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Jax Daily Record Wednesday, Aug. 10, 202212:10 AM EST

The Vestcor Companies plans to start renovating new headquarters

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The apartment developer plans to move into its San Marco building next year.

The Vestcor Companies wants to start interior renovations in San Marco on its new headquarters building at 1649 Atlantic Blvd. that it expects to occupy early next year.

Ryan Hoover, president of TVC Development Inc., part of The Vestcor Companies, said Aug. 8 that he estimates the project will cost $1.2 million.

“San Marco was a logical spot for us for its proximity to Downtown and the easy access to 95,” he said, referring to the Interstate 95 access.

“The building was the perfect size and had the necessary parking, which isn’t easy to find.”

Hoover said Jacksonville-based Vestcor started in a single-family home in San Marco in 1983, less than a quarter-mile from the new location.

Urban Partners Construction LLC is the contractor for the $750,000 job to remodel the two-story, 6,553-square-foot building, which Vestcor bought in December 2021.

The city is reviewing the permit application. Group 4 Design Inc. is the architect.

The owner is VC 1649 Atlantic LLC, affiliated with TVC Development Inc., now based in leased space in Mandarin.

The Vestcor Companies also owns the building next door leased by Advanced Dermatology and Cosmetic Surgery.

Hoover said upon the purchase that Vestcor had been looking for new space in or closer to Downtown, “and this location was the perfect fit for us.”

Rubin Companies of Jacksonville sold the two-story properties at 1639 and 1649 Atlantic Blvd. for a combined $5.65 million to Vestcor.

Vestcor leases space at 3030 Hartley Road, Suite 310, in Concorde Office Park.

Hoover estimates Vestcor will move its offices into 1649 Atlantic Blvd. in early 2023.

Vestcor will move its 22 employees from the Hartley Road and San Jose Boulevard offices that it has occupied since the late 1980s.

Rubin Companies formerly was headquartered at 1649 Atlantic Blvd. 

Hoover said 1639 Atlantic Blvd. has a long-term lease. Advanced Dermatology and Cosmetic Surgery occupies the building.

Rubin sold that building, which was built in 1960, for $3.4 million. Rubin bought the property for $600,000 from Family Foundations of Northeast Florida in May 2017.

Rubin sold 1649 Atlantic Blvd., built in 1957, for $2.25 million. It purchased the property for $975,000 from Parkview Properties Inc. in December 2006. The two buildings share a 40-space parking lot.

The 1649 Atlantic Blvd. building comprises a 3,305-square-foot ground floor and 3,248-square-foot second floor.

Hoover said the exterior recently was upgraded so Vestcor has not made plans for it yet.

The properties are accessible from I-95 from Atlantic Boulevard.

The buildings also are about two blocks from the East San Marco shopping center where Publix intends to open Aug. 11, across Hendricks Avenue from the historic San Marco Square shopping district.

Hoover said the property’s proximity to I-95 and its walking distance to San Marco Square “was a huge plus.”

John Rood founded The Vestcor Companies in 1983. It has grown to become one of Florida’s largest developers of multifamily communities. 

In recent years, Vestcor has been developing The Lofts workforce housing apartment projects Downtown and in other areas, including one planned at Philips Highway and St. Augustine Road, not far from San Marco.

 

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