NAI Hallmark Partners is planning to expand 220 Riverside, a high-profile apartment complex considered part of the revitalization of the Brooklyn neighborhood.
The new building will contain 223 units and cost an estimated $42 million. Units will range in size from 575 square feet to 1,200 square feet, with an average size of 851 square feet.
“It’s really a Phase Two of that existing project,” said Alex Coley, Hallmark principal. “We’re having a great success with the one we’ve got. So we’re getting our ducks in a row to add another 200 units.”
Residents are expected to move into the first building at 220 Riverside in either late December or early January. The 294-unit upscale apartment complex features a full floor of retail, parking and a connecting events venue.
Phase Two, at 200 Riverside, will be a mirror image of the first building, with additional parking and retail, Coley said.
“It’s actually going to look like one building,” he said. “We designed it from the beginning so we could do an addition.”
Hallmark hopes to break ground on the expansion next year and estimates construction will take about two years.
It is seeking a 75 percent Recapture Enhanced Value grant from the City of Jacksonville to recover a portion of the tax revenue generated by the new development.
The company estimates the city will collect $9.3 million additional taxes over the 20-year period during that. The grant would result in a rebate of about $7 million, giving the city a net gain of $2.3 million each year.
Currently, Hallmark is deciding on exercising an option on the land, which is located at 200 Riverside. The REV grant approval is needed to help finance the deal.
“This residential development at 200 Riverside represents another major private investment that continues our strong momentum in revitalizing the Brooklyn neighborhood at the gateway to Downtown,” Mayor Alvin Brown said in a statement.
With this project, 12 vacant blocks in the Brooklyn neighborhood will have been redeveloped, Brown said.