About a year and a half after announcing the project, real estate developer Thompson Thrift plans to hold a ribbon cutting July 21 for Velara, a multifamily apartment community in Nocatee, at its clubhouse at 345 Burbank Ave.
Across nine three-story buildings, the 312-unit development offers one-, two- and three-bedroom apartments, with rents at $1,545 to $2,496. Amenities include a heated pool with a nearby fire pit, covered pool-deck patio, private golf cart garages, pickleball court, fitness center, a pet spa and a dog park, according to a Thompson Thrift news release.
“Even as many new multifamily communities across the region face a more competitive leasing environment, Thompson Thrift’s new Velara community in Nocatee has outperformed underwriting expectations, averaging approximately 28 leases per month since opening earlier this year,” the release says.
At the ribbon cutting ceremony, the release says a $2,000 donation check will be presented to HUGS St. Johns, a nonprofit organization supporting children in need.
Thompson Thrift announced the project in February 2025. The company said on Instagram that tenant move-ins began in March.
“Nocatee has been one of the country’s fastest-selling master planned communities and there is significant demand for luxury multifamily living options,” Josh Purvis, managing partner for Thompson Thrift Residential, said in a release. Velara “will provide residents with a high-quality multifamily community that seamlessly integrates with the unique Nocatee lifestyle.”
The community is on almost 13 acres near Nocatee’s western interchange. The Davis family sold the property to Thompson Thrift Feb. 5, 2025, for $13 million.
The Davises are the founders of Winn-Dixie.
Thompson Thrift is a full-service real estate company with offices in Indianapolis and Terre Haute, Indiana; Denver; Houston and Phoenix.