Developer Plans $150M Project in Jacksonville

JACKSONVILLE, FL-American Land Ventures LLC of Miami plans a summer ground-breaking on The Strand at St. Johns Center, an estimated $150 million mixed-use project that will comprise 100,000 sf of Downtown office and retail; 295 apartments; and 250 condominiums on the south bank of the St. Johns River.

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.