Joyce Development Group Closes on Land to Build The Mercado Walk at Palencia Commons



Hines, the international real estate firm and developer of Palencia, announced today that Joyce Development Group has acquired a 6.3-acre site to develop The Mercado Walk at Palencia Commons.

The site is located along Paseo Reyes Drive just north of Palencia's main entrance on US Highway 1 between Jacksonville and St. Augustine. The signature commercial development will include both retail and office space in one- and two- story buildings. Construction of The Mercado Walk at Palencia Commons is expected to begin in January 2006, with completion by the end of that year.

Bordering Florida's pristine Intracoastal Waterway and nestled in a serene and historic setting, Palencia has quickly captured the hearts and imagination of some of the most discerning homebuyers. Palencia sits on 1,450 acres and is zoned for the development of 2,642 residential units, 300,000 square feet of retail space and 600,000 square feet of office space.

"We are excited to welcome a company with such high quality and standards as Joyce Development Group to Palencia," said Walt O'Shea, Hines' vice-president. "Joyce Development Group has created an innovative site plan that will integrate a variety of retail and office uses in a pedestrian oriented village environment. We hope the quality of the building tenants and convenient location will regularly attract Palencia residents and those who commute between Jacksonville and St. Augustine.

"With the tremendous growth in and around Palencia, this a perfect location for retail shops, financial institutions, restaurants, office space and many of the basic services the area is beginning to desire and need," said John Joyce, president of Jacksonville-based Joyce Development Group. "The project's architectural style will convey the same Spanish heritage found in the nearby Village Center and throughout Palencia."

Palencia's master plan was designed by Hines to blend a wide variety of home styles and price ranges into one community. Palencia includes single-family homes, townhomes, condominiums, multi-million dollar estate homes, unique live/work units and marsh front estate lots. Palencia was recently honored with a prestigious Best in America Living Award for Best Smart Growth Community from the National Association of Home Builders.

Joyce brings 30 years of real estate development experience, with the last 20 concentrating on retail projects, to the company he established in 2004. He has held executive management positions with Faison Enterprises in Charlotte, NC and Aronov Realty Management in Montgomery, AL.

Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The Hines portfolio of projects completed, underway, acquired and managed for third parties includes more than 800 properties representing over 285 million square feet of office, mixed-use, industrial, hotel, medical, sports facilities and residential properties, as well as large, master-planned communities and land developments. With offices in 63 U.S. cities and 13 foreign countries, and controlled assets valued at approximately $11 billion, Hines is one of the largest real estate organizations in the world. Access www.hines.com for more information.





Joyce Development Group Closes on Land to Build The Mercado Walk at Palencia Commons