Stanmore pays $7M for Town Center land
Stanmore Partners paid $7 million Thursday for land to build the 306-unit Ravella at Town Center apartment project.
The six apartment buildings and amenities are planned at 4674 Town Center Parkway in The Strand at Town Center.
Houston-based Stanmore Partners bought the property from PGP Jacksonville TC II LLC.
PGP Jacksonville is part of Preferred Growth Properties LLC, the real estate subsidiary of Birmingham, Ala.-based Books-A-Million Inc.
The purchase was recorded Monday in two deeds — $6.05 million and $950,000.
Stanmore made the purchases through Stanmore/ADEF JAX Owner LLC and Stanmore JAX Land LP.
Stanmore ADEF JAX Owner LLC took out a $35.75 million mortgage from First Tennessee Bank.
The city has been reviewing permits for the Ravella project designed on about 6 acres.
Permits for the apartment buildings and a seven-level parking garage total almost $32 million.
The Strand, along with The Crossing at Town Center, is under development along Gate and Town Center parkways, across from St. Johns Town Center.
Hobby Lobby, Wawa, Firebird’s Wood Fired Grill, Cheddar’s Scratch Kitchen, PDQ, Chuy’s, PGA Tour Superstore and several other tenants will open in the developments.