Dewberry Capital acquired Roosevelt Square, located in Jacksonville, Florida, in 1997 for the redevelopment of Roosevelt Mall. The 309,360 square foot one story retail shopping center was under highly distressed circumstances. The property, originally built in 1961, suffered from a lack of maintenance and had fallen into a dilapidated and mismanaged state. Dewberry Capital employed a step-by-step process to de-mall the property and convert the site into an open-air lifestyle center.
The first phase of redevelopment was completed in March of 1999 including the addition of a new 51,420 square foot Publix Super Market and a new 7,000 square foot Belk's Home Store, as well as the renovation of the existing Publix for a new SteinMart and the renovation of the existing 62,674 square foot Belk's Department Store. This phase also included the addition of new sub anchor and local tenant spaces. The final phase of redevelopment was completed in March 2003 with the addition of 17,000 square feet of local tenant space. Dewberry Capital Corporation manages and leases the property.
Dewberry Capital's revitalization efforts also had a dramatic impact on the surrounding community. Today, the property serves Jacksonville's most established and affluent neighborhoods of Riverside, Avondale and Ortega. Roosevelt Square is one of the most valuable retail centers in the South and is anchored by one of the highest grossing Publix stores.