The Davis family, partners in developing Nocatee, has repurchased acreage it sold nearly 20 years ago in the master-planned community in Duval and St. Johns County.
DDI Inc., owned by the Davis family of Jacksonville, bought 35.74 acres on Coastal Ridge Boulevard in Nocatee on Feb. 4 for $8 million. It made the acquisition through Sonoc Co. LLC.
VanTrust Real Estate sold the property through VTC Jacksonville Office Park Development LLC.
In 2007, Sonoc sold the property to Flagler Development Reverse Exchange for $12.04 million. Eight years later, Flagler Development Reverse Exchange sold the property to VanTrust Real Estate for $4.5 million.
VanTrust Real Estate retains 25.71 acres of the original 61.45 acres of the property.
The Davises founded the Winn-Dixie grocery chain and, along with The PARC Group, developed Nocatee.
In an emailed statement, PARC Group CEO Richard T. Ray wrote: “SONOC Company has purchased 35.74 acres in Nocatee from VTC Jacksonville Office Park Development, LLC. The terms of the transaction have not been disclosed. SONOC originally sold this land to Flagler Development Company in 2007 for a Class A corporate office park.
“While there are no immediate plans for the acquired parcel, it is part of the Town Center area of Nocatee and will be available for a mixture of uses.”
The property is located south of Nocatee Parkway, east of Valley Ridge Road, north of Cross Town Drive and west of Baptist HealthPlace at Nocatee. It is adjacent to Park Place One, the office building that is the headquarters of Treace Medical Concepts Inc.
In 2019, VanTrust Real Estate received city permitting to build a four-story, almost 125,000-square-foot building on 10.51 acres at a projected cost of $9.7 million.
At that time, the master site plan showed Park Place One and four additional future buildings along Nocatee Parkway. It was estimated that the business park could accommodate 675,000 square feet of office space.
VanTrust, based in Kansas City, Missouri, with offices on Ponte Vedra Beach, did not return requests for comment on the future of the business park or the reason for selling more than half of the parcel.