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Jax Daily Record Tuesday, Mar. 14, 201712:00 PM EST

TriBridge building $49M apartments

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By Karen Brune Mathis, The Daily Record

TriBridge Residential started work at the end of February on a $49 million apartment community at Town Center Promenade, opposite St. Johns Town Center.

Through TBR Town Center Property Owner LLC, TriBridge paid $6.8 million for about 9.06 acres at 4450 Tropea Way for construction of a 287-unit apartment community.

It is expected to be completed in 24 months, said Katherine Mosley, TriBridge Residential vice president of development.

TriBridge is partnering with Sefira Capital for the project.

Sefira Capital partner Mijael Attias said by email the “tremendous migration and job creation” in the area in recent years along with trends for housing needs drove the decision to step into the market.

Attias also said the site is near 8 million square feet of office space, the University of North Florida and major roads and interstates.

He said those factors make the location a work-live-play environment.

Mosley said the community, which has not been named, will include a resort-style pool including a lounge and lap pool with a rain curtain; a fitness center; a dog park with dog wash stations; and an outdoor party porch.

Rents will average $1,450 a month.

The city issued a permit for site-clearing March 1 at a job cost of $100,000.

TriBridge Residential Construction has applied for permits totaling $2.2 million to build the footings and foundations for the three-building community.

Atlanta-based TriBridge Residential, a multifamily owner, operator and developer, has a Jacksonville area track record. It developed the Uptown project in St. Johns Town Center as well as the BluWater Apartments, Seagrass Apartments and Cottage at North Beach, which is under construction.

The Promenade project is along the west side of Town Center Parkway between Brightman Boulevard and Midtown Parkway.

TriBridge bought its site Feb. 7 from CPC Jacksonville SJTC LLC and CPC Jacksonville SJTC Hospitality LLC.

The permit applications show the project team includes Dwell Design Studio LLC of Atlanta as the architect and interior designer and Prosser Inc. of Jacksonville as the civil engineer.

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