Forge Capital Partners wants to complete the partially constructed second phase of The Palazzo on St. Johns, which would finish a condominium project that languished for years before its 2013 acquisition and rejuvenation.
Prospect Cove Development LLC, whose managing member is Forge Capital Partners, applied to the city to complete the third and fourth buildings of the project at 3958 Baymeadows Road.
Those plans show a $6 million second phase. No construction timeline has been set.
Peter Collins, co-founder and managing principal of Tampa-based Forge Capital Partners, said Wednesday more details will be announced as permits are approved.
The entire project will be 66 units. It is designed as a luxury waterfront community on Goodbys Creek near Baymeadows Road and San Jose Boulevard.
The condos are three- and four-bedroom units from 1,900 to 2,500 square feet and are priced to start in the low to mid-$400,000s.
The first phase comprises 38 units among two buildings. Forge Capital Partners said 26 of the units are sold.
The second phase comprises 28 units. Pricing, design, architectural style and the three available floorplans are the same as the first phase.
Building 4 will be 16 units. The ground-floor garage will be topped by four residential floors. Units have been released for sale.
Building 3 will be 12 units. The ground floor will be the resident garage and the top three floors will house the residences. It also will include the fitness center and community room.
Units in that building have not been released for sale.
Prospect Cove Development will complete the partially constructed buildings with the original design and configuration.
The Condo Group, based in Jacksonville, is the sales and marketing broker for The Palazzo.
The architect is Wakefield Beasley & Associates. The engineer is McVeigh & Mangum Engineering.
In summer 2013, Prospect Cove Development LLC took over the unfinished Goodbys Creek condominiums in a $2.5 million deal. The Federal Deposit Insurance Corp. took over the partially built structures in in 2009.
In November 2013, developers changed the name from The Cove at St. Johns to The Palazzo on St. Johns and announced the opening of the sales center.
In December 2013, the city issued approvals for Prospect Cove to restart the first phase of the project.
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