Capital, Chance Partners Break Ground in Jacksonville
The joint venture’s fourth project in the metro will span 10 acres in the St. Nicholas neighborhood.
The EJF Capital and Chance Partners venture is adding another residential project to its growing multifamily presence in Jacksonville, Fla. The partners have started construction on The Jack on Beach, a 295-unit community in Jacksonville’s St. Nicholas neighborhood.
The joint venture tapped The FaverGray Co. as the project’s general contractor, Dynamik Design Partners as the architect, Kimley-Horn as the civil engineer, as well as Pittman Landscape Architecture. The project has already landed $43 million in construction financing from Synovus Bank and is expected to be completed in 2024.
The Jack on Beach will have its units spread throughout three, four-story buildings, which will be built with keyless entry, Wi-Fi thermostats, 1G high-speed Internet and Energy Star-rated appliances. The community’s amenities will include an outdoor pool, a sundeck, fitness center, dog park, pet spa, bike pavilion, bike share program, coworking spaces, as well as indoor and outdoor social areas. The joint venture’s residential project is located on a 10-acre site in a Qualified Opportunity Zone and close to major area employers like Baptist Medical Center and Wolfson Children’s Hospital.
Building a strong presence
EJF Capital and Chance Partners have previously worked together in the Jacksonville metro, making The Jack on Beach the fourth project in the city for the joint venture. The firms previously acquired San Marco Promenade in April 2020, when it was still being developed by a Carlyle Group joint venture. The development later opened as a 284-unit community, which was the second project in Jacksonville’s San Marco neighborhood.
Earlier this year, the two firms secured a $95 million refinancing for The Exchange and Barlow, two communities that are also located in the San Marco neighborhood. Beyond its completed projects, the joint venture is working on Eastborough, another residential project in Jacksonville that’s expected to open in early 2023.
Asheel Shah, senior managing director & head of real estate development at EJF, said in prepared remarks that the firm sees Jacksonville as a growing market that will keep attracting talent from a variety of industries including healthcare, aerospace and hospitality.