Corner Lot Development and Chance Properties proposes a joint venture on 3.8 acres.
A joint venture between Corner Lot Development Group and Chance Properties LLC proposes a residential and retail development on the Downtown Southbank between The District’s proposed development and the Baptist Health’s Southbank Plaza.
They plan a transit-oriented urban infill development on 3.8 undeveloped acres along Montana Avenue near the Kings Avenue Transit Station.
The Jacksonville Transportation Authority, which owns the site, will provide a long-term ground lease.
“It's all about transit-oriented development, redevelopment and increasing residential Downtown,” said JTA CEO Nat Ford.
The plan for the Montana property comprises 350 multifamily units and some nonresidential space that needs to be negotiated, he said.
Andy Allen, CEO of Corner Lot Development Group, said by email Jan. 28 that he could not discuss details of the project because “nothing is formal yet.”
JTA said it wants to use its surplus property by encouraging dense mixed-use projects that will have positive economic impacts, connect to public transportation and facilitate a walkable community.
JTA has six surplus properties for development of “Transit Supportive Urbanism” projects.
The others are next to The Avenues mall; the Florida State College at Jacksonville Downtown Campus; LaVilla near the new Jacksonville Regional Transportation Center; near Gateway Town Center; and on additional land near The District along Kings Avenue.
The JTA board authorized Ford on Jan. 28 to negotiate an option for a ground lease of the property to the joint venture, CLD-CP I LLC.
Ford said the state Legislature will need to modify the long-term ground lease terms from 44 years to a 99-year term. He doesn't anticipate securing a lease until June.
He said the long-term lease provides a revenue stream that helps fund transit projects, leveraging the transit infrastructure that is already in place.