Construction is expected to take two years on the 10-story, 308-unit apartment development in Riverside.
Construction can begin on the Vista Brooklyn high-rise apartment project at 200 Riverside Ave.
The city issued a permit Thursday for Brasfield & Gorrie LLC to build the 10-story, 308-unit structure at a cost of $55 million.
The almost 328,000-square-foot building will include 14,000 square feet of retail space on the ground floor facing Riverside Ave.
Bristol Development Group LLC and Jacksonville-based Hallmark Partners Inc. are developing Vista Brooklyn between 220 Riverside and the Brooklyn Station on Riverside retail development.
The group secured a $52,475,360 mortgage with Citizens Bank through HP BDG 200 Riverside LLC.
Bristol Development Group Principal Sam Yeager said this week that work would begin within 30 to 45 days.
Bristol Senior Vice President Scott Black said construction will take about two years and he estimates a total capital investment of more than $60 million.
He said Vista will offer new amenities for Jacksonville renters, with a rooftop pool and beer garden.
According to the permit application, the community will comprise 219 one-bedroom and studio units, 81 two-bedroom and eight three-bedroom units.
Black said monthly rents will range from about $1,300 to $3,500.
The Franklin, Tennessee-based company acquired the 1.75-acre property in October 2015 for $2.1 million. The development was announced in 2016.
An eight-story parking garage is planned for the southwest side of the project facing Magnolia Street and will feature a top-floor dog park along with 450 parking spaces for residents and retail customers.
When complete, it will be the first new multifamily project in Brooklyn since The Brooklyn Riverside apartments were completed in 2015.
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