Augustine Development Group has secured a grocery store operator for its planned renovation of Downtown’s Independent Life Insurance Building.
Company President Bryan Greiner confirmed the deal in a phone interview Feb. 20 but said he could not disclose the tenant for the 21,000-square-foot, ground-floor grocery space.
He said the renovation project is on track to start work in the second quarter. Augustine Development Group has a construction lender and final design plans are “90% complete.”
Greiner and investment partners DLP Capital LLC purchased the 19-story office building at 233 W. Duval St. in early October through PEP10 LLC for $3.7 million.
Augustine Development Group expects to invest about $28 million into the 64-year-old, 180,000-square-foot building to develop apartments and retail space.