Developer Wallace Devlin, through Dolphin Dorms LLC, bought almost 5 acres north of Jacksonville University on Thursday.
JU has been working with developer Rimrock Devlin LLC to develop student housing and community retail services on the almost 60-acre “Dolphin Reef” property north of the campus that was envisioned in 2006 as a massive condominium project.
JU confirmed June 25 that it would expand north of its Arlington campus by adding a 274-person riverfront dorm to be completed in fall 2015.
Dolphin Dorms LLC paid $860,000 for the 4.88 acres. It bought the land from PCA Dolphin Reef LLC and 801 Grand Dolphin Reef LLC, both of Des Moines, Iowa, and connected with Principal Commercial Acceptance LLC.
JU occupies 198 acres at 2800 University Blvd. N. and recently bought another 40 acres of riverfront property immediately south of the campus.
Dolphin Reef is at 3812 University Blvd. N., north of the campus, also on the west side of University Boulevard.
On Wednesday, PCA Dolphin Reef LLC and 801 Grand Dolphin Reef LLC sold the other 54.62 acres of the almost 60-acre site to OLT II Inc. for $6.99 million. OLT II is based in Dayton, Ohio, and led by Gregory Nelson.