Category Archives: Residential

The Sale of “The Strand” Breaks Record

The 28-story, 295-unit Strand apartment tower, located on the Southbank recently traded for $64.6M, or, $219K per unit- a new record for local apartment/multifamily sales. The waterfront, luxury tower was built in 2007, and is the only high rise tower to be built in Jacksonville in recent years (most of the new apartment construction has been low to mid rise or “garden” style). The Stand was purchased by an investment firm based in Winter Park, FL. Other recent and notable sales included the sale of the Broadstone Beach House ($46M; $203K/unit) and Brooklyn Riverside ($58M; $187K/unit).

Derek Gilliam with the Jacksonville Business Journal covered the story.

East San Marco- Plans and Renderings Filed with COJ

East San Marco 7.2016

Plans and renderings for East San Marco were just flied with the city. The $41M project will include a Publix anchor, small shop space and 239 apartments above the retail on the ground floor.

Mixed Use Development Durbin Park Plans Relased

Plans for Durbin Park, a mixed use development project that is slated for development on land owned by Gate Petroleum, were recently shared with the public. The 1,600 acre project is located St. Johns County, at the southwest quadrant of I-95 and Race Track Road and bordered by the new road, 9B. The plans call for retail, office, hotel and multifamily uses, as well as nearly 1,000 new homes. One of the biggest highlights, which is slated for Phase II, is a Bass Pro Shoppes. Phase I is expected to be complete by 2018, and Phase II by 2019. Gatlin Development will partner with Gate on the retail component of the project, which could account for some 600,000 square feet.

Jessica Clark with First Coast News covered the story.

NEFLA Housing Market Posts Strong Numbers

According to a recent Jacksonville Business Journal article, “The housing market in Northeast Florida posted strong numbers in February with nearly 1,800 closed sales, 2,425 pending sales and an increase in year-over-year average price.”

Derek Gilliam with the Jacksonville Business Journal covered the story

Colliers Brokers the Sale of Atlantica Apts. in Atlantic Beach

Colliers multifamily specialists Bradley Coe and Douglas Blair recently sold the Atlantica Apartments located at 2760 Mayport Road in Atlantic Beach for $7.8M ($78k/unit). The property is comprised of 7 buildings that total 100 units.  The property sold to Becovic Management Group (IN based), who had purchased land across the street back in December for a planned 156 unit luxury apartment development that will be called Ocean Blue Apartments. Construction on that project is set for April of this year.

Positive Economic Indicators for the First Coast

First Coast & Florida jobless figures declined in November: Jobless rates on the First Coast (Duval, Clay, St. Johns, Nassau and Baker) fell to 4.7 in November, down from 4.9 in October (before seasonal adjustments). Taking into account season adjustments, those figures equate to 4.8 in NOV, down from 5.1 in OCT. FL jobless rates fell from 5.1 in OCT, to 4.8 in NOV before seasonal adjustments. After seasonal adjustment, this equates to a NOV rate of 5, down from 5.2 in OCT.

Drew Dixon with the Florida Times Union covered the story.

Single-family home permits highest since ’07: According to the Northeast Florida Builders Association, 6,725 single family home permits were issued in Duval, St. Johns, Nassau & Clay counties during  2015. This figure equates to about 650 more than in 2014, and twice what was pulled during the “collapse” in ’09-’11, and significantly lower than the all time high of over 17,500 during the 2005 “boom”.

Roger Bull with the Florida Times Union covered the story.

Atlantic & Vilano Beach Named as Top 10 Under the Radar FL Beach Towns: Two local beach communities, Atlantic Beach and Vilano Beach, were both recently made a top 10 list of “under-the-radar” beach towns, as decided by travel report by Fodor, a well respected travel publisher and website. The list did not have any numerical order, and other top 10 towns included Cedar Key, Pass A Grill Beach, Deerfield Beach, Vero Beach, Ponce Inlet, Anna Maria Island, Santa Rosa Beach and Gasparilla Island.

Drew Dixon with the Florida Times Union covered the story.

Frontier Airlines plans New Flights from St. Augustine: Frontier has just announced it would be adding two new non-stop flights out of St. Augustine’s Northeast Florida Regional Airport, one to Philadelphia and into Chicago. The flights to Chicago start April 14th, with flights on Tuesdays, Thursdays and Sundays. The flights to Philadelphia begin the next day, April 15th, and will operate on Mondays, Wednesdays, Fridays and Saturdays.

Stuart Korfhage with the St. Augustine Record covered the story.

Luxury Apartment Development Plannned for Atlantic Beach

There is a new, 156-unit luxury apartment building in the works for Atlantic Beach. The project is being referred to as Ocean Blue, and is being developed by Indiana based Becovic Management Group. The project is located on Mayport Road, and adjacent to Hanna Park. According to the news article, “the project will include seven three-story residential buildings, four garage structures, a clubhouse, pool, cyber café and espresso bar, outdoor movie theater, on-site car wash and walking trail.” Colliers International’s Bradley Coe represented the buyer in the transaction.

Karin Mathis with the Daily Record covered the announcement.

Healthy Town’s New Name is “The District”

Healthy Town

The proposed project that had been referred to as “Healthy Town” now has a new name, after a several month long competition. The name “The District” was chosen, with a tag line “Life Well Lived- Jacksonville”. The project, which is located on the Southbank on land currently owned by JEA, is slated for 500 residential units, 200 hotel rooms, 94,400 SF of mixed use space and 200,000 SF of office space in the first phase of the development.

Timothy Gibbons with the Jacksonville Business Journal covered the story.

Land Across from St. Johns Town Center Under Contract for 347 Apartments

Stanmore Partners, a Houston based apartment development and investment firm, is under contract to purchase 6.6 acres of land near the St. Johns Town Center and plans to develop up to 347 apartment units on the site, which it plans to call Ravella at Town Center Apartment Homes. Before that deal can go thru, Preferred Growth Properties must first close on the 61.35 acres that it has under contract with the Arthur Chester Skinner III Trust, expected to close at the end of January. The plans for the site include a one building complex with a seven level parking garage and two courtyards. That deal is expected to close in the 2nd quarter of 2016.

Karen Brune Mathis with the Daily Record covered the story.

AZ-Based Homebuilder Buys 692 Acres in North JAX For $5,650/Ac

Karen Brune Mathis of The JAX Daily Record reports Arizona-based Walton Group International USA has purchased 692 acres for residential development just north of the airport for about $3.91M, or about $5,650/acre.  Walton owns a massive 3,347-acre development in Northeast Polk County where it plans almost 6k units, 381k SF of commercial, a school site and 1,120 acres of preservation land.