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Real Estate
Jax Daily Record Friday, Dec. 30, 201612:00 PM EST

Ready, set, OK to go for East San Marco project


San Marco shoppers and residents, it’s time for East San Marco.

The city issued seven permits Thursday for the project at 1532 Atlantic Blvd., including for the shell of the long-awaited Publix Super Markets Inc. grocery store.

Cambridge Swinerton Builders Inc. of Atlanta pulled the permits on behalf of the developer for the structures at Hendricks Avenue and Atlantic Boulevard.

The developer, ArchCo Residential LLC, said it will choose the general contractor soon.

The permits include the 33,481-square-foot Publix and 13,524 square feet of retail space on the ground level. Tenant build-out work will be separately permitted.

There are three buildings for the apartments — two at four stories and one at five.

And there are two parking garages — one providing the ground-level retail parking and the other a six-story deck for the residents.

Jason Jacobson, regional partner of developer ArchCo Residential LLC, said this month that work probably will begin about April, with completion in about two years.

It’s later than expected, but with permits in hand, the work can begin.

The reason for the wait was a combination of current construction market conditions and a difficult financing environment, Jacobson said.

BR ArchCo ESM LLC, a venture of Bluerock Residential Group REIT and Atlanta-based ArchCo Residential LLC, intends to buy the 4.3 acres for the development from Jacksonville-based Regency Centers Corp. after the building permits are issued.

Jacobson said previously if all goes as planned, his group will buy the property in January.

The city issued a site-work permit Nov. 29 for tree removal. Jacobson said the work probably won’t start until the spring.

The development will feature 239 apartments. Plans say there will be 42 studio, 117 one-bedroom, 76 two-bedroom and four three-bedroom units.

Jacobson said he hopes to have another 27 rental townhomes completed then, too.

The Preston Partnership LLC of Atlanta is the architect.

Jacksonville-based Whitehall Realty Partners is a co-developer with a focus on local matters.

Regency Centers, a nationwide retail developer and owner, will buy back the retail portion and serve as the landlord for it.

East San Marco was first announced in 2006 by Regency Centers and The St. Joe Co., a former developer on the deal, but it stalled along the way.

Jacobson said ArchCo and Bluerock began looking at the project in 2014 and a purchase agreement was executed in February 2015.

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