For the second time in less than a week, a new Downtown multifamily option is online with an opening ceremony March 11 for the $93 million Artea apartments.
The four-story, 340-unit Artea at 944 Broadcast Place was developed on 3.87 acres owned by the Jacksonville Transportation Authority near the Kings Avenue parking garage and Skyway station on the Downtown Southbank.
It was built under JTA’s Transit Oriented Development Program, which spurs development of high-density projects built near public transportation hubs or stations.
The opening came five days after a similar ceremony for the $73 million Union Terminal Warehouse mixed-use renovation at 700 E. Union St. That project turned 361,169-square-foot warehouse, built in 1913, into mixed-income apartments, offices and retail units.
Artea was developed by Corner Lot Development Group. It entered into a 99-year lease with JTA for the site in October 2022. In February 2022, the Downtown Investment Authority board approved a 55%, 15-year Recapture Enhanced Value grant of up to $6.3 million for the project. A REV grant is a refund on ad valorem tax revenue generated by a new development.
A City Council vote was not required on the REV, as the DIA board has authority to issue final approval for grants below 75% and less than 20 years.
Artea offers studio, one- and two-bedroom units from 639 to 1,278 square feet.
According to arteajacksonville.com, studio unit rents start at $1,510; one-bedroom units are $1,411 to $2,075 and two-bedroom units are $2,050 to $2,450.
All units offer quartz countertops, stainless steel appliances, full-sized in-unit washers and dryers and keyless door entry. Select units include balconies, double vanities and city views.
Community amenities include a swimming pool, rooftop lounge, gaming courtyard, pet spa and an indoor and a resident hospitality bar with coffee and tea.
The property also includes a 425-space structured parking garage.
Corner Lot broke ground on the project in April 2023, with estimated completion in the summer of 2025.