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Mathis Report
Jax Daily Record Thursday, Aug. 23, 201805:20 AM EST

The Mathis Report: Luxury apartments planned along AC Skinner Parkway

Killashee Investments wants to buy 17.4 acres for the project.

Developers envision 370 luxury apartments on Jacksonville Transportation Authority-owned property along AC Skinner Parkway south of Butler Boulevard.

Killashee Investments LLC and Presidium Group LLC, which are developing the 350-unit JTB apartments nearby along AC Skinner Parkway, want to buy 17.4 acres for the project.

“The apartment market is very strong. We think it is going to continue to be strong,” said Killashee partner Mark Farrell.

Killashee is based in Ponte Vedra Beach. Presidium is in Austin, Texas.

Farrell said Jacksonville continues to expand, making Top 10 lists for growth and also attracting out-of-town investors.

Farrell said the group has a contract to buy the vacant land and is in due diligence. He hopes to complete the purchase next year, followed by a 20-month construction time frame.

In March, the JTA board voted to authorize CEO Nat Ford to execute a purchase and sale agreement with Killashee and Presidium to buy the 17.37 acres for $7.58 million plus all closing costs.

Farrell did not have a name, size or rental rates for the project. “It is in design right now,” he said.

JTA, which is marketing about 68 acres for sale along AC Skinner Parkway through Colliers International, seeks to rezone the apartment site from commercial office and industrial business park to planned unit development to permit multifamily residential uses.

Hearing dates are scheduled for Sept. 6 at the Jacksonville Planning Commission, introduction Sept. 11 at City Council, review Sept. 18 at the council Land Use and Zoning Committee and a return to council Sept. 25.

A written description with the rezoning legislation, Ordinance 2018-515, identifies the project developer as PG Investco LLC.

A concept plan shows five four-story apartment buildings with parking and four four-unit carriage structures with parking. There also is a leasing and amenity center, a pool and courtyard, a park and dog park and surface parking.

Dwell Design Studio is the architect.

Farrell said five apartment communities operate along AC Skinner Parkway with more than 1,500 units. “They’ve created a good submarket,” he said.

He credits the strength in apartment construction to the millennial population completing school and taking jobs. “They’re going to want apartments,” he said.

Farrell said his group was talking with JTA about more of its land at the site but didn’t have specifics.

Colliers International executives Robert Selton, CEO, and Wade Powers, senior associate, represent JTA.

A sales brochure shows that JTA owns 98 acres along AC Skinner Parkway. The brochure shows the 38.27-acre Parcel B site is under contract in addition to the Parcel A apartment site.

Remaining for sale is the 42.55-acre Parcel C, which fronts Butler Boulevard.

JTA spokeswoman Leigh Ann Rassler said the authority is under contract with homebuilder DR Horton for the 38.27-acre parcel.

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