In a sign of market confidence, a 621-home subdivision on Jacksonville’s Northside that stalled during the recession is being repositioned for development.
Its new owner is offering the property outright for $9.5 million, or in smaller chunks for phased development.
The property, a 237-acre parcel just northwest of Interstate 295’s Dunn Avenue interchange, is the balance of the Dunn’s Crossing subdivision.
Harvest Holdings of Delray Beach bought the parcel this year from Cayon Development Group of Hialeah for $2.25 million, according to public records. Cayon pioneered the development, purchasing the original property in 2005 for $10.275 million.
The first phase of Dunn’s Crossing, about 150 homes, is already built out.
Future phases, now for sale, are entitled for about 127 70-foot lots, 257 50-foot lots and 237 multifamily units. A road and utilities can be picked up from the edge of the property’s first phase.
Harvest Holdings will make the property available as is, or in 75- to 100-lot chunks. It will make the property appealing to more builders, said Daniel Blanchard of Ewing Real Estate Inc., listing agent for the deal.
“There are more companies who can participate in a 70- to100- lot development,” he said.
It’s a substantial project for a part of town where $2 million or $3 million land deals are more common. But the timing, Blanchard said, is right. Lots from subdivisions that went dormant during the recession are gone and builders are out looking for new inventory.
Baptist Health is planning a 40-acre medical office campus just across from the community in the northeast quadrant of the I-95 interchange.
“That submarket is getting hot,” Blanchard said.
Dunn’s Crossing owner Harvest Holdings invests in and develops land, retail and commercial properties, according to its company website. In land purchases, it seeks property parcels in various stages of entitlement and completion within the high growth areas throughout Florida.