Block One Ventures, an affiliate of Trevato Development Group, announced Dec. 31 it bought 38.93 acres in Bartram Commons in Duval County.
The property is near Interstate 95 and Florida 9B on the north side of Racetrack Road.
It bought the property Dec. 30 from Eastland, the master developer for Bartram Park.
Eastland said Jan. 3 it sold the property for $33 million.
Bobby Gatling with Walker & Dunlop represented Eastland.
Block One said in a news release the purchase is its largest to date of undeveloped land and is four times the size of its previous largest purchase. Jacksonville Beach-based Block One Ventures said in the release it plans to develop the property in three projects.
They will total 1,069 multifamily units next to the growing Durbin Park community, which is a 1,600-acre development in its second phase of construction.
That Durbin Park phase will include a hospital, hotel and commercial and retail space.
“This area of Northeast Florida is one of the fastest-growing commercial development corridors in the state,” said Katelyn Taylor, Block One operations manager, in the release.
Block One anticipates construction will start in the third quarter of 2022.
Atlanta-based Dynamik Design is the architectural firm. Jacksonville-based England, Thims & Miller Inc. is the civil engineer.
Block One said the development will be its eighth, ninth and 10th projects in Northeast Florida.
Previous projects include Courtney Meadows at Town Center, Soleil and Seaglass at Ponte Vedra Beach, The Point at Town Center, The Reserve at Nocatee, Argyle Lake at Oakleaf and The Station at San Marco, which is in the early phases of construction.
Founded in 2015, Block One Ventures said it is a commercial real estate company with expertise in identifying quality real estate opportunities focused on building multifamily developments “in the path of growth.”
It says it focuses on acquiring premier real estate with long-term potential for significant value creation.