The Real Deal Miami

Indiana developer plans Atlantic Beach rental project

Becovic Management wants to build 156 units with easy oceanfront access and four-figure rents

December 06, 2015 02:00PM

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Atlantic Beach, Florida

Atlantic Beach, Florida

An Indiana-based development company plans to spend more than $12 million to build a 156-unit gated apartment complex in Atlantic Beach, an oceanfront town just east of Jacksonville.

Becovic Management Group, headquartered near Indianapolis, expects to complete land acquisition for the apartment project and start construction in February, pending approvals.

The development, called Ocean Blue Apartments, would be built on 15.6 vacant acres at 2701 Mayport Road in Atlantic Beach.

The multifamily development would have seven residential buildings, each three stories tall, four parking garages, a clubhouse, an outdoor movie theater, an espresso bar, a walking trail and on-site car wash.

Developer Muhamed Becovic said the proximity of the Ocean Blue complex to Kathryn Abbey Hanna Park will give residents easy access to the oceanfront. The park has a 1.5-mile beach, a lake measuring 60 acres and 20 miles of trails.

Becovic said rents at Ocean Blue Apartments will range from $1.30 to $1.50 per square foot, higher than the average rental of $1.11 per square foot in Atlantic Beach.

Ocean Blue units will have one-, two- and three-bedroom floor plans ranging from 700 square feet to 1,400 square feet. [Jacksonville Daily Record] — Mike Seemuth