JACKSONVILLE, FL – EJF Capital LLC and Chance Partners LLC plan to develop a three-building, 295-unit multifamily community situated in an Opportunity Zone in Jacksonville, FL's St. Nicholas neighborhood.
The partnership will construct the project, titled Southgate, on two land parcels that total 9.5 acres. The companies plan for delivery in Q4 2023.
Southgate will feature amenities including co-working spaces, indoor and outdoor social spaces, a resort-style pool and sundeck, a 24/7 fitness center, walking trails and a dog park and pet spa. The community will integrate smart home technology for keyless entry and it will be surrounded by a more than 400-space parking lot.
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The investors will receive attractive tax benefits due to the development's location in a qualified Opportunity Zone.
The development represents the companies' fifth multifamily development in the Jacksonville market. The partnership has previously developed Eastborough, The Exchange, Barlow and San Marco Promenade in the area.
"Five projects in a single market demonstrates our conviction to the future of the San Marco and St. Nicholas neighborhoods to meet residential demand serving these historic infill locations," states Jeff Rosen, principal at Chance Partners. "We like everything about this market, especially its location, which is minutes from the Southbank district and its array of healthcare complexes, which are anchored by Baptist Medical Center and Wolfson Children's Hospital."
"Jacksonville is an exceptional market with vast investment opportunity, and we along with our partner, Chance, believe the economic underpinnings could not be stronger," says EJF Capital LLC co-founder and co-CEO Neal Wilson. "Factors that make this such a compelling location include strong demand for multifamily housing, robust population growth, and a diverse economy with healthcare leading the way."
Jacksonville currently represents the fourth largest metropolitan area in Florida by population with nearly 1.6 million residents.
"The prospects for growth in close proximity to the Southbank and its adjacent historic neighborhoods of San Marco and St. Nicholas are unquestionable," states Asheel Shah, senior managing director and head of real estate development at EJF Capital. "We like its diversity, which not only includes healthcare but a thriving banking, insurance and investment services sector, as well as two major naval bases. The simple fact is that more people are moving to Jacksonville, and these infill neighborhoods provide an extraordinary location and amenities."
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
