JACKSONVILLE, FL – EJF Capital LLC and Chance Partners LLC plan to develop a three-building, 295-unit, multi-family community located in an opportunity area in Jacksonville, FL’s St. Nicholas neighborhood.

The partnership will build the project, titled Southgate, on two parcels of land totaling 9.5 acres. The companies expect delivery in the fourth quarter of 2023.

Southgate will offer amenities including coworking spaces, indoor and outdoor social spaces, resort-style pool and deck, 24/7 fitness center, walking paths, dog park and a pet spa. The community will incorporate smart home technology for keyless entry and will be surrounded by parking with over 400 spaces.

Investors will benefit from attractive tax advantages due to the location of the development in a qualified opportunity area.

The development represents the businesses fifth multi-family development in the Jacksonville market. The partnership has already developed Eastborough, The Exchange, Barlow and San Marco Promenade in the area.

“Five projects in one market demonstrate our belief that the future of the San Marco and St. Nicholas neighborhoods will meet the residential demand serving these historic infill locations,” said Jeff Rosen, principal at Chance Partners. “We love everything about this market, especially its location, just minutes from the Southbank neighborhood and its many healthcare complexes, anchored by Baptist Medical Center and Wolfson Children’s Hospital.”

“Jacksonville is an exceptional market with vast investment opportunities, and we, along with our partner Chance, believe the economic fundamentals couldn’t be stronger,” said co-founder and co-CEO of EJF Capital LLC. , Neal Wilson. “Factors that make this location such an attractive location include strong demand for multi-family housing, robust population growth and a diverse economy with healthcare in mind.

Jacksonville is currently Florida’s fourth largest metropolitan area by population with nearly 1.6 million residents.

“The prospects for growth near Southbank and its adjacent historic neighborhoods of San Marco and St. Nicholas are compelling,” said Asheel Shah, Senior Managing Director and Head of Real Estate Development at EJF Capital. “We love its diversity, which not only includes healthcare, but also a thriving banking, insurance and investment services industry, as well as two large naval bases. The simple fact is that more and more people are moving to Jacksonville, and these infill neighborhoods offer terrific location and amenities.