MONDAY November 2, 2020
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Daily Record JACKSONVILLE
THE MATHIS REPORT
ARIUM Deerwood sold for $96.8 million
DennisDaily + Ives projectRecord taking steps JACKSONVILLE
The 616-unit apartment sale is the biggest in Jacksonville this year.
Daily Record Daily Record JACKSONVILLE
BY KATIE GARWOOD STAFF WRITER
JACKSONVILLE
PATIO
VENDOR 1 400 SF VENDOR 2 400 SF
BREWERY 2,390 SF
SOCIAL HALL 5,020 SF
FUTURE MIXED-USE BUILDING
RESTROOMS
VENDOR 3 400 SF
STAGE/ SCREEN
ADJACENT CREATIVE OFFICE
VENDOR 4 400 SF
ENTRANCE
KAREN BRUNE MATHIS EDITOR
Demolition work is expected to start by year-end on the on project to redevelop the former Caribbean Cold Storage property into office, creative space and more. A brewery, coffee shop, tacos and tequila, social hall and creative office space are proposed for the Rail Yard District. Work is slated to start by year-end at Dennis + Ives, the redevelopment of the former Caribbean Cold Storage property in the industrial district west of Interstate 95 and Downtown.
DENNIS + IVES SOCIAL HALL Images special to the Daily Record
Development partner Trip Stanly said Oct. 28 the first phase starts with demolition on some of the property and converting one of the vacant cold storage warehouses into 28,000 square feet of creative office space. “We feel there is demand for creative alternative healthy office space in the market,” Stanly previously said. Auld & White Constructors LLC is the general contractor. Design Cooperative LLC is the architect. Almond Engineering is the civil engineer. 95 Arch Partners LLC is developing the 5.47-acre project at 1505 Dennis St., at Dennis and Ives streets. It bought the property in September 2019. Property records show several existing structures total about 72,000 square
The Dennis + Ives project added a social hall to its plans. It will be next to the 28,000-square-foot single-story building envisioned as creative office space.
feet. The largest buildings on the site were developed in 1965 and 1985, with an office developed in 1945. The city is reviewing permit applications for Auld & White to renovate about 30,000 square feet into shell creative office space at a cost of almost $1.7 million. That is Phase 1A. The city also is reviewing an application for Lockwood Quality Demolition Inc. to demolish one building and part SEE MATHIS, PAGE 2
Chicago-based Laramar purchased the 616-unit ARIUM Deerwood apartments for $96.8 million Oct. 28, the top multifamily sale in Duval County this year. The ARIUM is at 9803 Creekfront Road along Southside Boulevard between Butler Boulevard and Baymeadows Road. The seller was the Atlantabased Carroll Organization. Brian Moulder and Dhaval Patel, multifamily sector specialists with Walker & Dunlop in Jacksonville, brokered the sale. The apartments sold for $157,142 per unit. They were built between 1981 and 1986. “Its central location to the Southside market was key,” Moulder said. “I think its location and its overall appeal for multifamily is what was driving price.” Laramar operates Gregory Cove Apartments in Arlington. ARIUM Deerwood offers one-, two- and three-bedroom apartments and townhouses with sunrooms or screened patios, renovated kitchens with granite countertops and updated fixtures. The community features five pools, a sun deck, fitness center, 3-acre park with a playground, grill area and a dog park. Moulder said that despite the pandemic, the multifamily market in Jacksonville is resilient. “It’s just a very healthy commercial real estate sector, a lot of appetite for new investors,” he said. “We’re seeing some of the strongest pricing we’ve seen in recent years.”
KGARWOOD@ JAXDAILYRECORD.COM (904) 356-2466
Building plans filed for two Walmart Health clinics Walmart applied to the city for permits to build its first two Jacksonville health clinics at a basic construction cost of $900,000 each. The clinics are expansions of Walmart Supercenters at 7075 Collins Road and 6830 Normandy Blvd. in West Jacksonville. Bohler Engineering FL LLC is the civil engineer for the expansions – almost 6,500 square feet at the Collins store and 7,600 square feet at Normandy. Walmart announced Sept. 17 it would build seven Walmart Health centers in Jacksonville, with the first opening in early 2021.
VOLUME 107, NO. 246 • ONE SECTION