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Mathis Report
Jax Daily Record Wednesday, Jul. 18, 201805:20 AM EST

The Mathis Report: $40M Kernan apartments are in review

Waypoint to complete 301-unit project by Q1 2020.

City reviewers are looking over construction permit applications for the $40 million West Kernan Apartments at 12517 Beach Blvd.

Waypoint Residential proposes the 301-unit project on 26.3 acres it has under contract at northwest Kernan and Beach boulevards.

Boca Raton-based Waypoint said construction is projected to start in the third quarter with completion in the first quarter of 2020.

Waypoint Residential is headquartered in Boca Raton and has regional offices in Atlanta, Chicago, Dallas, Denver and Stamford, Connecticut. 

According to Waypoint Residential, the luxury apartments will include a clubhouse with a resort-style pool, grilling stations, an enclosed outdoor dog run and park, ground-floor garage parking and wraparound porches overlooking a lake.

Permit applications show 161 one-bedroom, 124 two-bedroom and 16 three-bedroom units among 12 three-story buildings and five two-story carriage houses.

Summit Contracting Group Inc. is shown as the contractor for the West Kernan Apartments. 

Previously reported plans show that nine of the buildings will be arranged around a retention pond and the remainder around the perimeter of the site. The city calculated a $272,058 mobility fee to mitigate the traffic impact.

There will be one primary entrance each from Beach and Kernan boulevards, with a secondary entrance off Kernan that runs between business parcels on Beach and the community.

Plans show two free-standing parking garage buildings, spaces beneath carriage houses and 502 total parking spaces.

Bradley Coe, director of multifamily investment services at Colliers International, represents Waypoint Residential in the purchase of the property, expected in September. 

He said previously that interiors will be high-end with finishes that include nine-foot ceilings, granite countertops and stainless steel appliances. 

Waypoint, through WP/R Residential, sold The Point at Tamaya apartments nearby at 3050 Tamaya Blvd. for $71.9 million on July 6 to Passco Companies LLC of Irvine, California. Passco Point DST was the buyer. 

The 380 one-, two- and three-bedroom apartments on 30 acres were completed in 2017.

Waypoint said it had no comment about the sale of The Point at Tamaya.

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