Dream Finders Homes LLC is exploring scenarios to redevelop the 68-acre Prominence Office Park in Baymeadows that it bought June 28.
The Jacksonville-based homebuilder is exploring a mixed-use development for offices and multifamily uses.
Prominence is at southwest Baymeadows Road and Interstate 95, with Prominence Parkway its main road into the park.
Prominence Office Park comprises seven buildings totaling 754,691 square feet of space.
A site plan dated June 17 filed with city utility JEA shows four Parcels – A through D – for office and/or multifamily uses.
Parcels E through G are for open space.
The maximum number of residential units would be 1,480 and the maximum office space would be the existing roughly 753,000 square feet, the JEA filing says.
One analysis by civil engineer Prosser Prime AE shows up to 562 units on Parcel A; 370 on Parcel B; 192 on Parcel C; and 355 on Parcel D.
JEA issued a service availability determination letter June 28, the day of the sale, outlining the utility connections and services.
It is not clear what is envisioned for the seven office buildings if multifamily units are developed.
There are two office buildings on Parcel A; two on Parcel B; one on Parcel C; and two on Parcel D.
Dream Finders has not responded to requests for comment.
A limited partnership led by Jacksonville-based Dream Finders Homes LLC paid $22 million for 15 parcels, including the seven office buildings.
DFH Prominence LP bought the property from Crocker Partners V Freedom LLC.
The Daily Record reported Feb. 14 that the 36-year-old Prominence Office Park was being offered for sale, according to real estate firm JLL.
Prominence had been owned and managed by CP Group, previously known as Crocker Partners, with leasing handled by JLL Managing Directors Michael Loftin and Jesse Shimp.
The brokers handling the sale offering, which was labeled a “lender driven sale,” were JLL Senior Directors Matthew McCormack and Robbie McEwan, both in Capital Markets.
Invest.jll.com stated that the “Prominence Office Portfolio 2023” at 8900 Prominence Parkway was under contract, but did not say with whom or at what price.
Records show Bank of America held a $59 million mortgage note as of August 2018. The bank amended its financing statement in February 2023.
The offering said the office space was 50% leased.
The seven buildings, from 21,991 to 160,065 square feet of space, were built from 1988 to 1998.
Tenants include local, national and government organizations “who have occupied the campus for many years and remain committed to the location,” the offering said.
The deeds show that the buildings are on about 51.55 acres, while the remainder is 6.65 acres of vacant commercial land, 5.71 acres are parking lots and 4.14 acres are wasteland and right of way.
A drive through the park showed signs for tenants that include Southeastern Grocers, Olympus Insurance, Digital Risk, Solera and AutoPoint.
The offering said that the Baymeadows are submarket had more than 5,000 new apartment units added over the past five years.
“The Properties offer investors a rare, large-scale value-enhancement opportunity in one of America’s top growth markets,” it said.
Value enhancement means a buyer would have the opportunity to reposition or repurpose the property for a higher return on its investment.