Ventures Development pays $3.75 million for Southbank Apartments land

It will build the eight-story, 184-unit project at 959 Prudential Drive.

  • By
  • | 5:10 a.m. March 23, 2020
  • | 5 Free Articles Remaining!
An artist's rendering of the Southbank Apartments at 959 Prudential Drive.
An artist's rendering of the Southbank Apartments at 959 Prudential Drive.
  • Real Estate
  • Share

Geismar, Louisiana-based Ventures Development Group LLC paid $3.75 million for the long-planned Southbank Apartments at 959 Prudential Drive on the Southbank riverfront downtown.

The 2.89-acre property is between the Acosta Bridge and the Eight Forty One building, which is anchored by One Call and Baptist Health.

Houston, Texas-based Hines, through Hines SSGP Riverpointe LLC, sold the property March 13 to Ventures, through Southbank Multifamily LLC.

Hines is the developer of the Southside Quarter, a 110-acre mixed-use development southwest of Interstate 295 and Butler Boulevard on the Southside.

In 2017, the Downtown Investment Authority approved a 13-story, 300-unit development for Prudential Drive site. 

GEM Realty Capital Inc. of Chicago, in care of GV-IP Jacksonville Owner LLC, then-owner of the Eight Forty One building, sued Ventures over procedural issues regarding building height changes. 

They reached a settlement in the summer of 2018. In October 2018, the city approved a plan to scale back the project to eight stories and 84.5 feet high with 184 residential units and other variations.

The Southbank Riverwalk will expand as part of the project’s 55,977 square feet of open space.

The DIA approved a Recapture Enhanced Value Grant of up to $7.88 million over 20 years.

Jacksonville-based Connelly & Wicker Inc. is the civil engineer and Jacksonville-based Summit Contracting Group Inc. is the contractor.

The city issued a foundation permit for the building in January and is reviewing plans for the building comprising 252,280 enclosed square feet and 10,690 unenclosed square feet.




Special Offer: $5 for 2 Months!

Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.