Real estate development firms Corner Lot and DLP Capital are partnering to develop a 1,400-acre mixed-use community in Northwest Jacksonville.
Corner Lot said in a news release Sept. 22 the property is at southwest Old Kings and Thomas roads.
According to the property deed, Thomas Road is named Acree Road.
The property is about 10 miles southwest of Jacksonville International Airport and 7 miles northwest of Interstate 295.
The community will include single-family homes along with 200 acres of commercial development and more than 600 acres of conservation land.
Corner Lot, though Acree JV LLC, acquired four parcels for the project totaling 1,480 acres from H&W Timber LLC on Sept. 15 for $15.3 million, according to a Corner Lot spokesperson.
“Our goal is to develop a community for those who want to live and work in a beautiful coastal city that is also one of the hottest urban markets in the country,” Corner Lot CEO Andy Allen said in the release.
The property will have revised development plans to meet city needs, the release said. Its conceptual plans are to develop commercial retail, restaurant, hospitality and recreational opportunities.
The project is scheduled to break ground in the second quarter of 2023.
“Northern Duval County is going to play an important role in the development and evolution of Jacksonville in the future and we are happy to be working with JEA to run utilities to this underserved area of our city,” Allen said in an email.
“The untapped locations north of I-295 are ideal for a mixed-use destination development such as this. They’re close to the airport, close to the downtown core, and not too far from the beaches.”
Corner Lot subsidiary Breeze Homes will be the first company to build homes in the project. The developers said they are negotiating with national homebuilding companies for additional phases of the project.
The project aims to address the shortage of affordable housing in Northeast Florida, said Jim Boyce, managing director of Construction and Development at DLP Capital, in the release.
“The greater Jacksonville area is seeing tremendous growth but is limited in supply of affordable homes for the area’s workforce. The new development will be a much-needed addition to a vibrant and growing community, and it’s well aligned with DLP Capital’s mission of addressing the affordable housing crisis in America,” Boyce said.
DLP Capital did not release home prices.
“The homes will be priced at market rates appropriate for the area submarket,” a spokesperson said.
DLP Capital is a private real estate investment and financial services company headquartered in St. Augustine.
Corner Lot is a private real estate development firm based in Jacksonville.
