Madison Capital Group LLC of Miami and New York has arranged land acquisition and pre-development financing for the 3.8-acre project and is negotiating with lenders for first-phase construction funds.
Madison managing director Timothy E. Martorella tells GlobeSt.com he can't disclose loan terms or the names of the lenders until all of the three-phase financing details have been completed. An out-of-state bank, a pension fund and an investment firm are among the lenders.
"Madison has additionally raised project development equity for the apartment project; pre-development equity for the design and marketing of the condominiums; and made principal investments in all three projects," Martorella says.
The Strand's first phase will be the 30-story apartment tower where average 1,200-sf units will rent for $1,000 to $5,000 per month. Prices on the condos, which will average 1,500 sf, are being worked out. The land is being purchased from an undisclosed local private investor group.
Martorella says the estimated development cost on the apartment component is $55 million or $186,441 per unit; $70 million or about $280,000 per unit on the condo phase; and $25 million on the commercial and retail phase. "This is a loose estimate as the exact specs have not yet been defined," Martorella tells GlobeSt.com.
The apartment tower is being developed in Jacksonville's central business district, minutes from the San Marco neighborhood, noted for its dining, shopping and entertainment locations. Among the 30 floors will be townhomes, lofts, one-bedroom, two-bedroom and three-bedroom floor plans with penthouse suites on the 29th and 30th stories.
The Strand will have a grand lobby with a 20-foot glass wall; panoramic views of the Jacksonville skyline and St. Johns River; wellness center; and an eighth-floor swimming pool. The third tower, planned for the office and retail component, will be developed on the southeast portion of the site.
Madison Capital Group is a real estate investment and merchant banking firm with $400 million in 2002 closings and $200 million in pending deals.
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