Texas-based real estate developer Presidium paid $10.2 million on Dec. 17 for the closed Regal Cinemas site along Beach Boulevard for apartment development.
Through 14051 Beach Blvd Venture LLC, Presidium bought the site from Elda FL Investments LLC. Truist Bank issued a $51 million mortgage to Presidium the same day.
The mortgage and deed were recorded Dec. 29 with the Duval County Clerk of Courts.
In October, Presidium applied for permits to build the 334-unit Regal Apartments on the site of the closed theater at construction costs totaling $41.6 million.
Through PG Investco, part of Dallas-based Presidium, the developer requested 10 permits for five apartment buildings, along with the clubhouse, fitness and other structures, at 14051 Beach Blvd.
Dwell Design Studio LLC is the architect.
The apartments are planned among five four-story buildings on the 15.07-acre site.
The project comprises two 82-unit, one 84-unit and two 43-unit buildings as well as a clubhouse, fitness center, car care center and other structures.
Civil engineering plans show a pool area and a parking lot of 503 spaces for residents, which includes 52 garage spaces.
Plans show the theater will be demolished. Realco Recycling Co Inc. is preparing a permit application to take down the two-story, 66,133-square-foot building.
Fairview, Oregon-based Elda FL Investments LLC owned the property.
City Council approved legislation April 13 to rezone the property to allow for multifamily development.
Regal Cinemas continues to operate two theaters in Jacksonville at 9525 Philips Highway and 12884 City Center Blvd. in River City Marketplace.
Connelly & Wicker Inc. is the civil engineer on the project. Dix.Hite + Partners is the landscape architect.
Presidium has built other projects in Jacksonville including the JTB Luxury Apartments at 8876 AC Skinner Parkway and Presidium Town Center at 7736 AC Skinner Parkway.
