The construction site of N4, a new multifamily development in Jacksonville, Florida.
Ceiba Groupe has announced the acquisition of a $40.2 million construction loan for its multifamily development project, N4, in Jacksonville, Florida. The project aims to create a built-to-rent community along Main Street, with 286 luxury apartment units and 20,000 square feet of ground-floor retail space. With advanced construction techniques and an emphasis on urban design, N4 represents a significant investment in enhancing Jacksonville’s housing market and community living.
Ceiba Groupe, based in Fort Lauderdale, has announced that it has secured a substantial $40.2 million construction loan for its latest multifamily project in Jacksonville, Florida. This significant investment is aimed at developing a new, built-to-rent community located along Main Street, which is poised to enhance the local housing market.
The construction of the project, known as N4, is already underway, following a ceremonial groundbreaking by FaverGray, a respected general contractor. N4 is strategically located at 715 Clay Street in downtown Jacksonville, showcasing plans for a seven-story mixed-use building designed to provide a modern living environment.
In partnership with Gateway Jax, this development represents the second phase of a broader initiative in the Pearl Square district. The first phase, identified as N11, is still ongoing, indicating ongoing growth and investment in the area.
Transforming a 1.27-acre site, the N4 project will feature a total of 286 luxury apartment units. In addition to residential offerings, the mixed-use building will encompass approximately 20,000 square feet of ground-floor retail space segmented into five distinct retail bays, effectively blending living and commercial opportunities.
The design of N4 focuses heavily on resident amenities, which will include a fitness center, a multi-purpose club room, a theater, and a lounge area. Residents will also benefit from a two-level integrated parking garage, providing convenient access to their homes. The architectural highlights will feature a modern aesthetic with fiber cement siding and stone accents, enhancing the urban appearance of the development.
The construction of N4 will incorporate advanced building techniques to ensure longevity and resilience. The project will utilize a concrete podium that provides flood resiliency, along with wood framing for the upper floors. The site development will also engage in comprehensive landscaping and hardscape improvements, aligning with Pearl Square’s urban design plan. In doing so, the project aims to contribute positively to the revitalization of downtown Jacksonville.
The Jacksonville multifamily market has seen notable growth, with 7,679 units delivered and $709 million invested in the sector throughout 2024. Earlier this year, Madison Communities opened Madison Fountains, a major new project featuring 276 multifamily units. This development was funded by a $50.3 million loan and includes amenities such as a fitness center, clubhouse, swimming pool, and a dog park, appealing to a diverse range of residents.
Thompson Thrift has announced its own plans for growth in Jacksonville, introducing the upcoming Velara community, which will include 312 units. Furthermore, the Jacksonville City Council has recently approved a project to convert a former campus on Arlington Expressway into both multifamily and office space, adding a total of 659 multifamily units to the area. This project will also see the construction of four new six-story buildings, complemented by amenities like a dog walking area and pickleball courts.
Existing structures, including the former FBI and Offshore Power Systems buildings, are part of the redevelopment strategy in this area. The properties were recently acquired by property owner Marc Kozman for $8 million, further indicating a positive trend in the local real estate market.
The $40.2 million loan for the N4 project symbolizes a significant investment in Jacksonville’s multifamily landscape. With ongoing projects and expansions, the area is well on its way to becoming a vibrant hub for both residents and businesses, fostering community and economic growth in downtown Jacksonville.
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