Opportunity Zone in Jacksonville is site of bank-financed apartment development

The developers got $51 million of construction financing from Ameris Bank and Stifel Bank for a 486-unit rental project in the San Marco area of the city

TRD MIAMI /
Jun.June 30, 2019 03:00 PM

San Marco Crossings rendering (Credit: Jacksonville Daily Record)

Two developers announced plans to build 486 apartments in Jacksonville on a nine-acre site in an Opportunity Zone.

Arlington, Virginia-based EJF Capital LLC and Jacksonville-based Chance Partners plan to start construction of the $86 million project in the third quarter and open the property in the fourth quarter of 2020.

The developers will cover construction costs with $51 million of financing from Ameris Bank with participation from Stifel Bank.

The three-parcel development site near downtown Jacksonville and the city’s Southbank area is part of an area certified as an Opportunity Zone under the federal Tax Cuts and Jobs Act of 2017.

The location of the two-building apartment project, called San Marco Crossings, is on the outskirts of the historic San Marco area of Jacksonville.

Another appeal of the location is its proximity to more than 23,000 health care jobs that pay an average annual salary of $63,000.

“Jacksonville is resilient real estate market that has exhibited favorable demographic trends and a strong business climate,” Asheel Shah, senior managing director of EJF Capital, said in a prepared statement.

Since 2010, the population of Jacksonville has grown 12 percent, which is faster than Atlanta, Miami or Tampa-St. Petersburg, EJF Capital said in press release. – Mike Seemuth


Related Articles

arrow_forward_ios
Construction of downtown Hollywood high-rise may start soon

Construction of downtown Hollywood high-rise may start soon

Jeffrey Epstein (Credit: Daily Beast | Getty)

Jeffrey Epstein commits suicide by hanging himself in his Manhattan jail cell

Miami developer Dan Kodsi plans large St. Petersburg project that could cost $2B

Miami developer Dan Kodsi plans large St. Petersburg project that could cost $2B

South Florida firm buys Sunrise apartment complex for $20.2M

South Florida firm buys Sunrise apartment complex for $20.2M

Home owned by late Miami Marlins pitcher Jose Fernandez is in foreclosure

Home owned by late Miami Marlins pitcher Jose Fernandez is in foreclosure

Tim Tebow and his home in South Jacksonville's Glen Kernan Golf & Country Club (Credit: Getty Images, Estately)

Take 2: Tim Tebow pays $3M for second house in gated community in Florida

Developer borrows $105M, breaks ground for mixed-use Flagler Village project

Developer borrows $105M, breaks ground for mixed-use Flagler Village project

PB Gardens condo community seeks yet another contractor to repair its buildings

PB Gardens condo community seeks yet another contractor to repair its buildings

arrow_forward_ios