An Indiana-based developer wants to start construction early next year on a more than $12 million, 156-unit gated luxury apartment community in the Mayport area.
Becovic Management Group of Indiana, based near Indianapolis, hopes to complete the land acquisition and begin development in February, pending approvals.
The Ocean Blue Apartments are proposed on almost 15.6 acres of undeveloped property at 2701 Mayport Road, whose address is Atlantic Beach.
The project will include seven three-story residential buildings, four garage structures, a clubhouse, pool, cyber café and espresso bar, outdoor movie theater, on-site car wash and walking trail.
Developer Muhamed Becovic said he hopes to have the first building open for leasing in the summer and the entire project completed in April or May 2017.
“We definitely believe in that market,” he said. The site is east along Mayport Road, near Kathryn Abbey Hanna Park and Naval Station Mayport.
Becovic said a lot of growth is moving into that Beaches market and there are not many large pieces of land available for development.
“There is a higher barrier to entry there because you can’t just go buy a piece of dirt there,” he said.
He said the site’s proximity to Hanna Park gives residents access to the Atlantic Ocean. The park features a 1.5-mile beach, a 60-acre freshwater lake and 20 miles of trails for hiking and biking.
Plans filed with the city and the St. Johns River Water Management District show Ocean Blue will comprise 60 one-bedroom, 84 two-bedroom and 12 three-bedroom units.
Steven E. Hutchins Architects Inc. is the architect and Connelly & Wicker Inc. is the civil engineer.
It will be one of several area projects under Becovic’s ownership. Becovic bought the Ortega Pines apartments in West Jacksonville last year and said he has another community under contract, but declined to say which one until the purchase is completed.
He said Brad Coe, director of multifamily investment services at Colliers International Northeast Florida, facilitated the Ortega Pines and Ocean Blue transactions.
Coe describes Ocean Blue as a boutique Class A luxury garden-style apartment community. The units will include 9-foot ceilings, quartz countertops, washers and dryers, private storage, built-in custom closet organizers and high-end appliances.
The property’s green initiative includes electric vehicle charging stations, a community garden and energy-efficient features.
Coe said the Mayport site had been part of a larger assembly of properties targeted for a condominium community, but the market decline ended that project.
Coe said demand for apartment units in Jacksonville has increased significantly since the end of 2014, with 1,938 units absorbed over that time. He said that was the largest absorption rate since 2009.
He said demand for new units will outpace the supply over the next two years.
Average rental rates in the Beaches market are up 5 percent over the year and occupancy is 95 percent. He said the average rental rate is $1.11 a square foot.
Occupancy among Class A units at the Beaches is more than 97 percent and the average rental rate is $1.40, he said.
Becovic said rents at Ocean Blue will run about $1.30 to $1.50 a square foot. He said the apartments will range from about 700 square feet to about 1,400 square feet, which puts monthly rents in the range of $1,050 to $1,820.
Which Wich opens second Jacksonville location
Which Wich Superior Sandwiches intends to open its second Jacksonville shop on Dec. 11 at 10131 San Jose Blvd.
It opened the first in early 2013 at 4352 Southside Blvd., near Tinseltown.
The Jacksonville franchise is operated by Mark and Jean Volk.
Customers choose the type of sandwich they want, grab that type of bag, mark the style, size and ingredients along with their name, and hand it to the cashier. The sandwich then is assembled to the customer’s specifications.
Gresham, Smith opens Downtown on Monday
Gresham, Smith and Partners will open its new Downtown office Monday. It is moving from the suburbs to lease the top floor of the 22-story One Enterprise Center at 225 Water St.
The architecture, engineering and design firm also announced that Rick Bouchereau was named head of the Jacksonville office’s Healthcare design studio to replace Skip Yauger, who will focus his attention as a Healthcare market principal.
In addition, it said Trevor Lee was named managing principal of the firm’s Jacksonville office, replacing Joe Thompson, who is retiring after almost 35 years with the firm.
Gresham, Smith and Partners established its Jacksonville office in 1989. Its designs include Baptist Medical Center South and UF Health North.
Wells Fargo closes Riverplace branch
Wells Fargo has closed its branch in Riverplace Tower.
Ameris Bank is moving its corporate and Jacksonville executive offices into the Southbank high-rise at 1301 Riverplace Blvd. and intends to open a branch in the Wells Fargo space.
Wells Fargo submitted its 90-day advance notice Aug. 17 of the branch closing with the Office of the Comptroller of the Currency.
The bank has at least 15 office locations in Duval County.
Fidelity worked with CBRE and CNL
Fidelity Investments worked with Patrick Cavanagh of CBRE Inc. in Boston and Brad Chrischilles of CNL Commercial Real Estate in Jacksonville to complete its lease for additional space to accommodate its 300-job expansion.
Fidelity leased the expansion space in Deerwood North Building 100, near Building 400, which it leases for its existing 800 employees.
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