The Avenues Photo Gallery

The primary trade area for The Avenues encompasses Jacksonville's Southside neighborhoods, part of a metro population projected at 1.8 million in 2025, with a median household income of $62,000 and an average age of 36 years. The area is diverse, with 25% African American, 10% Hispanic, and growing millennial and Gen Z segments driven by military bases like NAS Jacksonville and logistics sector employment. Household sizes average 2.5 persons, favoring family-oriented retail. This profile supports strong performance in value apparel, footwear, and casual dining, though higher-income shoppers ($80,000+) increasingly prefer upscale competitors, contributing to moderate sales per square foot of about $400. Risks include income polarization, where economic slowdowns could reduce discretionary spending in weaker categories like accessories.

The Avenues operates in a competitive Jacksonville retail landscape with key rivals including the upscale St. Johns Town Center (1.4 million sq ft, 95% occupancy, higher rents at $50+ psf) and open-air River City Marketplace, which draw premium traffic with luxury brands and experiential tenants. Regional saturation in enclosed malls poses challenges, as footfall has stabilized post-pandemic but lags behind lifestyle centers by 15-20% in visit duration. The Avenues differentiates through affordability and entertainment anchors like AMC, yet faces pressure from e-commerce and big-box alternatives. In 2025, market reports note overall retail absorption of 200,000 sq ft quarterly, but The Avenues' aging design and lack of recent major renovations may hinder attracting high-end tenants, potentially capping occupancy below 95% if competition intensifies.

Leasing at The Avenues offers opportunities in inline spaces averaging 1,500-5,000 sq ft, with terms typically 5-10 years and percentage rents tied to sales thresholds. Base rents of $35-45 psf reflect the mall's mid-tier positioning, lower than premium centers but with CAM charges around $10 psf covering maintenance and marketing. Advantages include high visibility and co-tenancy protections with anchors, supporting projected sales of $450 psf for new entrants. Drawbacks encompass operational risks from infrastructure needs, such as HVAC upgrades, and the 2025 mixed-use rezoning, which could disrupt parking (currently 5,000 spaces) during residential construction. Tenant mix guidelines favor complementary categories to avoid oversaturation in fashion, ensuring balanced traffic flow amid 92% occupancy.