A Fort Family Investments company bought almost 22 acres Friday in Flagler Center to develop Palm Bay Club, which would be the Fort group’s eighth area apartment community.
Abe Fort, director of development, said Monday he expects designs could be completed by midyear, followed by permitting. He didn’t have a construction timeframe.
“Just closing on the dirt is one of a thousand steps,” he said.
Fort said the project would comprise a little more than 400 units and would likely be built in two phases.
He didn’t have a construction or final investment estimate.
Palm Bay Club Rental Community Two LLC paid almost $7.1 million for the property.
It bought the land, between Interstate 95 and Gran Bay Parkway West, from FDG Flagler Land LLC.
The Palm Bay LLC is led by Donald Fort, the president of Fort Family Investments Inc.
The deeds were executed and recorded Friday. Branch Banking and Trust Co. issued a $3.54 million mortgage Friday.
Fort said Fort Family Investments owns six apartment communities, comprising 2,338 units, and is building the 218-unit Alaqua complex at 13490 Gran Bay Parkway, near the Palm Bay site. The Alaqua apartments are at Gran Bay and Flagler Center Boulevard.
Fort said that submarket is showing a lot of growth.
The Jacksonville market has shown strength in apartment development. “It’s enabled us to do a lot in the past four or five years,” Fort said.
Palm Bay Club will be a luxury project, but not priced as high of some of Fort’s other communities, Fort said.
Alaqua is under construction and some units should be completed by May. The nine-building community should be completed by December, he said.
Alaqua comprises three-story buildings as well as some two-unit carriage houses, along with a fitness center, club room with big TVs, a pool and grilling areas.
Fort expects similar amenities at Palm Bay Club, as well as a dog park. The site is larger.
Some buildings at Palm Bay Club might be four stories, although that’s not definite.
While no contractor has been named, Fort said the company is strongly looking at Summit Contracting Group, which has built three of Fort’s last four apartment communities, including Alaqua.
The newly acquired property is near the developing Bartram area in south Jacksonville, with much housing, retail, office and industrial growth.
Fort said the company doesn’t seek target markets, but knows what to expect.
“We have everything from young professionals up to retirees, so it’s pretty wide,” he said.
Colliers International Northeast Florida reported in mid-2015 that demand for new apartment units was expected to significantly exceed supply growth over the subsequent 18-24 months, with the most construction activity in the central, Baymeadows, South and Southeast sectors.
“Flagler Center is an evolving locale that possesses locational advantages, and the land values for new ground-up multifamily development projects remain affordable,” said Brad Coe, director of multifamily investments services at Collier International Northeast Florida.
Colliers, CBRE represent parties in Riverside sale
The Colliers International Northeast Florida team of Preston Phillips, Jason Hinson and Bart Hinson represented 121 Financial in its purchase of 701 Riverside Park Place for $3.4 million.
Scott-McRae Automotive Group LLLP, which sold the building, was represented by Oliver Barakat and Bobby Gatling of the CBRE real estate group
Jacksonville-based 121 Financial will relocate and consolidate its headquarters and support operations from Southside and two more locations to the second and third floors of the three-story building. Scott-McRae Group, which owns Duval Ford and other dealerships, will lease part of the first floor.
Brixx building out space at 220
Space for Brixx Wood Fired Pizza is being prepared at 220 Riverside for a spring opening.
The city is reviewing a permit for an estimated $700,000 renovation of 3,714 square feet of space at the Riverside development.
The restaurant will be the first Florida site for the Charlotte, N.C.-based concept, which has 28 locations.
It has multiple restaurants in North Carolina, Virginia, Georgia and Tennessee and one each in six other states, including the Jacksonville site in Florida.
Juna Partners LLC is the franchisee.
The menu offers pizza, pasta, salads, sandwiches, wraps, beer, wine, cocktails and more.
Dollar General plans at least three more stores
Dollar General, with 28 stores in Duval County, is working on at least three more.
The chain intends to build a store at 7800 Argyle Forest Blvd. in Southwest Jacksonville. The city is reviewing a permit application for Concept Construction to build the store at a project cost of $300,000.
It also plans a store at 3801 N. Main St. The city is reviewing a permit application for Concept Construction to demolish two buildings on the site for construction of a Dollar General.
Concept Development Inc., based in Gainesville, develops Dollar General Stores. It also applied for a mobility-fee certificate from the city regarding a store at 2180 Emerson St.