Thompson Thrift To Build Luxury Jacksonville Community
Construction is anticipated to begin next month.
The construction of Velara, a 312-unit luxury community in Jacksonville, Fla., is set to begin in mid-February. Thompson Thrift’s project, situated in Ponte Vedra’s Nocatee master-planned community, is anticipated to welcome its first residents next summer.
The community is located on 12.5 acres along Burbank Avenue near Nocatee’s western interchange. It is set to include three buildings with studio, one-, two- and three-bedroom floorplans.
Velara in-unit amenities are set to include stainless steel appliances and glass-top ranges; hardwood-style flooring; kitchens with quartz vanity tops and under-mount sinks; full-size washers/dryers; and multiple smart home capabilities. Private balconies, yards, patios and detached garages are available in select homes.
Community amenities will include a covered pool deck patio, a poolside sunken fire pit, private golf cart garages, a 24-hour fitness center, a dog park and a pet spa with a grooming station. There will also be a billiards area, pickleball courts and an outdoor gaming area.
Tyler Nilsson, senior managing director of investments, and Erik Bjornson, senior managing director of investments with IPA, brokered the land purchase in the transaction.
Located in a highly-sought-after area
“Fueled by Florida’s low tax climate, attractive cost of living, weather, and business-friendly environment, Jacksonville continues to show impressive job and population growth and has a thriving rental market,” Josh Purvis, managing partner, residential, Thompson Thrift, told Multi-Housing News.
Situated off of US-1 and Interstate 95, residents are in proximity to downtown Jacksonville, Jacksonville beaches and more than 5,000 acres of parks, preserves and walking and biking trails. In Nocatee, residents have access to retail and dining options, including the largest Publix in Northeast Florida, as well as outdoor green spaces and two waterparks.
For employment opportunities, Jacksonville is home to more than 150 corporate, divisional and regional headquarters. The city had the most corporate relocation activity in 2023 nationwide.
“While North Florida has been weathering a robust multifamily supply pipeline over the past 18 months, absorption of new units in 2024 was at an all-time high and we anticipate that pricing power will return to developers and owners in the second half of this year,” Joe Ayers, managing director, JLL, who co-leads the Jacksonville Multifamily Investment team, told MHN.
Additionally, new starts plummeted in 2024, he noted. He anticipates that lower new construction should great a significant supply gap throughout this year and into next, leading to strong rental growth for developers building now.
Nearby, construction is underway on Thompson Thrift’s Terrassa, a 324-unit luxury community in St. Augustine. Work began in July 2024 and the completion date is expected for fall 2026. The community will consist of one-, two- and three-bedroom floorplans up to 1,400 square feet.
