Under the new plan, the number of residential buildings was reduced from four to three and a gym was added.
The Palazzo on St. Johns is on Goodby’s Creek at Baymeadows Road and San Jose Boulevard.
Prospect Cove Development LLC purchased the unfinished development in 2014 and delivered buildings 1 and 2 as well as a marina, pool and outdoor kitchen area.
“We believe that with a smaller overall development footprint, more green space and a new gym/flex space amenity, we are making The Palazzo even better than originally planned,” said Peter Collins, managing principal of Prospect Cove Development.
Prospect Cove Development is a joint venture of Tampa-based Forge Capital Partners LLC, the managing member, and Orlando-based Prospect Real Estate Group LLC.
Jacksonville-based Southern Moss Realty is the exclusive sales and marketing broker for The Palazzo.
The architect is Wakefield Beasley & Associates and McVeigh & Mangum Engineering is the engineering company.
Under the revised plan, The Palazzo will have 56 total units when complete. Phase 1 — buildings 1 and 2 — is 80 percent sold. Building 3 will comprise 16 units with 30 percent pre-sold.
“Coming to the realization that the community was just not ready for the original developer’s planned number of units was difficult, but we have a great plan for the community moving forward,” Collins said . “We’re excited to get The Palazzo community fully completed.”
Three-bedroom condominiums are 1,972 square feet and start in the low $400,000s. Four-bedroom units are 2,541 square feet and start in the mid-$400,000s.
