THURSDAY August 26, 2021
The Mathis Report: $100 million UPS permit; WDs sets opening PAGE 3
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Daily Record JACKSONVILLE
City Council JACKSONVILLE approves $120M Jaguars practice facility
THE REAL ESTATE ISSUE: NORTHEAST FLORIDA’S
WHITE DailyHOT Record
APARTMENT MARKET
City, team will split the cost of the center near TIAA Bank Field planned for completion in 2023.
Daily Record Daily Record JACKSONVILLE
BY MIKE MENDENHALL STAFF WRITER
JACKSONVILLE
MOVING UP Vacancies are down and rents are up in the Jacksonville metropolitan statistical area in the second quarter of 2021, according to NAI Hallmark: File image
Rise: A Real Estate Company officials and others break ground in February on The Julington apartments at 12397 San Jose Blvd. It is one of at least 43 multifamily communities in development.
The region’s multifamily business is booming, fueled by renter demand, population growth and lifestyle changes, experts say. BY KATIE GARWOOD STAFF WRITER
Y
ou are correct. There are a lot of apartment complexes being built in Northeast Florida. In the first half of 2021, there were 28 multifamily properties under development and 15 were completed. That’s a total of 8,574 units that are expected to be delivered in 2022 and 2023, according to NAI Hallmark’s Jacksonville Multifamily Q2 2021 Market Report. Rents also continue to rise. The average
monthly rate in the second quarter of 2021 was $1,231, up 12% from $1,098 the same period last year. And units are filling up. The current vacancy rate is 3.7%, down 29% from 5.2% last year. CBRE Vice President Joe Ayers said the multifamily market is “white hot,” and there is good reason for it. “It’s driven by a few things. First and foremost it’s renter demand,” he said. “That renter demand is fueling rental
VACANCY
3.7%
It was 4.4% in the first quarter and 5.2% a year ago. EFFECTIVE RENT
$1,231
Effective rent per unit. It was $1,098 a year ago. EFFECTIVE RENT INCREASE
12.1% Increase in rents from 2020.
SEE APARTMENTS, PAGE 6
The City Council unanimously approved a partnership with the Jacksonville Jaguars to build the team’s proposed $120 million football performance center. Council approved a bill 17-0 on Aug. 24 to authorize Mayor Lenny Curry’s administration to borrow $60 million to help finance the NFL team’s proposed 127,087-square-foot practice and training facility and to amend the Jaguars’ stadium lease with the city. The Jaguars would pay for the other $60 million, according to the city’s proposed economic development agreement for the project. The Jaguars will lease the performance center from the city. It will be northwest of TIAA Bank Field. According to Ordinance 20210495, the Jaguars will move team offices; an equipment room; weight training; and medical facilities from the stadium to the performance center. The facility also will have an indoor practice field; two outdoor natural-grass fields with about 2,300 bleacher seats; a team store; and concession facilities. Jaguars President Mark Lamping said Aug. 17 that he expects construction on the performance center to be completed before the first game of the 2023 NFL season. The agreement says it must be completed by Dec. 31, 2025.
MMENDENHALL@ JAXDAILYRECORD.COM @MIMENDENHALL (904) 356-2466
THE BASCH REPORT
Fanatics MLB deal kills deal for iconic card maker Plus: Home Depot sees shifting trends. PAGE 4 VOLUME 108, NO. 199 • TWO SECTIONS