DLP Real Estate Capital and its partners are diligently proceeding with plans to revitalize the downtown Jacksonville area, bringing back commerce to the once bustling city square. Construction plans will soon be underway for the Independent Life Tower, the Ambassador, and additional neighboring projects. DLP is partnering with Augustine Development Group, JWB Companies, and PNC Bank.
The 19-story former Independent Life Tower, which recently received unanimous approval from the Jacksonville City Council for a redevelopment grant and federal historic tax credits, will begin construction this spring, at a cost of $37 million. The once blighted building will be transformed into135-unit luxury apartments, with a 10,000-square-foot ground floor retail space that will be home to a grocer and boutique cafe, a 7,000-square-foot, high-end rooftop lounge, and a rooftop pool. The building was also named an official historical landmark by the city of Jacksonville’s Historic Preservation Commission. The original Independent signage that once sat atop the building will be restored and re-illuminated. Additionally, the streetscape and pedestrian walkways will be redeveloped. The project is expected to be completed by late 2021.
Don Wenner, DLP Real Estate Capital Founder and CEO, commented, “We are excited with the progress being made on this historic project to restore and revitalize downtown Jacksonville. Once completed, we look forward to celebrating with city officials, fellow local business owners, and the many people who will call the Independent Life Tower home. We are grateful for the partnerships with ADG, JWB, and PNC Bank on such an important and significant undertaking.”
The Ambassador is slated for closing in the coming weeks. It will consist of 100 units with a small ground floor restaurant located in the lobby and is located on the same block as the I-Life Tower. George Bochis, CEO of Augustine Development Group, said: “We are committed to revitalizing and reshaping the northern part of the urban core of downtown Jacksonville, bringing new people, new businesses and new life to the area.”
The Porter House, a historic mansion built in 1902 and renovated in 1982, once served as a courthouse in downtown Jacksonville. Recently purchased by Alex Sifakis of JWB Companies, and financed by DLP Lending, Sifakis will transform the building into office space and plans to develop the land behind it into apartments.
Anthony Ruben, DLP Senior Managing Director of Investments, commented, “The availability of grants and historical tax credits from the city, state, and federal governments have helped tremendously to make these projects economically feasible. Together with our partners, we are thrilled to bring this historic area to life and we can’t wait to see the final results of our efforts and hard work.”