The Market Shops at Sandestin have struggled in recent years, but an ongoing multi-million dollar renovation looks to rejuvenate the shopping center.
Construction on The Market Shops, located near the entrance of the Sandestin Golf and Beach Resort, started on March 17. It represents the first major renovation the 52,000 square foot center has undergone since it was opened in 1985.
OBP Partners of Miami acquired the property in 2002, and in 2013 took over the asset’s management duties from the prior operator.
“We are excited to reestablish the center as a location for the local community to enjoy,” said Ian Schenkman, Vice President of OBP Partners.
A final cost for the renovations has not been determined, but could end up being about $2 million.
When the renovations are completed, The Market Shops will feature a cleaned up, more modernized look with brick pavers and a new roof. Other upgrades include a new façade, stone columns, a new paint color scheme and completely redesigned landscaping.
“They’ve been wanting to do it for quite some time and just waiting for the right time to pull the trigger,” said Whitney Ladwig with Proffitt PR, the local public relations firm that is representing The Market Shops.
Current tenants Sunset Shoes, Sandestin Real Estate and Tandestin will remain open during the renovations, with Tandestin currently offering limited hours.
New tenants that have already signed leases for space at the renovated center include a new restaurant by the management of Bistro Bijoux; Sirens at the Beach, a locally owned lingerie, lounge, swim and sleepwear boutique; Favori Gift Boutique, a mini sweet shop, apparel, jewelry and art boutique; and Market Shops Nails & Spa.
After renovations are completed around Memorial Day, new tenants will come in and start the build out of their new storefronts.
The new businesses will be able to open as soon as each store is ready rather than waiting to open all of them at one time.
JPB Commercial Real Estate Advisors has been signed to handle the leasing for The Market Shops. Currently, the center has reached more than 50 percent occupancy. Those wishing to inquire about leasing space at The Market Shops should contact JPB agents Tom Watson at 850-527-3524 or Doreen Baca at 850-460-5050.