EJF Capital and Chance Partners have announced their plans to develop Eastborough, a two building, 226-unit multifamily community project in San Marco neighbourhood in Jacksonville, Florida.
This project, which is in an area certified as an “Opportunity Zone”, is located on a 6.62-acre parcel land and will be developed with two multifamily buildings each with four stories surrounded by a surface parking lot.
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Synovus Bank offered $25.29m construction financing.
EJF co-founder and co-chief executive officer Neal Wilson said: “We have put together a winning team with EJF and Chance and we are seeing great momentum in Jacksonville.
“We believe the growth trajectory of Jacksonville remains strong and its prospects are excellent. The Project will benefit the San Marco neighborhood by continuing to add much needed workforce housing for hundreds of new residents. Coupled with The Exchange and Barlow, these projects will support a robust economic foundation for a growing community.”
San Marco is a historic, leafy neighbourhood that is dominated by low-density commercial development, single-family homes, and community parks and squares.
Chance Partners principal Jeff Rosen said: “San Marco is not your typical Jacksonville neighbourhood. It is a community that is walkable, comfortable, promotes neighbourhood interaction and offers a central location. It is designed to focus on the whole person and quality of life.”
Rosen added, “Given its proximity to the Southbank healthcare complex, downtown Jacksonville, I-95 accessibility, and the dining and social scene in San Marco, we believe the Project is perfect for young professionals.”
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This project is in an area certified as an Opportunity Zone. Credit: Foundry Co from Pixabay
