There’s still no formal name, but the Hines group’s large mixed-use project near St. Johns Town Center has taken a pivotal step toward development.
The global real estate firm bought the land last week, paying $20 million for property it intends to develop for residences, retail stores, a hotel, offices, services, parks and green space.
Through S-15 Land Holdings LLC, Hines bought the property along Gate Parkway on Oct. 18 from He Otter LLC and He Shoulda Investments LLC.
Hines took out a $9 million mortgage from Atlantic Coast Bank of Jacksonville.
The deed and mortgage were recorded Monday with the Duval County Clerk of Courts.
Hines Managing Director Lane Gardner said in a statement Monday evening the company has closed on the first phase of the development and further details, including the number of acres purchased, will be released later.
The Duval County Property Appraiser's Office calculates the land sold at nearly 69 acres.
Gardner said there is no name to announce for the property, referred to during early planning as Mill Dam Branch. Hines plans to announce the name in the next few months.
The site is at southwest Butler Boulevard and Interstate 295 and stretches from the FBI Building to the Shoppes at Village Walk.
It was reported previously that Hines contracted for a little more than 100 acres, of which about 75 acres can be developed, from members of the Skinner family.
Hines has said it expects to complete the project in phases over six to eight years.
To start the project, the city is reviewing the mass grading, roadway and utility plan for the property. England, Thims & Miller Inc. is the civil engineer.
Gardner said Hines hopes to start infrastructure work within the next month.
An architectural site plan shows two lakes surrounded by parcels identified for residential, office, commercial and commercial-office.
Gardner said the mix of uses is evolving.
“Ultimately the market will dictate the final square footages within those approved,” he said.
Hines also has been talking with city reviewers about a six-building, 306-unit apartment community on about 10 acres within the property.
That parcel is in the center of the project. Gardner said it was in the permitting stage.
A spokeswoman said in July that Hines might sell portions of the property to other developers as the market dictates.
Gardner said Hines is the master land developer and will control all the elements of the master plan, “including which uses go where, who the users are and the infrastructure, parks and architectural elements.”
He explained the project is a land deal for Hines.
“But just as with the multifamily, we will consider building some of the vertical elements ourselves or we may elect to partner or sell land to high-quality developers for some components,” he said.
Gardner said Hines also might sell land to end users such retailers, a hotel or office users it considers would be good fits within the master-planned community.
Hines, based in Houston, has experience in the market. It has developed the 2,000-acre Palencia community north of St. Augustine and owns The Markets at Town Center.
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