Daily Record Financial News &
Thursday, March 24, 2016
Vol. 103, No. 94 • One Section
35¢ www.jaxdailyrecord.com
San Marco project starts September A decade after East San Marco was announced for Jacksonville’s historic San Marco area and a day after partners reported a deal finally was done, the newly identified developer has provided more details. Those details include an anticipated September ground-breaking, if all unfolds according to plan. ArchCo Residential LLC Regional Partner Jason Jacobson said Wednesday the Atlanta-based company would start construction after it and New York-based Bluerock Residential
Group REIT Inc. complete their acquisition from Regency Centers Corp. of 4.3 acres at southeast Hendricks Avenue and Atlantic Boulevard. ArchCo expects the construction permit to be issued in August, after which the venture will close on the property purchase. Construction will follow. Completion is expected in late 2018. The ArchCo/Bluerock venture, along with Jacksonville-based Whitehall Realty Partners LLC, will develop 239 apartments in a multistory building that will
Overton on short list for state job
feature ground-level retail stores, anchored by Publix Super Markets Inc. “We understood immediately that it was a unique location within the Jacksonville market,” Jacobson said. He said the apartments would benefit from the Publix and the five to seven other retail stores
that should include a chef-driven restaurant. Regency Centers and The St. Joe Co., a former developer on the deal, announced the project in 2006, but it stalled along the way with the recession and other delays. Whitehall Realty came onboard in 2013 as the residential partner but withdrew in 2014 so it could line up financing. The project re-emerged last spring, but without an identification of the residential and capital partners, with an expectation of a ground-breaking this spring. “The long-term potential of the
asset seemed very strong,” Jacobson said. “In addition, we felt that we had a unique set of skills related to mixed-use development with a residential component and that we could use those skills to help a complicated project come to fruition.” In addition to the main project, ArchCo also intends to develop about 30 two- and three-bedroom townhomes on a site bounded by Atlantic Boulevard, Arcadia Place, Alford Place and Minerva Avenue. They likely will be for rent. There is no timeline for the Mathis continued on Page A-2
Ex-property appraiser seeks revenue job
Overton
Public
continued on
Page A-3
Two veteran musical groups share one stage
The combination of Earth, Wind & Fire and Chicago results in 21 musicians playing on stage together, as they did Wednesday night at Veterans Memorial Arena. The bands perform together, then separately, and then end the night performing each other’s songs together. Jacksonville was the first stop on the Heart & Soul Tour 2.0. See more photos on Page A-4.
Tamaya adding apartments, starting Phase 2 By Carole Hawkins Staff Writer
Special to the Daily Record
Jim Overton has a couple of ways to describe his candidacy to lead the Florida Department of Revenue. Outlier and longshot. The former property appraiser and City Council president will be interviewed Tuesday by Gov. Rick Scott and the Cabinet. Overton, 63, said his private-sector experience, including in the television and film business, makes him the outlier in the field to replace Marshall Stranburg. The other three candidates have held key positions in state government agencies. Overton’s public service is on the local level — 10 years on council and a dozen years as property appraiser. The latter is a job Overton had planned to stay in until he was ready to retire, but a 2013 court ruling reestablished that constitutional officers are limited to two terms. Overton “One day I’m driving to my kid’s college and the Supreme Court is taking my job away,” he said, referring to the ruling. Overton decided to seek the executive director’s job at the Department of Revenue because the ruling cut short his public service career, leaving it unfinished. “I didn’t have a capstone position as a public servant,” he said. “That’s my personal motivation.” Overton received a master’s degree in public administration from the University of North Florida, something he said he wouldn’t have done if he had been planning to retire from public service. After leaving the Property Appraiser’s Office, Overton joined the real estate firm, ERA Davis & Linn. “I’m off to a decent start,” he said of his
Photo by Fran Ruchalski
By Marilyn Young Editor
Waypoint Residential will develop a 380-unit apartment complex on 30 acres at Tamaya. The one-, two- and three-bedroom units will be spread across 13 buildings. The $50 million project is slated to begin this month.
legal notices begin on page
A-9
Tamaya, the high-end master-planned community “between the city and the sea,” will soon diversify its offerings to homebuyers. Developer ICI Homes sold a 30-acre parcel to Waypoint Residential Services for $6.3 million. The real estate investment manager intends to develop a 380-unit Class A luxury complex that will feature threeand four-story garden apartment buildings, attached garages and a highly-ameni-
Published
for
26,894
tized clubhouse. Also, ICI Homes will open Bella Nika — its second single-family home neighborhood — April 1. The new phase will offer four lot sizes, including a more affordable 50-foot-wide option. “There’s much more now for everybody,” said Don Wilford, president of ICI Homes North Florida. “It means about 30 percent more people can afford to live here.” The smaller lot size lowers the entry price for a new home at Tamaya from the mid Tamaya
continued on
Page A-4
consecutive weekdays