Silver Hills: the ford on the bay
Silver Hills Development Inc. and Edwards Cos. — Southeastern United States real estate developer based in Shaker Heights, Ohio.
Dimensions: Four to eight floors.
Residential: Up to 315 apartments.
Retail: Up to 20,000 square feet of retail space, including outdoor patios.
Car park: Garage with 470 spaces for multi-family users and retail businesses.
Approvals: Rooftop entertainment area; Riverwalk public promenade; possibility of managing the marina.
• 15-year Recapture Enhanced Value Grant (property tax refund).
• Purchase of land for $2.5 million from the city.
• $2 million from the promoter for the improvement of pedestrian walkways.
• Donation of $500,000 to an organization chosen by the city for downtown or civic events.
Chronology: Fall 2024 rental.
Mid-America Apartments LP
Real estate developer based in Germantown, TN with a regional office in Jacksonville.
Dimensions: Seven stories.
Residential: 306 apartments.
Retail: 17,959 square feet of retail space — boutiques, restaurants and public spaces. Including:
• 5,759 square feet on Bay Street.
• 12,000 square foot waterfront retail pavilion with outdoor dining terrace.
Car park: Eight-level parking garage for multi-family and retail users.
Approvals: Over 10,000 square feet of amenities for residents on Bay Street; open space connecting a residential swimming pool/courtyard to the street; residential front porch entrances on Market Street.
VanTrust Real Estate
Industrial, office, mixed-use and residential developer based in Kansas City, MO with a regional office in Jacksonville.
Dimensions: 322,625 square feet.
Residential: 290 units.
Retail: 6,000 square feet of retail/rental/amenity space; 5,000 square foot stand-alone restaurant; Additional amenity space of 8,500 square feet.
Car park: 468 spaces, parking on 6½ levels. Including:
• 413 residential places.
• 55 commercial spaces.
Approvals: Skydeck; waterfront public square; resident courtyard and pool; and a dog park.
Financial: The project cost of $99,458,062 includes:
• Land cost of $3.4 million for the developer.
• $17,572,062 in permits and fees.
• Construction costs of $78,486,000.
Chronology: 27 month construction time.
Miami-based condo and apartment developer.
Dimensions: Eight stories.
Residential: 310 one, two and three bedroom apartments.
Retail: Approximately 28,500 square feet of retail space. Including:
• 8,300 square feet of ground floor retail space.
• 10,000 square feet of living/working space.
• 10,000 square foot waterfront restaurant with a 3,000 square foot rooftop lounge.
Car park: Car park with 565 spaces including 100 spaces for public use.
Approvals: Memorial to the Great Fire of 1901 – 18 columns symbolize the piers and quays once on the outskirts of the city; outdoor bars and restaurants by the river on the roof and on the ground floor.
Financial: The project cost of $118,608,000 includes:
• Land cost of $9 million.
• Construction costs of $90,085,619.
• Permits and fees of $15,964,128.
• Contingency of $3,558,253.
Jax Riverfront LLC
Partnership between SouthEast Development LLC, based in Jacksonville, and City Development Co, based in Nashville.
Hotel: Reverb by Hard Rock hotel with 150 rooms.
• 95 residential condominiums of one, two and three bedrooms.
• 300 apartments. Including:
• 60 social housing units.
Retail: 54,575 square feet of retail and entertainment space, including a rooftop restaurant.
Office: Modular space.
Car park: Underground structure with 425 places.
Approvals: Cafe Marina with green roof; public hardscape and plaza.
• Land acquisition cost of $8 million for the promoter.
• The total development cost of $253,450,000 includes:
• $43.2 million hotel.
• $137.65 million multifamily and parking.
• $52.6 million in residential condominiums.
• $13.75 million at retail.
• Office of $6.25 million.
Carter: The Hardwick at Ford on Bay
Carter is an Atlanta-based developer specializing in multi-family, mixed-use, office, and student housing projects.
Dimensions: Residential tower 300 feet high, residential basement 75 feet.
Residential: 332 units.
Retail: 25,000 square feet including two restaurants including one by the river.
Car park: 550-space garage with 125 parking spaces.
Approvals: Swimming pool on the roof and pleasure terrace above the parking garage; waterfront plaza; ecological buffers, tree canopy; waterfront park with green roofs; and water resistant garden yard for storm surge resistance.
• CBRE brokerage commission estimated at $2.43 million.
• Land ceded free of charge by the city.
• $2.5 million open public space.
• 20 year, 75% Recapture Enhanced Value Grant (property tax refund).
• Total developer cost of $140 million.