changes, but we will renovate the façade, create additional storefronts that face Highway 98, add stone elements and a new color palate to update the look,” said Schenkman. “We will also improve the inner courtyard areas to create a nice dining atmosphere that will also be conducive for events and gatherings.”
Schenkman said that it is premature to announce the names of new tenants in The Market Shops, however, he characterized the center as a place to visit throughout the day and night, featuring fine dining, casual dining, shopping and regular events, including live music. A new farmer’s market is also in the works, planned for days that alternate with other area markets. “The Market Shops will be neighborhood-oriented,” he said, “not outlets or big box type stores.”
OBP first purchased The Market Shops over 10 years ago from then-Sandestin owner Intrawest. They then leased it back to Intrawest on a long-term lease. As Intrawest’s focus shifted to other retail areas within the Sandestin Resort and the real estate market softened, The Market Shops fell into a kind of holding pattern, waiting to be rediscovered. The current owners seized the opportunity to regain control of the center earlier this year.
“It was just the right time,” said Schenkman. “The real estate market has improved considerably. It’s very exciting.”
Tom Watson with JPB Commercial Real Estate Advisors is handling leasing for the owners.
For more info, contact JPB Commercial Real Estate Advisors or call 850-231-6694.