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Chance Partners, EJF Capital to Build 295-Unit Multifamily in Jacksonville OZ
Jacksonville, FL-based Chance Partners, LLC, and Arlington, VA-based EJF Capital, LLC, will develop a three-building, 295-unit multifamily community in the St. Nicholas neighborhood of Jacksonville.
The project, Southgate, is in an area certified as a Qualified Opportunity Zone under the Tax Cuts and Jobs Act of 2017, which offers investors potential attractive tax benefits to invest in designed areas in order to create economic growth in lower income areas.
The project consists of two parcels totaling 9.49 acres and will be developed with three multifamily buildings each with four stories surrounded by a surface parking lot providing over 400 parking spaces. Initial delivery of Southgate is anticipated in the fourth quarter of 2023.
The project is EJF and Chance’s fifth in the Jacksonville market and will benefit the infill St. Nicholas and San Marco neighborhoods by adding workforce housing for hundreds of residents.
- ◦Development
