Alliance Realty Partners LLC bought the Southbank riverfront property this week where it wants to develop the 263-unit Broadstone River House.
Alliance purchased the Prudential Drive site for $6.5 million from Riverwalk Jacksonville Development LLC of Miami, according to Colliers International Northeast Florida.
Colliers International Northeast Florida CEO Robert Selton and Executive Vice President Chuck Diebel represented the seller.
In April, Alliance Residential Co. of Phoenix applied for building permits that show a $26.6 million construction cost for the two multistory structures at 1655 Prudential Drive. Completion will take about two years.
Diebel said Alliance bought just over 3 acres.
“It’s great for the Southbank. I think they are going to be off and running with construction shortly,” he said.
Diebel said it represents continued residential growth on the Southbank.
The project is designed as two buildings and a parking deck between Prudential Drive and the south bank of the St. Johns River, east of the Lexington Hotel & Conference Center Jacksonville Riverwalk.
There will be sidewalks on the east and west sides of the structure to provide public access to the Southbank Riverwalk and the proposed riverfront pedestrian plaza.
Alliance Residential said in March the $34 million apartment community would be completed in two years and offer another residential option in an area targeted for big plans.
The riverfront parcel at one time featured Crawdaddy’s Restaurant, which was demolished in 2004. A brick fireplace remains on the site.
Alliance said previously that Broadstone is designed as a six-story residential building to front the river and a five-story structure along Prudential Drive. Plans show a 463-space, 6.5-level parking garage between the buildings.
Alliance Residential Development Manager Tim Graff said in March that rents will range from about $1,100 to $2,200 a month for the 21 studio, 138 one-bedroom, 94 two-bedroom and 10 three-bedroom apartments.
@MathisKb
(904) 356-2466