Developer Justin Ashourian considers his newly acquired site at southwest Gate Parkway and Burnt Mill Road prime for the office development he plans.
“I think Gate Parkway for Jacksonville is top of the world,” he said. “This parcel is one of the better office parcels left in Jacksonville.”
Ashourian, through Gate Venture LLC, paid almost $2.56 million for 15.5 acres in a sale that closed March 21. Space Coast Credit Union of Melbourne sold the site.
Gate Venture can develop up to 180,000 square feet of office space among two three-story buildings.
That could be two 90,000-square-foot structures or other sizes that add up to the allowable square footage. It also could be one building if a tenant needed one that size.
Ashourian said he is the early stages of a conceptual plan, “but we do know it is going to be a Class A facility.” He hasn’t named the project yet.
The buildings won’t be developed speculatively. “We are waiting on a catalyst. We are going to start marketing it and hopefully attract the right tenant and then pull the trigger,” Ashourian said.
He is developing marketing materials, hiring a broker and looking for tenants, such as a Fortune 500 company and “the best credit we can find.”
The property is across Gate Parkway from Southside Quarter, the Hines mixed-use development, and it is near Ikea and the Town Center One and Two office projects.
VanTrust Real Estate LLC is developing the Town Center structures. Each will be anchored by a Jacksonville-based company — Availity LLC at Town Center One and Web.com at Town Center Two.
“Those guys hit it at the right time at the right place with the right tenant,” Ashourian said.
At Southside Quarter, Hines will develop its first office building for anchor tenant McKesson Corp.
Ashourian said Gate Venture resolved prior litigation on the site so it could proceed with the three-story format that was allowed in the property’s Planned Unit Development.