JACKSONVILLE, FL–EJF Capital LLC and Chance Partners have announced a joint development of a two-building multifamily housing community in Jacksonville, FL. The 486-unit complex in the historic San Marco neighborhood will transform nearly nine acres of land. The $86 million development, known as the San Marco Crossing Project, is expected to break ground in Q3 2019, with plans to open in Q4 2020.
Three parcels of the project's currently underused property are located in an Opportunity Zone.
About $51 million of construction financing has been provided by Ameris Bank, along with Stifel Bank, for the project. Jacksonville-based, Live Oak Contracting is the general contractor.
EJF and Chance are planning to capitalize on the project's location, a short distance from historic San Marco and near Atlanta Boulevard where revitalization efforts are occurring. Considering multifamily housing's continued growth, the companies also hope to benefit from Jacksonville's expanding employment market, as the fourth largest in the state, boasting 709,000 jobs and averaging 16,000 new jobs annually since 2010.
EJF Capital LLC, founded in 2005, is a global alternative asset management firm, headquartered outside of Washington, DC. EJF formed EJF OpZone Fund I LP to utilize benefits provided by the TCJA.
Chance Partners specializes in acquiring and developing multifamily and mixed-use communities. The company has developed or acquired more than $300 million of assets across a variety of markets throughout the Southeast since 2010.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
