No go for East San Marco
East San Marco, the long-awaited multi-use development on the corner of Hendricks Avenue and Atlantic Boulevard, is not coming to San Marco anytime soon.
According to Jacksonville Council President Lori Boyer, who represents District 5, ArchCo Residential of Atlanta, primary developer of the project, “declined to move forward with the purchase,” during its closing March 13.
“This is not to say they will not go ahead and revive the deal,” said Boyer, “But at this point it is not as if it has been delayed a day. I guess they are still trying to work it out.”
Construction on the project had been expected to start April 1, with “expected delivery on residential units” slated for early 2019, according to Eric Davidson, a spokesperson for Regency Centers, which currently owns the 4.33-acre parcel, and a partner in the project.
ArchCo and Blue Rock Residential Growth REIT, Inc. had intended to purchase the land from Regency Centers, then sell back the retail space to Regency once the project is complete, Davidson said.
In a phone interview March 20, Davidson said he had not heard that ArchCo had permanently backed out of the deal, and after checking on the matter with Jim Thompson, executive vice president of operations for Regency Centers, said it was his understanding the closing had been delayed.
ArchCo was also co-developing the project with G. John Carey of Whitehall Realty Partners of San Marco, who was to be the boots-on-the-ground partner overseeing the construction. The Resident reached out to Carey, who was not available for comment.
ArchCo Residential was granted $48 million in building permits for the development in late December 2016.
The project, which has had several false starts over the past decade, was to comprise 239 residential units, 46,000 square feet of retail space, including a 33,000-square-foot Publix, and a six-story parking garage.
By Marcia Hodgson
Resident Community News
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