Thompson Thrift Completes St. Augustine Multifamily Redevelopment

Event summary

  • Thompson Thrift has completed Terrassa, a 324-unit Class A multifamily community in St. Augustine, Florida.
  • The project redevelops the former St. Augustine Outlets property, located off I-95.
  • Residents began moving in September 2025, with a ribbon-cutting event held on March 2, 2026.
  • Equity for the project was provided by Thompson Thrift 2024 Multifamily Development, LP.
  • Thompson Thrift donated to S.A.F.E. Pet Rescue and waived adoption fees at the ribbon-cutting event.

The big picture

Thompson Thrift's redevelopment of the St. Augustine Outlets demonstrates a continued focus on capitalizing on Florida's population growth and demand for high-end multifamily housing. The project’s design and amenities cater to a demographic seeking a blend of convenience and lifestyle, a trend increasingly prevalent in coastal markets. With over $7.1 billion invested, Thompson Thrift’s strategy emphasizes long-term community partnerships and a vertically integrated approach to real estate development.

What we're watching

Market Saturation
The success of Terrassa will hinge on its ability to maintain occupancy rates in a competitive coastal Florida market, given the ongoing influx of new multifamily developments.
Capital Sourcing
Thompson Thrift’s reliance on dedicated development LPs like 2024 Multifamily Development, LP, suggests a potential constraint on future project scale and geographic expansion.
Amenity Appeal
The extensive amenity package (pickleball court, dog spa, social hub) may become a necessity to retain residents, and Thompson Thrift will need to monitor evolving resident preferences to justify the investment.