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Jax Daily Record Thursday, Jan. 13, 202203:30 PM EST

JWB Real Estate buys Downtown block to hold for development

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The Jacksonville investor bought 1.37 vacant acres at Jefferson, Forsyth, Houston and Broad streets.

An affiliate of JWB Real Estate Capital further invested in Downtown by acquiring a 1.37-acre vacant lot at Jefferson, Forsyth, Houston and Broad streets.

Ashley and Pearl Parking LLC, led by Jacksonville-based JWB’s leaders, paid $1.5 million for the property Dec. 22, 2021.

It bought the land from Miami-based West Forsyth Parking LLC, affiliated with Sherlon Investments LLC.

The JWB affiliate bought the five parcels that comprise the site.

DLP Lending Fund LLC of Bethlehem, Pennsylvania, financed the deal with a $1.37 million balloon mortgage.

The deeds and mortgage were recorded Jan. 11 with the Duval County Clerk of Courts.

JWB Real Estate President Alex Sifakis said Jan. 12 the group is holding the property for future development.

The Jacksonville-based company is involved in several redevelopment projects with properties it owns in the North Core, which is several blocks northeast of the newly purchased site.

The block also is near a two-story office building JWB bought Aug. 25, 2021, at 800 W. Monroe St. for $2.5 million. The 21,960-square-foot building and parking lot are on 1.45 acres at Monroe and Davis streets in LaVilla.

Also in LaVilla, JWB intends to develop 91 town houses with Corner Lot Development Group on 3.45 acres.

The Downtown Development Review Board voted 6-0 on Sept. 16 to approve the final design for Johnson Commons LLC’s proposed development at Adams, Johnson, Lee and Forsyth streets.

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