EJF Capital and Chance Partners have plans to develop a two-building, 486-unit multifamily housing community in the historic San Marco neighborhood of Jacksonville, Fla.
The project, known as San Marco Crossing, is being developed on nearly nine acres consisting of three parcels in an area certified as an opportunity zone under the Tax Cuts and Jobs Act of 2017.
“EJF continues to identify and execute on attractive opportunity zone investments across the United States and bring our financial resources and real estate operating expertise to communities that need it most,” said Neal Wilson, EJF co-founder and COO. “We are excited to partner with Chance Partners on San Marco Crossing, which will bring high-quality multifamily units to this growing area and create a significant number of construction jobs as well as permanent property management positions. We believe small businesses in San Marco will also benefit from the added economic vitality that results from the spending power of about 700 expected new residents.”
The approximately $86 million project expects to break ground in third quarter 2019 and plans to open in fourth quarter 2020. Ameris Bank, with participation from Stifel Bank, is providing $51 million of construction financing.
Asheel Shah, EJF’s senior managing director and head of real estate development, said, “Jacksonville is a resilient real estate market that has exhibited favorable demographic trends and a strong business climate. We believe demand for multifamily housing will continue to grow as more people and jobs move to the Jacksonville market, especially in the dynamic and fast-growing healthcare sector. From an environmental and quality-of-life standpoint, San Marco Crossing will enable more people to move to the area and find housing that allows them to commute shorter distances or even walk to their places of employment. The project will transform nearly nine acres of underused property in the opportunity zone into a vibrant community on the edge of historic San Marco, which is only a short walk away.”
