In a move that could bring thousands of homes to West Jacksonville, 301 Capital Partners acquired 11,366 acres in Duval and Nassau counties for $27.5 million.
The property, formerly called ICI Villages, is west of Jacksonville along U.S. 301 both north and south of Interstate 10.
The sale was completed Oct. 18.
301 Capital Partners is a partnership of North Florida developers BHK Capital of Ponte Vedra Beach and Roberts Land & Timber Investments of Lake Butler.
The property is west of Jacksonville along U.S. Highway 301 both north and south of Interstate 10.
The property is approved for more than 11,000 single-family homes, 3,750 multifamily units, 750,000 square feet of commercial space and 300,000 square feet of office.
“In the near term our plan is to redo the site plan and the residential and commercial layout,” said Jim Hissam, executive vice president of operations for BHK Capital.
“Everything has changed since the original entitlements in 2006, so we see the next year as fact-gathering, site layout and engineering,” he said.
Hissam said the focus is more about multigenerational living from younger families all the way to assisted living.
“The mix of development there will reflect that,” he said.
According to a news release from 301 Capital Partners, engineering will begin immediately and construction is scheduled to start in early 2020.
“The entitlements are very strong, but when you lay them out over the acreage, it would be really tight so by no means is it our intention to build to those numbers,” Hissam said.
The principals of BHK Capital have a porftfolio of more than 100 projects in Northeast Florida.
They include 25,000 single-family lots and 4 million square feet of industrial space in Jacksonville.