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Daily Record JACKSONVILLE
DEVELOPMENT
$1 million incentive increase for apartments takes step
IMC plans Bartram Pointe in St. Johns Daily Record JACKSONVILLE
Daily Record Daily Record JACKSONVILLE
Officials said a slip in the city’s ROI on the $99 million RD River City project was a “typo.” BY MIKE MENDENHALL STAFF WRITER
JACKSONVILLE
NEW MIXED-USE CENTER
The retail, office and medical center is at Racetrack Road and Bartram Springs Parkway.
Bartram Pointe is a 28.78-acre mixed-use development at Racetrack Road and Bartram Springs Parkway in St. Johns County. The development is outside the Bartram Springs neighborhood.
BY KATIE GARWOOD STAFF WRITER
International Management Company announced April 15 it will construct Bartram Pointe, a 28.78acre mixed-use development in Bartram Park. The development at Racetrack Road and Bartram Springs Parkway will comprise a mix of retail, office and medical uses, a news release said. The development will start with 32,000 square feet of retail space along Racetrack Road and will include three outparcels from 1.05 acres to 4.58 acres. The development is outside the Bartram Springs neighborhood with 1,700 homes and Bartram Springs Elementary School. IMC also developed Promenade at Bartram Springs across the street from the site. KGARWOOD@JAXDAILYRECORD.COM (904) 356-2466
A Downtown Investment Authority board committee recommended 3-0 to add more than $1 million in tax incentives for a Miami-based developer’s proposed RD River City Brewery apartments Downtown. The DIA Strategic Implementation Committee, which voted April 16, wants the full board to approve an increase to Related Group’s requested Recapture Enhanced Value Grant from $11.9 million to $12.99 million. Committee members Oliver Barakat and Bill Adams and DIA board Chair Ron Moody voted in favor of the additional incentives. DIA staff said design changes by the city Downtown Development Review Board and the increased cost of materials caused the price of the Southbank apartment project to increase $6.84 million to $99.16 million. The larger tax refund would bring the city’s total investment in the proposed Southbank apartments to $18,274,679, including grants, site infrastructure and marina improvements, according to a DIA staff report released April 9. Related Group plans to demolish the River City Brewing Co. restaurant at 835 Museum Circle to build an eight-story apartment building with a 535-space parking garage and a stand-alone restaurant. Related Group also told DIA officials it will reduce the planned
Special to the Daily Record
SEE RELATED, PAGE 2
Volaris West Kernan apartments sold for $66.25M The Volaris West Kernan apartments sold for $66.25 million April 6, according to a deed recorded April 15 with the Duval County Clerk of Courts. Connecticutbased Waypoint West Kernan FL Owner LLC, operated by Waypoint Real Estate Investments, sold the property to Washington, D.C.-based FRMF-Jax LLC, which is operated by Fundrise. The 301-unit apartment community was constructed in 2019 at northwest Kernan and Beach boulevards at 12517 Beach Blvd. The apartments sold for $220,100 per unit. Rents range from $1,270 a month for a one-bedroom to $2,180 a month for a three-bedroom apartment.
VOLUME 108, NO. 109 • ONE SECTION