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Hallmark Partners Breaks Ground on 220 Riverside Mixed-use Development

Retail, residential and park project to revitalize historic Brooklyn neighborhood, spur continued economic growth

Jacksonville-based Hallmark Partners and city, business and community partners gathered today to celebrate the start of construction on 220 Riverside, a mixed-use development in the city’s historic Brooklyn neighborhood. The 220 Riverside project will feature a 294-unit, seven-story multifamily rental housing development and 18,000 square feet of retail space, all centered around a community park.

“Great cities need an iconic place for the community to come together,” said Alex Coley, president for Hallmark Partners, which is developing 220 Riverside along with apartment industry leader MAA and Bristol Development Group. “After planning for more than a decade, we are thrilled that 220 Riverside can and will be that place for Jacksonville, combining housing, shopping and eating establishments with a vibrant, dynamic gathering space for Jacksonville.”

The 220 Riverside project represents a $39.5 million investment into property that has long been vacant. It will spur economic growth in this distressed area and serve as a catalyst for future redevelopment. Additionally, the 220 Riverside project will serve as an important point of connection as the revitalization of historic Brooklyn will expand the housing and entertainment venues of Riverside and Avondale into the downtown core.

“Downtown Jacksonville is on the move. There is a buzz unlike we’ve felt in years and 220 Riverside is playing a major role in the rebirth of our city center,” said Mayor Alvin Brown. “I’ve made it no secret that Downtown is a major priority, but government can’t do it alone. By working with the city, Hallmark Partners is reducing costs while growing an estimated $6.9 million for the city and schools over the next 20 years. Let this be a great example to show that private sector investment Downtown benefits us all.”

In addition to increasing housing and retail space in downtown, 220 Riverside will feature an adjacent urban park that will operate under a unique public-private partnership. Part of Hallmark Partners’ rental proceeds from the retail portion of the development will fund ongoing park maintenance and operational expenses. The park will be operated, managed and owned by a nonprofit created by Hallmark Partners. Approximately the size of a football field and able to accommodate more than 1,000 people, the park will support more than 250 days of programming and special events throughout the year.

“The 220 Riverside project will breathe life into the Brooklyn neighborhood, bringing needed housing, economic opportunities and public amenities to this community,” said City Councilman Warren Jones. “Hallmark Partners and 220 Riverside are part of a group of pioneers working toward the redevelopment of Brooklyn. In conjunction with community leaders and areas businesses, this group is leading the way for a better quality of life for our downtown residents and visitors and inspiring future growth.”

MAA, a market leader in multifamily residential investment, joined the 220 Riverside development team earlier this month and Tom Grimes, a Jacksonville native and executive vice president and COO for MAA, said he expects 220 Riverside to greatly impact downtown Jacksonville.

“The 220 Riverside project will create value for our shareholders by serving as a much-needed residential and retail anchor for this historic community,” said Grimes. “We are proud to be part of the team that will bring quality living, working and entertainment opportunities to Jacksonville.”

Construction of 220 Riverside is anticipated to last 20 months, with an estimated completion date of August 2014.

About Hallmark Partners

Hallmark Partners was formed in 1993 as a full-service commercial real estate development company offering development, design-build, construction, financing, marketing, sales/leasing and asset/property management. Since it was founded, the company has developed more than 1 million square feet of space in the Jacksonville area with a combined estimated value of more than $250 million. Hallmark Partners is currently involved in the leasing and/or management of a portfolio in excess of 3 million square feet. In early 2012, Hallmark Partners affiliated with NAI Global to create NAI Hallmark Partners, offering additional commercial brokerage services and platforms through a worldwide network of relationships.

About MAA

MAA is a self-administered, self-managed apartment-only real estate investment trust, which currently owns or has ownership interest in 49,687 apartment units focused on delivering full-cycle and superior investment performance throughout the Sunbelt region of the U.S. For further details, please refer to the MAA website at www.maac.com or contact Investort Relations at Investort.Relations@maac.com.

About Bristol Development Group

Bristol Development Group specializes in developing, building, marketing, operating, managing and selling urban and suburban multifamily communities. Based in Nashville, Tenn., Bristol has been the lead developer for 25 projects in six states and operates throughout the Southeast, with a focus on Tennessee, Alabama, Virginia and Florida. Bristol Development Group played a key role in revitalization efforts in the Gulch, an area of Nashville that has become the premier place for living, working and entertainment. Bristol developed two value-creating properties that continue to spur additional development in the area: Icon in the Gulch and Velocity in the Gulch. The mixed-use neighborhood is now home to art galleries, restaurants and entertainment venues. For more information, visit www.bristoldevelopment.com.


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