BCDC, Ventures Development Group Break Ground on St. Johns River Apartment Community

Jacksonville, Fla. (March 20, 2020) — Ventures Development Group and Batson-Cook Development Company (BCDC) have closed on the land and the financing for a 185-unit luxury apartment community on the southern bank of the St. Johns River in Jacksonville, Fla.

The 2.9-acre site at 841 Prudential Drive is next to Jacksonville’s medical campus, including Baptist Medical Center Jacksonville, Wolfson Children’s Hospital and MD Anderson Cancer Center. The signature amenity will be an elevated, resort-style pool and deck on the third floor overlooking the river with sweeping views of downtown.

“We are excited to continue our partnership with Batson-Cook Development Company as we start construction on our Southbank project,” said Rob McConnell, Principal, Ventures Development Group. “This is an incredible location in a great city that has a lot to offer from jobs to entertainment and dining to unparalleled outdoor recreational spaces.”

The property will feature a clubroom with multiple lounge areas, a demonstration-style kitchen, green space with a playground and a dog park and secure parking with direct access to the building. The community sits on the expansive Riverwalk trail system along the St. Johns River.

“We are very pleased to join with Ventures Development Group in bringing a unique and exciting multi-family project to Jacksonville,” said Litt Glover, President and CEO, BCDC. “This is a strong and growing market, with a lot of opportunities, especially in this location.”

This is the second project for the joint-venture partnership, following an under-construction 270-home apartment community in metro Dallas.

Cadence Bank provided the senior loan and Nationwide Realty Investors provided preferred equity. Ventures Development Group and BCDC are co-sponsors. Patterson Real Estate Advisory Group assisted with sourcing the debt and equity. Erik Bjornson and Tyler Nilsson with Newmark Knight Frank were the land brokers.

Niles Bolton is the architect and Summit Contracting Group is the general contractor. The project is expected to welcome residents in early 2022.

About Ventures Development Group

Ventures Development is a fully-integrated multi-family development and management firm with offices in Baton Rouge, La. and Jacksonville, Fla. VDG believes in a “value creation” approach when taking on real estate development opportunities. Whether through Rezoning, Entitlement Reform or Incentive Procurement, VDG believes all great and successful development opportunities begin and end with organic value creation. For more information, visit www.venturesdevelopmentgroup.com.

About BCDC

Founded in 1963, BCDC is a fully integrated real estate organization providing development and capital solutions, primarily through partnerships on commercial real estate projects in the Southeastern United States. Based in Atlanta, Georgia, BCDC offers a wide variety of real estate services from development and construction to equity and credit enhancements, to brokerage and property management. It is a wholly-owned subsidiary of Kajima USA. Visit www.batsoncookdev.com from more information.

 

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