The Texas-based group paid $6.73 million for land from from the Jacksonville Transportation Authority.
Texas-based Presidium intends to start development immediately on the $60 million, 370-unit Presidium at Town Center apartments along AC Skinner Parkway off Butler Boulevard.
Through 7738 A.C. Skinner Parkway Propco LLC, Presidium bought 17.51 acres from the Jacksonville Transportation Authority on Aug. 28 for $6.73 million.
BB&T issued a $40.8 million mortgage to the group for the project.
Mark Farrell, a Ponte Vedra Beach-based developer who joined Presidium in November as president of development, said LandSouth Construction is the contractor and he expects construction to start immediately.
Farrell expects completion in mid-2021 and the clubhouse and first building to be ready in 13 to 14 months.
“As long as the population of Jacksonville grows, they are going to need places to live,” Farrell said.
Farrell said 37% of family households rent, which means one of every three people moving to Jacksonville will lease a house, condo or apartment.
In addition to young professionals leasing apartments to be close to their jobs, empty nesters are renting because of the lifestyle ease.
The Presidium at Town Center is not far from Presidium’s JTB Apartments at AC Skinner Parkway and Southside Boulevard, near Deerwood Park and St. Johns Town Center.
The employment centers in that corridor present job opportunities, Farrell said, and the entertainment and restaurant choices mean “you can meet someone for dinner in five minutes.”
The four-story, 470,000-square-foot development will comprise studio, one-, two- and three-bedroom units.
Plans submitted to the city show five four-story apartment buildings and five two-story carriage-house buildings along with a leasing and amenities building.
The apartment buildings are along AC Skinner Parkway with the carriage houses, with two units each, closer to Butler Boulevard.
Farrell said studios and one-bedroom units will range in size from 650 to 800 square feet and rent for $1,100 to $1,400 a month; two-bedroom units will be 1,050 to 1,150 square feet and $1,600 to $1,800; and three-bedroom apartments will be 1,300 to 1,350 square feet at $1,900 to $2,100.
Amenities include a club room, game room, demonstration kitchen, rooftop terrace, pool, business center, dog park, pet spa, car wash, walking trails and a two-level fitness center.
The apartments will include stainless steel appliances, 9- to 10-foot ceilings, quartz countertops, wood floors and feature keyless entries and other smart technology.
Wade Powers and Bob Selton with Colliers International Northeast Florida represented JTA in the sale.
Dwell Design Studio is the architect, Connelly & Wicker Inc. is the civil engineer and Dix.Hite + Partners is the landscape architect.
Presidium is based in Dallas and Austin.