Jacksonville, Florida – Jacksonville’s transformation is expected to move forward with a $40 million investment in four major projects.
William Studebaker appears on this week’s Jacksonville: Business Edition to talk about his first fund from First Coast Real Estate Partners. (FCREP) and impacts on development.
The private equity firm launched the fund in partnership with Jacksonville’s Corner Lots and has underwritten four projects:
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Avion
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Corner of main street
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Altea on Southbank
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Flagler Crossing Phase II
Previous Episode: Downtown Jacksonville is ‘under construction’
“This was a huge stepping stone for Corner Lots to expand and create FCREP,” Studebaker said. “This is a fundraising arm to take advantage of opportunities that are coming out of our pipeline and core lots.”
Studebaker said that without a dedicated fund, developers “have to carefully raise capital on a project-by-project basis, and sometimes that works. But in reality, there aren’t that many economies of scale to be gained by doing that. So by coming in and creating a fund, we can provide more universal access to capital in a more efficient way.”
We’re taking a closer look at the fund’s objectives, ongoing projects and how Jacksonville’s consolidation will affect developers’ ease of relocating.
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