Acquires I-Life Tower for $3,700,000
On September 29, 2019, DLP Real Estate Capital partnered with Augustine Development Group on the acquisition of the former JEA Headquarters building, located in downtown Jacksonville. The two companies purchased the 18-story I-Life tower, completely vacant since 2001, for $3,700,000.
DLP Real Estate Founder and CEO Don Wenner along with Byan Greiner and George Bochis of Augustine Development are planning on completely renovating the building, transforming it into a 140-unit multifamily apartment residence, a rooftop restaurant with outdoor lounge, and a national grocery store chain on the first floor.
Wenner commented, “This investment and strategic partnership with Augustine Development Group and the City of Jacksonville, further exemplifies DLP’s vast capabilities to identify and outmaneuver competitors in the marketplace. This adaptive rehabilitation project will be a cornerstone of the Jacksonville Historic Downtown area.”
The thriving downtown area offers a multitude of dining options, office buildings, and attractions. Jacksonville is one of the fastest growing metropolitan areas in the country due to exceptional quality of life, low cost of living, and diverse employment opportunities.
The building itself will feed off a chilled water system, making it the most energy-efficient building located in downtown Jacksonville, also an important factor for DLP Real Estate Capital who builds and sells high-performing smart homes through DLP Brite Homes, LLC, also located in the sunshine state.
Additionally, the two companies will partner on the old Ambassador Hotel, located directly across the street. Plans include more apartments and a parking garage.