Luxury apartments planned along Gate Parkway
The Indianapolis-based developer with three luxury apartment communities in Jacksonville this week purchased property to construct another multifamily neighborhood.
Becovic Management Group purchased 16.75 acres of undeveloped land on Gate Parkway for $2.7 million. The property is east of the Century Deerwood Park apartments on the south side of the road.
Amenities include a saltwater pool, dog park, walking trails and a 24-hour fitness center.
The number of units and building size are dependent on the property’s zoning and could change, he said.
Becovic said it’s too early to determine rents, but they will likely be in the “higher” range.
He said construction costs are increasing for the company. Tariffs enacted by the Trump Administration are having a “huge” effect on the cost of building materials, particularly lumber, he said.
The community hasn’t been named, but Becovic said they are considering something with the words “banyan wood.”
Other Becovic Management Group apartment communities in Jacksonville comprise Ocean Blue, Atlantica and Villas at Atlantic Beach. The firm also has apartments in Indiana and elsewhere in Florida.
“I think the Jacksonville market as a whole has so much job growth, that it seems to be the best value in Florida,” Becovic said of the rapid growth of apartment communities in Northeast Florida.
He said that other metropolitan cities in Florida, such as Orlando and Miami, are oversaturated, but that Jacksonville still has room for growth.
Jacksonville-based Studio9 has been chosen as the architect for the project, Becovic said.