ARLINGTON, Va.--(BUSINESS WIRE)--EJF Capital LLC (“EJF”) and Chance Partners LLC (“Chance”) today announced that they are jointly developing The Jack on Beach (the “Project” or “The Jack”), a 295-unit multifamily housing community consisting of three, four-story buildings located in the St. Nicholas neighborhood of Jacksonville, FL. The Project is in an area certified as a “Qualified Opportunity Zone” under the Tax Cuts and Jobs Act of 2017 (“TCJA”), which offers investors potential tax benefits to invest into Qualified Opportunity Zones with the aim of spurring economic growth in lower income areas.
The Jack, which spans nearly 10 acres, will include more than 400 parking spaces and is expected to be completed in 2024. Synovus Bank is providing $43 million in construction financing for the Project.
The Project will also feature state-of-the-art fixtures, finishes, and modern amenities in homes and communal spaces. Integrated smart home technology will offer keyless entry, WIFI thermostats, 1G high-speed internet, Energy Star rated appliances, and smart key access control to buildings, garages, and homes. The Jack’s robust amenity package will also include co-working spaces, indoor and outdoor social areas, an outdoor pool and sundeck, a 24/7 fitness center, a dog park and pet spa, and a bike pavilion with a branded bike share program.
“The Jack is another transformative project in an Opportunity Zone that will meet strong demand for housing in the rapidly growing Jacksonville market,” said EJF Senior Managing Director and Head of Real Estate Development, Asheel Shah. “EJF and Chance Partners see in Jacksonville a market that continues to attract talent from a variety of industries as they grow, ranging from healthcare and aerospace to leisure and hospitality.”
The Jack will be the fourth project in Jacksonville developed by Chance and EJF, following the opening of San Marco Promenade in 2019, The Exchange and Barlow in 2021, and Eastborough, which will open in early 2023. Each of the developments provides much-needed housing for the local workforce in Jacksonville’s St. Nicholas and San Marco neighborhoods.
“We are committed to revitalizing neighborhoods and ensuring that Jacksonville residents have safe, walkable communities close to shopping and other amenities,” said Jeff Rosen, Principal with Chance Partners. “There’s such a diversity of communities, businesses, and service sectors in this city. The Jack is not only ideally located near the Baptist Medical Center and Wolfson Children’s Hospital, but will also provide housing for the local workforce of major employers in Jacksonville’s growing financial services, advanced transportation, logistics, biomedical, and manufacturing industries, as well as the military.”
The project team for the development includes general contractor The FaverGray Company, architect Dynamik Design Partners, civil engineer Kimley-Horn, and Pittman Landscape Architecture.
About EJF Capital
EJF Capital LLC is a global alternative asset management firm headquartered outside of Washington, D.C. As of June 30, 2022, EJF manages approximately $4.4 billion across a diverse group of alternative asset strategies. The firm was founded in 2005 by Manny Friedman and Neal Wilson. Since inception, EJF has focused on regulatory event-driven investment themes including its strategy to invest in Qualified Opportunity Zones.
About Chance Partners LLC
Chance Partners LLC is an award-winning, fully integrated real estate firm in Jacksonville, FL, specializing in the acquisition and development of high quality, infill, multifamily and mixed-use communities. Backed by a deep understanding of the markets, a commitment to excellence and a track record of success, Chance Partners, led by Judd Bobilin and Jeff Rosen, is redefining its targeted communities, one building at a time. Since 2010, the company has developed or acquired more than $800 million of premier assets including multifamily and student housing, hospitality, and retail in strategic walkable locations throughout the Southeast. Chance Partners provides investment management, asset management and development services to minimize risk in each investment while working alongside institutional equity partners, community, and national lenders in multiple communities. Visit www.chance-partners.com for more information.