With permits issued March 17, Live Oak Contracting LLC can start the vertical construction of the first phase of the One Riverside apartments along the Downtown Northbank of the St. Johns River at a construction cost of $59.9 million
The four permits allow Jacksonville-based Live Oak Contracting to build four structures that include 225 apartments on 18 acres at 1 Riverside Ave., the former site of The Florida Times-Union campus.
The city issued permits March 17 for three apartment structures and an amenity building. They are among several permits approved or in review.
Developer TriBridge Residential LLC, based in Atlanta, broke ground Sept. 22, 2022, for the first phase of the riverfront apartment community.
One Riverside, designed for apartments, restaurants, retail stores and amenities, is expected to be a $250 million project.
In addition to the TriBridge apartments, a Whole Foods Market, retail space, a city park and a restored McCoys Creek are planned at the property next to the Acosta Bridge.
TriBridge Partner Katherine Mosley said in September she anticipates completion of the first 270 units and a restaurant by year-end 2024.
She said rental rates had not been established for the one-, two- and three-bedroom apartments.
Mosley said the one-bedroom units will average 750 square feet, the two-bedroom units will be 1,250 square feet and the three-bedroom units will run 1,400 square feet.
They will be followed with a second phase of about 125 units, but that timing depends on development benchmarks on the site.
Prosser is the civil engineer, Dwell Design Studio of Atlanta is the architect, Banko Design is the interior apartment designer and LandDesign is the landscape architect.
Live Oak founder, President and CEO Paul Bertozzi said at the event the first phase of the apartment construction is an $83 million project.
The One Riverside Jacksonville project is designed for the 18.84-acre Northbank site where the daily newspaper operated. The Times-Union campus was built in 1967.
The Morris family bought the property and the newspaper in 1982 and sold the paper in 2017.
The paper moved to Wells Fargo Center Downtown in April 2019.
The Jacksonville City Council approved a $31.59 million incentives package in November 2021 for One Riverside of property tax breaks, a forgivable restaurant loan and a parkland buyback to support the multiphase development.
The plan restores McCoys Creek and adds land for the public park and submerged lands for river access on the east side of the property.
The Council vote came after the DIA board endorsed the terms in September 2021.
Fuqua Development of Atlanta bought the site Feb. 4, 2022, for $25 million. It sold 4.3 acres to TriBridge for $15.5 million for the apartments.
Citizens Bank of Charlotte, North Carolina, financed the TriBridge project with a $69.7 million construction mortgage. The borrower was TBR One Riverside Owner LLC in Atlanta.
The mortgage is for the first phase on the site.
The city issued construction permits in August 2022 for the foundations of two seven-story apartment buildings and a parking garage.
The permits show a construction cost of $14.1 million for those foundations.
The city issued a site work permit for TriBridge to clear its acreage at a cost of $4 million. It is a horizontal development permit.
The St. Johns River Water Management District issued a permit July 1 for TriBridge Residential’s proposed first-phase apartment project along with a 3,000-square-foot apartment amenity and a 130-seat restaurant and patio.
Plans show TriBridge Residential’s two apartment buildings along the Riverwalk and St. Johns River.
Building 1000 is connected to the restaurant, which includes patio seating.
Building 2000 has a swimming pool along the river.
An eight-level, 625-space parking garage is between Building 2000 and a grocery store that will front Riverside Avenue.
A 3,000-square-foot apartment amenity building is next to the garage. There is a proposed dog run near the Riverwalk, in addition to pedestrian plazas and public art.
Fuqua Development intends to develop Whole Foods Market and other retail space, while the city will uncover and restore McCoys Creek and develop a public park.