Jacksonville-based Corner Lot Development Group bought a riverfront office building in Riverside to relocate its Corner Lot Living headquarters from San Marco.
Corner Lot Living is the company’s multifamily division. Corner Lot will move five of its 10 employees to the location and add three more.
Through CLDG HQ 2 Holdings LLC, Corner Lot paid $1.75 million for the historic two-story, about 4,000-square-foot office building at 1819 Goodwin St. along the St. Johns River.
The Corner Lot Companies CEO Andy Allen said Dec. 14 the property will become the Corner Lot Living headquarters by midyear.
Allen estimates the total investment in the purchase, dock and minor interior build-out at $2 million.
The building is at Goodwin Street and River Boulevard. Property records show it was built in 1913.
It currently is the headquarters for Challen Asset Management LLC. Allen said it will continue to be leased until Corner Lot Living moves in.
Corner Lot bought it Nov. 19 from Goodwin Partners LLP, led by its general partner, Thad McNulty. McNulty is president of Challen Asset Management.
“Growth and jobs are important to Corner Lot. We have been blessed with our business growing through the pandemic, hence the need to add more talent to the team,” Allen said Dec. 15 by email.
“I think it’s safe to say Jacksonville is a top 10 market in our nation from an opportunistic development perspective.”
The Goodwin Street building is about 1,000 square feet larger than the corporate headquarters at 1611 Atlantic Blvd. in the 2,990-square-foot former Dan Stroble Printing Inc. building.
Allen said Corner Lot will continue to own that building and make it available for lease if it decides to move all of its operations out of the building.
For now, it intends to keep Breeze Homes and Corner Lot Development Group in San Marco. Those comprise five employees.
“As we start other legs of development, we are happy to be around Downtown and enjoy the walkability of Riverside as we enjoy here in San Marco,” he said.
CLDG HQ Holdings LLC, led by Allen and Corner Lot COO George Leone, paid $335,000 for that building in July 2018. It had been developed in 1985.
Corner Lot moved there in 2019 from leased space along Hendricks Avenue.
A CLDG representative said the total investment of converting the building for Corner Lot’s headquarters was estimated at $500,000.
Allen formed Corner Lot Properties in 2009. Corner Lot Development Group was formed in 2017 and developed more than $100 million in commercial and single-family residential subdivisions in the past three years.
It focuses on developing lots for affordably priced homes, and Allen said it is working on more than 1,000 around the city.
Corner Lot intends to break ground over the next four months on multifamily developments that include 270 units near River City Marketplace; 330 units in St. Augustine; and 210 units in World Commerce Center.
In San Marco, it is working with Harbert Realty to develop the 133-unit Park Place at San Marco on a section of South Jacksonville Presbyterian Church property.
Among other projects, Allen said Corner Lot is developing the Home2 Suites on Park Street in Brooklyn.
It also is moving into the second phase of its commercial development in Durbin Park that will include 6 acres to the south of its completed 7-acre project, Allen said.
