FIRST COAST COMMUTER RAIL TOD STUDY | EXISTING CONDITIONS
FIRST COAST COMMUTER RAIL TOD STUDY | EXISTING CONDITIONS
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In Duval County, the average vacancy rate has been steadily declining since 2010. Vacancy was also declining in St. Johns County until large deliveries in 2018 caused a spike. Since 2010, the average multifamily rent in St. Johns County has remained about $0.20 higher per SF than in Duval County. The average rents of both counties have followed similar trends. Typologies Downtown Jacksonville, Southern Duval County, and Greater St. Augustine all have distinct types of multifamily development reflecting the different demographics of the areas. Downtown Jacksonville’s existing inventory is mostly mid-rise, four to fourteen stories, apartment buildings. These apartments tend to have surface and/or garage parking with amenities and are more likely to be mixed-use. The current pipeline is in line with existing inventory, mid-rise, although a high-rise 38 story building, Seaglass Tower at The Shipyards, is under construction. The recent deliveries in southern Duval and northern St. Johns have been three to four story, garden style apartment communities on large pieces of land with surface parking. Most recent development in this submarket has taken place in between the Avenues Walk Station Area and CR 210 Station. The typology of the current pipeline is similar to existing inventory, but spreads closer to the Avenues Walk and CR 210 Stations, like the Bainbridge Avenues Walk luxury, market-rate apartment complex expected for 2022 and
Linden House, a 295 market-rate unit mid-rise complex under construction near Race Track Road, expected for 2023. Eastern Duval County, in the Southside part of Jacksonville, has seen significant development in recent years. These apartment buildings have been larger than those around the proposed corridor, like the mid-rise complex, Point at Tamaya, built in 2017 that delivered 380 market-rate units or the mid-rise Fusion Apartments that delivered 384 market-rate units in 2020. Greater St. Augustine is more likely to see one to three story townhomes and garden style apartment complexes like Brisa at St. Augustine, a three story garden style development with 256 units built in 2020. There also has been oceanfront development catering to vacation homes, like Sea View Cottages built in 2018. The multifamily pipeline is fairly small in Greater St. Augustine, but there are a few garden style apartments proposed around the city of St. Augustine, including San Marco Heights, an three story, 132-affordable unit development under construction for 2022. Takeaways Duval County, becoming increasingly renter-occupied, has seen mostly high-rise, rental multifamily deliveries over the past 10 years. St. Johns remains mostly owner- occupied; recent multifamily deliveries are mostly larger, suburban, garden-style apartments.
The Brooklyn Riverside 100 Magnolia St, Jacksonville Apartment community built 2015 310 Market-Rate Units
4 Stories (Mid-Rise) Rent/SF/Mo: $2.06
JRTC
Surface parking and garage Bainbridge Avenues Walk 10502 Avenues Walk Blvd, Jacksonville Luxury apartment complex under construction (expected 2022) 372 Market-Rate Units 4 Stories (Mid-Rise) Surface parking The Landing at St. Augustine 100 Lasa Dr, St. Augustine Apartment complex built 2018
BAYMEADOWS
AVENUES WALK
CR 210
PALENCIA
KING STREET SR 312
Pipeline projects Deliveries since 2010 FCCR corridor
585 Market-Rate Units 3 Stories (Garden Style) Rent/SF/Mo: $1.74 Surface Parking
Figure 3-40: MULTIFAMILY DEVELOPMENT NEAR CORRIDOR
Source: CoStar, Dot size based on Rentable Building Area (RBA)
FCCR TOD
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