JACKSONVILLE, FL. – Jacksonville’s transformation appears to be moving forward with a $40 million investment across four major projects.
William Studebaker joins This Week in Jacksonville: Business Edition to talk about First Coast Real Estate Partners’ first closed fund (FCREP) and its impact on development.
The private equity firm launched the fund with Corner Lots in Jacksonville to underwrite four projects:
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Aircraft
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Corner on Main Street
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Artea at Southbank
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Flagler Crossing Phase II
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“That was a pretty big stepping stone for Corner Lots to branch out and create FCREP,” Studebaker said, “Which is a funding piece to help capitalize on opportunities that arise from the production line and the core of the land.”
Studebaker said without a dedicated fund, developers “have to carefully seek funding on a project-by-project basis, which can work out well. But there’s really not a lot of scale benefit in doing that. So by coming in and creating a fund, you’re providing broader access to capital in a much more efficient way.”
We dive into the specifics of funding goals, projects underway, and how Jacksonville’s consolidation impacts developers’ ease of moving.
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