IN THE NEWS
MAS Development and Agador Spartacus, two South Florida-based developers, have plans for a build-to-rent community in Northeast Florida. According to the Jacksonville Business Journal, Magnolia Villas at Jacksonville would offer 100 units “comprised of two-story townhomes and two-story walk-up flats”.
The venture will target individuals and families earning 100 percent to 120 percent of the area median income (AMI). The community will host a variety of Class A amenities, including a swimming pool with cabanas, fitness center, yoga studio, and other offerings. MAS purchased the presently vacant 6.52-acre build site for $675,000 in late 2023.
Permitting approvals are expected either this month or the next, with Magnolia Villas at Jacksonville expected to break ground by the end of this year. Tocoi Engineering is the engineer. Magnolia Villas at Jacksonville is expected to be the first of many developments by MAS Development and Agador Spartacus. The pair have more than 3,000 projects in their “development cycle”. Jacksonville is experiencing a rapid period of economic and population growth, spurring many projects in the region.
Another such project is Presidium Regal, which recently finished construction. Replacing a defunct movie theater, the venture presently offers 334 homes, measuring 551 to 1,560 square feet each.
Magnolia Villas at Jacksonville could start development at 10505 103rd St., Jacksonville, FL, 32210, in Duval County.
September 7, 2024
