Developer closes on purchase of Regency Square Mall

Blackwater Development has closed on its purchase of the 58-year-old Regency Square Mall property on Arlington Expressway, with plans to build residences and retail there.

City Councilman Ken Amaro represents the Arlington district where the mostly vacant mall sits. He called the sale an exciting milestone for the community’s growth and transformation.

The Lake City-based developer announced the purchase Wednesday but did not disclose a purchase price, according to the Jacksonville Daily Record, a Jacksonville Today news partner.

In a statement, Amaro said the former gem of a shopping center has more recently been the bane of community complaints. The sale is long overdue, he said.

Under the new ownership, the mall property will get a name change to The Nexus at Regency. Blackwater said the name represents the connection between the mall property and the community, the Daily Record said.

Blackwater plans a mixed-use development of multifamily residential communities, financial institutions and national retail brands.