Developers buy site for The Hendricks in San Marco | Jax Daily Record | Jacksonville Daily Record
The developers said they paid $ 2.66 million on March 30 for 2.09 acres to build the 133 units The Hendricks in San Marco, the renamed Park Place apartments in San Marco.
They purchased the site through Sanmarc LLC from The South Jacksonville Presbyterian Church Inc.
“We can’t wait to get started,” said development partner Bill Ware, vice president of development at Harbert Realty Services LLC.
“It will be a strategic and beneficial community builder,” he said.
The site is located on Hendricks and Mitchell Avenues and Mango and Alford Squares, close to the shopping district and historic San Marco areas.
It is also close to the East San Marco shopping area under construction which will be anchored by Publix Super Markets Inc. This center is located on Hendricks Avenue and Atlantic Boulevard.
The apartment developer is Corner Lot Development Group, based in San Marco, led by Andy Allen, and Harbert Realty Services, based in Birmingham, Alabama.
“When paired with Publix and its accompanying retailers and restaurants, as well as the impressive existing group of merchants and community amenities, San Marco will achieve Jacksonville’s highest market factor,” Ware said.
CBRE announced on March 31 that it had arranged debt and equity for the project and unveiled the new name.
Jeff Kinney and Phil Rachels of CBRE represented Harbert Realty and Corner Lot Development.
He said the three-year construction financing through First Horizon Bank was paired with a private joint venture of GMC Properties to capitalize the $ 30 million in total project costs.
CBRE has stated that GMC Properties of Jacksonville has provided the equity and will manage the property.
“The project’s exceptional location next to the East San Marco shopping center anchored in Publix, along with strong market fundamentals, has enabled CBRE to develop an extensive roster of potential partners and lenders,” said Kinney, vice-president. senior chairman of CBRE, in a press release.
“In the end, GMC has proven to be the most compatible in many ways. We are delighted to have been able to bring these great companies together.
CBRE said construction of the Hendricks in San Marco is scheduled to begin in April.
The developers bought the property from the Presbyterian Church in South Jacksonville, which owned 2.87 acres. The church maintains its sanctuary and services on one corner of the site and sells the rest to developers.
Matthew’s Restaurant remains independently owned around the corner.
Ware said it would take 17 months to build the four-story apartment project, comprising 111 one-bedroom and 22 two-bedroom units, and a three-level parking garage.
Monthly apartment rents will vary from $ 1,400 to $ 2,400.
The parking garage has 275 spaces among a ground floor and two upper floors.
The city issued permits on March 25 for the construction of nearly $ 21.9 million Park Place apartments in San Marco.
Live Oak Contracting LLC to construct $ 16.98 million wood frame building; the parking garage at $ 4.45 million; and the demolition of part of the church property at $ 468,000.
The property’s address is 1520 Alford Place. The church is at 2137 Hendricks Ave.