A $42 million residential and retail development designed for up to 640 apartments is moving forward east of San Marco.
The Jacksonville Planning Commission on Thursday approved a minor modification to the original site plans.
Chance Partners LLC plans to turn 17 acres, starting at 2600 Philips Highway between River Oaks Road and Mitchell Avenue, into a mixed-use development of apartments and retail space.
“We like to build projects that are walkable and this promotes that,” said principal Jeff Rosen.
Rosen said the mixed-use development also will create “more of a neighborhood feel in that area, which we think needs some attention.”
The property has been vacant for years, and previous attempts to develop the land under the name “Jackson Square” didn’t move forward.
Rosen said his group is not ready to release the name of the project. It will be a gated community.
The two-phase project eventually will include a minimum of 640 apartments and at least 10,000 square feet of retail space.
The Jacksonville-based developers bought the property in May for $4.75 million from Cypress Real Estate Advisors through CR VI-Philips LP.
Rosen said the Philips Highway property landed on his radar after moving to the area about four years ago.
“I would drive past it every day on my way to Commander Apartments,” said Rosen, referring to an Avondale project under way by Chance Partners.
“I saw a very large site, very close to San Marco and wanted to figure out how we could put it into production,” he said.
Phase one will include 286 market-rate apartments in two four-story buildings along with a separate 10,000-square-foot building for retail use.
Rosen said he expects to break ground in the first quarter of 2018 and targets a summer 2019 opening.
Rosen said rents would be consistent with new projects in Riverside and near the St. Johns Town Center, with a one-bedroom unit about $1,200 and for two bedrooms around $1,500.
Rosen said phase two is still in the planning stages.
“If everything holds as it is today, we would think it would be somewhat similar to phase one,” he said.
The modification allows the first phase to be moved to the north end of the property and the second phase to the south end.
Rosen said the retail portion was separated from the gated residential buildings because there was more “desirability on the renters’ side to have a stand-alone apartment project.”
Chance Partners President and CEO Judd Bobilin told the commission that LandSouth Builders LLC likely will be the general contractor.
LandSouth is working on the renovation and redevelopment of the former Commander Apartments and St. Johns Village shopping center in Avondale.
The 16-story apartment building and former retail shopping center will bring 228 residential units to the Avondale neighborhood.
Chance Partners recently moved its headquarters to Jacksonville and has offices in Atlanta and Orlando.
Rosen said the company will spend a significant amount of time as a “permanent investor” on the First Coast.
“We’re looking at lots of different neighborhoods throughout town,” he said.