The partnership paid Jacksonville University $31.5 million, or $508,065 per acre ($11.66 per sf), for the tract which will also house a 130-boat-slip marina, and nine-hole golf course along with a golf and yacht club. The Jacksonville University House, which is part of the transaction, will be incorporated into the overall site plan. The land deal closed Feb. 28.

James Citrano, managing director of CB Richard Ellis Inc.'s Jacksonville office, and CBRE executive vice president Dan Allen negotiated for Jacksonville University. Hudson principal Andrew Greenbaum and Michael C. Wachs, vice president of acquisitions for AMC Delancey, coordinated the transaction.

The university sold the land to increase its endowment fund, Allen tells GlobeSt.com. The property was on the market for five weeks. The deal took eight months to complete, from letter of intent to closing, because of the rezoning process involved, Allen says.

At over a half million dollars per acre, the tract was one of the highest-priced parcels sold in the Jacksonville market in recent years, area industrial brokers tell GlobeSt.com. "This is the best sellers' market we have seen in 20 years," Allen says.

He adds, "Waterfront land is extremely scarce in this area and hence commands a higher premium." Allen says that at CBRE, "we manage the [pricing] process and through our competitive marketing process, we were able to maximize the value for our client." Jacksonville University, a private four-year institution, has owned the 62 acres since it was founded in 1934.

Dolphin Reef is the development partners' second project. They are also developing Antigua at St. Augustine, a 157-acre waterfront community on Anastasia Island. The development will have 450 single-family residences and condominiums, and executive office suites. The site faces the scenic Bridge of Lions and the historic St. Augustine Lighthouse.

Delancey's Wachs says, "When completed, we are confident Dolphin Reef will set a new standard for luxury living and shopping in the Jacksonville community."

Hudson's Greenbaum adds, "Jacksonville University is known for its unwavering commitment to the community and environment, and we intend to continue to uphold this tradition as we embark on our Dolphin Reef development."

Hudson Capital is also developing the Gardens of Bridgehampton Veranda Homes, a condo community near St. Luke's Hospital on Gate Parkway in Jacksonville's Southside. AMC Delancey's Central and North Florida portfolio includes the Radisson Hotel on Jacksonville Butler Boulevard in Jacksonville with partner Paramount Hotel Group, and the Sheraton Orlando North hotel in Orlando.