Origin Investments and RISE have expanded their relationship with the announcement of a development in Baymeadows Way, a new, $85 million, 331-unit ground-up development opportunity in Jacksonville. Baymeadows Way is a submarket southeast of downtown Jacksonville.
The RISE-Origin partnership recently acquired the nearly 13-acre parcel on which Baymeadows will be developed. Construction is expected to begin in August and conclude in mid-2024.
Baymeadows, located at 7311 Baymeadows Way, will be a 331-unit, four-story, double donut garden-style apartment community. The unit mix will feature primarily one-bedroom (49%) and two-bedroom (43%) apartments. The remaining apartments (8%) will be three-bedroom units. The average square footage will be approximately 960 square feet.
The new community will feature 549 parking spaces, a ratio of 1.68 spaces per unit, including 59 premium spaces in an underground parking garage.
“We continue to forge a great relationship with RISE, partnering to bring Class A residential communities to targeted communities like Jacksonville,” says Kyle Verhasselt, Vice President of Acquisitions, Origin Investments. “This is the third project with RISE we’ve announced in a little over six months which demonstrates the similarity of our operating and investment philosophies and the confidence and trust we have in them.”
The Baymeadows submarket is conveniently situated approximately nine miles, or 15 minutes, southeast of downtown Jacksonville. The project will feature prominent visibility from I-95 and JTB/202, a major east-west thoroughfare. This location provides great advantages and opportunities, especially its convenient access to the significant employment hubs in the Jacksonville market.
The Baymeadows community amenities such as a four-story walk-up with elevators, resort-style pool, indoor fitness area, flexible work spaces, club room, and more. Unit amenities will feature granite countertops in the kitchen and bathroom, walk-in closets, private balconies in select units, and full-size, energy-efficient washer/dryer pairings.
“The location on Baymeadows Way will provide residents with superior access to entertainment venues, restaurants and business parks,” RISE President Greg Blais said in a statement. “We are excited to continue to develop luxury housing options to serve the ever-growing population of Jacksonville.”
In addition to joint venture partners Origin and RISE, the development team will include RISE Construction as the general contractor, Charlan Brock Architects as architects and England-Thims & Miller as civil engineer.
There are a variety of statistics that underscore the strength of the Jacksonville market. The area has experienced considerable growth, with DuVall County growing at an annual rate of approximately 14.1% since 2010. Given that type of increase, rent growth in the Jacksonville market was more than 21% last year.
Jacksonville is characterized by the Urban Land Institute (ULI) as a magnet city because of its overall growth, lifestyle opportunities and emerging tech sectors. The area is home to a number of high profile employers including, but not limited to The Mayo Clinic, Baptist Health, Bank of America, Florida Blue and Merrill Lynch. Among the emerging firms in the area include Nymbus, Dun & Bradstreet, Boeing, TD Bank and Carparts.com.
This marks the third development that has paired together Origin and RISE. Last October the partners also officially announced plans for the development of Linden House, a $60.1 million, 295-unit development in Jacksonville. Last month thy announced plans for the development of Horizon at Sereno, a $84 million, 320-unit niche-oriented, Class A multifamily community in suburban Tampa (Wimauma and Sun City Center).