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Thompson Thrift will be developing Terrassa, a 324-unit luxury community in St. Augustine, Fla., a Jacksonville submarket. The company plans to break ground on the project this month, with completion scheduled for the fall of 2026. Terrassa is part of the redevelopment of the former St. Augustine Outlets, an almost 100,000-square-foot retail center that was demolished two years ago. Upon delivery, this will be the developer’s 17th Florida community. Thompson Thrift 2024 Multifamily Development LP will provide project equity.