Developers said they paid $2.66 million on March 30 for 2.09 acres to build the 133-unit The Hendricks at San Marco, the renamed Park Place at San Marco apartments.
They bought the site through Sanmarc LLC from The South Jacksonville Presbyterian Church Inc.
“We are eager to get started,” said development partner Bill Ware, vice president of development with Harbert Realty Services LLC.
“It will be a strategic and beneficial community builder,” he said.
The site is at Hendricks and Mitchell avenues and Mango and Alford places, near the historic San Marco shopping district and neighborhoods.
It also is near the East San Marco shopping area under construction that will be anchored by Publix Super Markets Inc. That center is at Hendricks Avenue and Atlantic Boulevard.
The apartment developer is San Marco-based Corner Lot Development Group, led by Andy Allen, and Birmingham, Alabama-based Harbert Realty Services.
“When coupled with Publix and its accompanying retailers and restaurants, and the awesome existing group of merchants and community amenities, San Marco will achieve the highest walkability factor in Jacksonville,” Ware said.
CBRE announced March 31 that it arranged debt and equity capital for the project and unveiled the new name.
Jeff Kinney and Phil Rachels of CBRE represented Harbert Realty and Corner Lot Development.
It said the three-year construction financing through First Horizon Bank was paired with private joint venture equity from GMC Properties to capitalize the $30 million in total project costs.
CBRE said GMC Properties of Jacksonville provided the equity and will manage the property.
“The project’s exceptional location next to the Publix-anchored East San Marco shopping center along with strong market fundamentals allowed CBRE to develop an extensive list of potential partners and lenders,” Kinney, CBRE senior vice president, said in a news release.
“Ultimately though, GMC proved to be the most compatible in many ways. We are pleased we were able to bring these great companies together.”
CBRE said construction on The Hendricks at San Marco is expected to start in April.
Developers bought the property from South Jacksonville Presbyterian Church, which owned 2.87 acres. The church maintains its sanctuary and services on a corner of the site and sold the rest to the developers.
Matthew’s Restaurant remains independently owned on the corner.
Ware said it will take 17 months to build the four-story apartment project, comprising 111 one-bedroom and 22 two-bedroom units, and a three-level parking garage.
Monthly apartment rents will range from $1,400 to $2,400.
The parking garage comprises 275 spaces among a ground level and two upper decks.
The city issued permits March 25 for the almost $21.9 million construction of Park Place at San Marco apartments.
Live Oak Contracting LLC will build the wood-frame apartment building at $16.98 million; the parking garage at $4.45 million; and demolition of part of the church property at $468,000.
The property address is 1520 Alford Place. The church is at 2137 Hendricks Ave.