Developers said they paid $ 2.66 million on March 30 for 2.09 acres to build 133-unit The Hendricks at San Marco, renamed Park Place at San Marco Apartments.
They bought the site through Sanmarc LLC from the South Jacksonville Presbyterian Church Inc.
“We’re excited to get started,” said development partner Bill Ware, vice president of development at Harbert Realty Services LLC.
“It will be a strategic and useful community builder,” he said.
The location is on Hendricks and Mitchell Streets, Mango and Alford, near the historic shopping district and the San Marco neighborhoods.
It is also located near the East San Marco shopping district under construction, anchored by Publix Super Markets Inc. This center is located on Hendricks Avenue and Atlantic Boulevard.
The apartment developer is San Marco-based Corner Lot Development Group, led by Andy Allen, and Birmingham, Alabama-based Harbert Realty Services.
“In conjunction with Publix and its accompanying retailers and restaurants, as well as the great existing group of retailers and community facilities, San Marco will have the highest Walkability Score in Jacksonville,” said Ware.
CBRE announced on March 31 that it had arranged debt and equity for the project and announced the new name.
CBRE’s Jeff Kinney and Phil Rachel’s represented Harbert Realty and Corner Lot Development.
The three-year home loan from First Horizon Bank was combined with private joint venture equity from GMC Properties to capitalize on the total project cost of $ 30 million.
CBRE said Jacksonville-based GMC Properties has provided the equity and will manage the property.
“The project’s exceptional location next to Publix-anchored East San Marco shopping center, as well as strong market foundations, allowed CBRE to develop an extensive list of potential partners and lenders,” said Kinney, CBRE senior vice president, in a press release.
“Ultimately, GMC has proven to be the most compatible in many ways. We are excited that we were able to bring these great companies together. “
CBRE said construction of the Hendricks in San Marco is expected to begin in April.
Developers bought the property from the South Jacksonville Presbyterian Church, which owned 2.87 acres. The church maintains its sanctuary and services on a corner of the property and sold the rest to the developers.
Matthews Restaurant remains independently on the corner.
Ware said the four-story apartment project, which includes 111 one-bedroom and 22 two-bedroom units, plus a three-story parking garage, will take 17 months to build.
Monthly rents for apartments range from $ 1,400 to $ 2,400.
The car park has 275 parking spaces on the ground floor and two upper decks.
The city granted permits for the construction of Park Place in the San Marco Apartments on March 25 for nearly $ 21.9 million.
Live Oak Contracting LLC to build the timber frame home for $ 16.98 million; the parking garage at $ 4.45 million; and demolishing part of the church property for $ 468,000.
The address of the property is 1520 Alford Place. The church is located at 2137 Hendricks Ave.