More Apartments for Skinner Parkway
by Roger Bull
The Florida Times Union
Monday, July 7, 2014
(Rendering of the new apartment complex planned for AC Skinner Parkway near the Town Center, developed by Killashee Investments)
Another apartment complex is planned for A.C. Skinner Parkway. The Loree will be 300 units just southwest of the Butler Boulvard/Southside Boulevard interchange.
It’s being developed by Mark Farrell of Killashee Investments and Joseph Eckstein of A.C. Packer. Farrell said they paid $5.4 million for the 15 acres. He doesn’t have a final price tag on the project, but is expecting it to be more than $30 million.
He’s hoping to break ground by the fourth quarter of this year with the first units available eight months later. Total build-out will take 18 months, he said.
Rents will start at about $1,100 for the one-bedroom apartments, $1,200 for the two-bedroom and $1,600 for the three-bedroom. Among the amenities will be a yoga garden and a chef’s demonstration kitchen, Farrell said.
The project will continue the apartment boom throughout Southeast Jacksonville along Skinner Parkway, Gate Parkway and Baymeadows Road.
The Loree will be next door to Lost Lake Apartments, a 280-unit complex that opened less than a year ago. A manager there said it’s already more than 96 percent occupied. Rents there range from $999 to $1,574.
Farrell is the former president and CEO of Vestcor, which developed 8,000 multi-family units during his tenure there. This is his first project since then, but Killashee is also the company that proposed the 1,000-foot tower on The Shipyards property on downtown’s riverfront.
Jaguars owner Shad Khan has also expressed interest in the city-owned property, but everything’s on hold.
“If he is interested,” Farrell said, “the city needs to listen to Mr. Khan.”
But he’s still optimistic that the sail-shaped office building still has a possibility of looming over Jacksonville.
“Since we proposed it,” he said, “Miami is doing a tower. Orlando is building the world’s tallest roller coaster. We can watch the world go by or we can participate. Everyone’s doing something iconic, and that was the idea for Jacksonville.
“Watch Monday Night Football, and what do they show? Friendship Fountain lit up. Let’s give Jacksonville an image.”
Roger Bull: (904) 359-4296