PCCP, Bainbridge Cos. to Develop FL Community
The joint venture will build Bainbridge St. Johns Town Center, a Class A, 276-unit property in Jacksonville.
“The project is a suitable product for a growing market with a top Florida developer,” John Randall, PCCP’s senior vice president, told MHN. “Our company philosophy is building quality housing in growth markets.”
Situated on 17.3 acres of land, the development will consist of 102 one-, 138 two- and 36 three-bedroom units across 10, three-story buildings, and all units will boast top-of-the-market finishes. The property will also offer 442 surface parking spaces and 36 detached garages.
Bainbridge St. Johns Town Center is located on a wooded site with a four-acre lake and is also adjacent to a golf course and nature trail. The development will offer amenities such as a pool, clubhouse, fitness center, game room, dog park and a deck overlooking a pond.
Just 13 miles outside of downtown Jacksonville, the property is south of the expanding University of North Florida, and about a mile from St. Johns Town Center, an open-air center which features 175 high-end retailers, restaurants, coffee shops, grocers and other stores.
“The project will have excellent access across to employers in the Southside market and will occupy a key site at the doorstep of UNF,” Randall said.
The deal is PCCP’s first venture with Bainbridge. In June, PCCP teamed with TriStar Properties for the development of a build-to-suit industrial project on 160 acres within Gateway Commerce Center, a 2,300-acre suburban St. Louis park in Edwardsville, Ill.
The Area is Growing
According to Randall, the forecasted population growth in the area is close to 9,000 over the next five years within a five-mile radius. Currently, more than 50,000 people live within a three-mile radius of the development, with an impressive 88 percent of them college-educated.
The area has seen a 11.9 percent population growth since 2010 and is projected to grow an additional 6.9 percent through 2023.