News
Block One Ventures LLC Announces Acquisition of River House on the Southbank Riverwalk
Acquisition of the multifamily development was completed on June 28, with construction on improvements to begin in late summer 2024.
JACKSONVILLE, Fla. –– July 1, 2024 –– Block One Ventures LLC, a sister company of Trevato Development Group, announced today the acquisition of River House for $54 million. The transaction closed on June 28, 2024.
The property, a 263-unit multifamily development located at 1655 Prudential Drive on the St. Johns River in Jacksonville, was originally built in 2018 and is only one of two multifamily communities on the Southbank Riverwalk.
Block One Ventures plans to implement several upgrades to the property, and has retained Ironwood Design for landscape architecture and Dynamik Design for interiors. Both firms have completed design; upon receipt of a permit, construction will begin in late summer 2024. These enhancements follow $11 million in redevelopment work completed by the previous owner and approved by the U.S. Army Corps of Engineers, following a failure of the seawall and bulkhead in 2020 that impacted the property’s three ground units, 10 upper-level units and underground push piers.
“We believe that with this acquisition, in addition to the planned construction improvements, will further enhance the lifestyle experience for existing residents at River House and ultimately bring much-needed activation to the Southbank neighborhood,” said Katelyn Taylor, Trevato Development Group and Block One Ventures Director of Operations and Portfolio.
Block One Ventures was chosen among multiple prospective buyers due to the company’s local knowledge, proactive structural evaluation and ability to close quickly and with confidence.
This acquisition further expands Block One Ventures’ portfolio within Jacksonville’s urban core. In March 2024, Block One Ventures completed the construction of The Station at San Marco, a 345-unit mixed-use development located at 1230 Hendricks Ave near the heart of San Marco Square and less than one mile from the Southbank Riverwalk. The property is currently 70% leased, at a market leading 40+ leases a month.
For more information, visit www. trevatogroup.com/portfolio/block-one-ventures/.
About Block One Ventures LLC:
Founded in 2015, Block One Ventures is a commercial real estate company with expertise in identifying quality real estate opportunities focused on building multi-housing residential developments in the path of growth. Block One Ventures focuses on acquiring premier real estate with long-term potential for significant value creation and is a sister company of Trevato Development Group. To learn more, visit blockoneventures.com.
Allstate Campus now called The Pondry, hints of future residential development
A marketing brochure for The Pondry says it “combines workspace, residential living, and commerce in a one-of-a-kind mixed-use ecosystem.” Trevato Development Group bought the 30-acre site at Butler Boulevard and San Pablo Road South in May.
Trevato Development Group Enters Into $400+ Million Joint Venture Project in Greenville, South Carolina
Trevato Development Group today announced it is entering into a joint venture redevelopment project in Greenville, South Carolina with RocaPoint Partners, a privately held real estate investment and development firm based in Atlanta, Georgia.
JACKSONVILLE BEACH, Fla. — December 11, 2023 — Trevato Development Group today announced it is entering into a joint venture redevelopment project in Greenville, South Carolina with RocaPoint Partners, a privately held real estate investment and development firm based in Atlanta, Georgia. The partnership was finalized on July 7, 2023. The overall joint venture represents more than $400 million in development.
The Greenville County Square Redevelopment Project encompasses 3.5 million square feet of redevelopment on 37 acres of land adjacent to Falls River Park on the Reedy River. Trevato and RocaPoint Partners entered into a 50/50 joint venture in 2023 for 1 million square feet of core development that includes the design and extension of University Ridge, which runs through the center of the master plan. The Trevato and RocaPoint joint venture along with the peripheral development will be a central hub of Greenville’s downtown.
“This 3.5 million square foot redevelopment located in the heart of Greenville’s vibrant city center will be a premier destination to live, work and play,” said Katelyn Taylor, Trevato Development Group Operations Manager. “Our team is looking forward to working closely with RocaPoint Partners to bring the core of this dynamic mixed-use project to one of the nation’s fastest growing cities.”
Trevato will be the lead developer of two multi-family, mixed-use buildings totaling 600 top-of-the-market units in seven-story buildings, with retail on the ground floor and multi-family on floors two through seven. RocaPoint Partners will be the lead developer of two office buildings, two parking garages, a Whole Foods Market, retail and parking garage, in addition to ancillary single-purpose buildings. The retail development will include home furnishings, specialty retailers, food and beverage and entertainment.
Phase one construction is designed to include 184 multi-family units, 30,000 square feet of retail space including Pottery Barn and approximately 100,000 square feet of office mixed-use building space. A 1,100-square-foot parking deck will also be constructed, in addition to ancillary buildings and a dog park.
The second phase of development will include 416 multi-family units and is targeted to include 195,000 square feet of retail space and 125,000 square feet of office space, in addition to a 1,200-square-foot parking deck.
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About Trevato Development Group
Founded in 2016, Trevato Development Group is a privately held real estate investment and development company that is dedicated to creating high-quality projects with a focus inspired by successful comparables in larger up-and-coming cities. Based in Jacksonville Beach, Florida, Trevato embraces local character combined with new and innovative experiences that promote walkability and a vibrant sense of place. To learn more, visit trevatogroup.com.
Trevato Development Group Enters Into $400+ Million Joint Venture Project in Greenville, South Carolina
Trevato Development Group today announced it is entering into a joint venture redevelopment project in Greenville, South Carolina with RocaPoint Partners, a privately held real estate investment and development firm based in Atlanta, Georgia.
JACKSONVILLE BEACH, Fla. — December 11, 2023 — Trevato Development Group today announced it is entering into a joint venture redevelopment project in Greenville, South Carolina with RocaPoint Partners, a privately held real estate investment and development firm based in Atlanta, Georgia. The partnership was finalized on July 7, 2023. The overall joint venture represents more than $400 million in development.
The Greenville County Square Redevelopment Project encompasses 3.5 million square feet of redevelopment on 37 acres of land adjacent to Falls River Park on the Reedy River. Trevato and RocaPoint Partners entered into a 50/50 joint venture in 2023 for 1 million square feet of core development that includes the design and extension of University Ridge, which runs through the center of the master plan. The Trevato and RocaPoint joint venture along with the peripheral development will be a central hub of Greenville’s downtown.
“This 3.5 million square foot redevelopment located in the heart of Greenville’s vibrant city center will be a premier destination to live, work and play,” said Katelyn Taylor, Trevato Development Group Operations Manager. “Our team is looking forward to working closely with RocaPoint Partners to bring the core of this dynamic mixed-use project to one of the nation’s fastest growing cities.”
Trevato will be the lead developer of two multi-family, mixed-use buildings totaling 600 top-of-the-market units in seven-story buildings, with retail on the ground floor and multi-family on floors two through seven. RocaPoint Partners will be the lead developer of two office buildings, two parking garages, a Whole Foods Market, retail and parking garage, in addition to ancillary single-purpose buildings. The retail development will include home furnishings, specialty retailers, food and beverage and entertainment.
Phase one construction is designed to include 184 multi-family units, 30,000 square feet of retail space including Pottery Barn and approximately 100,000 square feet of office mixed-use building space. A 1,100-square-foot parking deck will also be constructed, in addition to ancillary buildings and a dog park.
The second phase of development will include 416 multi-family units and is targeted to include 195,000 square feet of retail space and 125,000 square feet of office space, in addition to a 1,200-square-foot parking deck.
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About Trevato Development Group
Founded in 2016, Trevato Development Group is a privately held real estate investment and development company that is dedicated to creating high-quality projects with a focus inspired by successful comparables in larger up-and-coming cities. Based in Jacksonville Beach, Florida, Trevato embraces local character combined with new and innovative experiences that promote walkability and a vibrant sense of place. To learn more, visit trevatogroup.com.
City of Jacksonville Beach Approves Trevato Development Group Revised Rezoning and Land Use Application
JACKSONVILLE BEACH, Fla. — December 6, 2022 — Trevato Development Group received approval for its revised rezoning and land use applications for the property located at 101944 Beach Blvd. in Jacksonville Beach by the City of Jacksonville Beach City Council on November 7, 2022.
City Council Awards Application in Unanimous 7-0 Vote
JACKSONVILLE BEACH, Fla. — December 6, 2022 — Trevato Development Group received approval for its revised rezoning and land use applications for the property located at 101944 Beach Blvd. in Jacksonville Beach by the City of Jacksonville Beach City Council on November 7, 2022.
The revised land use application for a mixed-use neighborhood center, originally submitted in October of 2021, proposed increasing the conservation and recreation area from 6.83 acres to 19.43 acres and reducing the planned lands zoned for Community Commercial and Low Density Residential use by half. Over the course of a year, Trevato worked with the City of Jacksonville Beach planning department staff and held community meetings to gather feedback on the project. The development group made revisions to the original application based on recommendations by the City of Jacksonville Beach and community members. The final revisions were presented to the City of Jacksonville Beach City Council, and the governing body approved both applications in a unanimous 7-0 vote, as covered by First Coast News.“It was important to us, as a Jacksonville Beach-based company, to work in partnership with our community,” said Katelyn Taylor, Director of Operations and Portfolio for Trevato Development Group. “We are appreciative of the City of Jacksonville Beach staff for working with us to create an improved project for all parties.” The revised application resulted in approximately 43 acres of open space and conservation land, comprising 80 percent of the property. As covered by the Jax Daily Record, the mixed-use development will consist of 385 market rate residential units and 30 affordable housing rate units with 1,800 square feet of retail space designated for a coffee shop or restaurant. The architectural design will be inspired by Alys Beach, a luxury beach community located in the Florida panhandle region. An easement on the property was provided to the City of Jacksonville Beach by Trevato for a welcome sign to mark the entrance to Jacksonville Beach once crossing the Intracoastal Waterway. As reported by the Jacksonville Daily Record, the plans also include a viewing platform with available connection by the city to the public right-of-way — providing a vista of the conservation area that will be open for the community to enjoy.
This development will be Trevato’s sixth project in Northeast Florida’s coastal community, where the company is headquartered. Other projects by the Jacksonville Beach-based group include The Gallery, a mixed-use development that reactivated the former J. Johnson Gallery along the First St. N. and Fourth Ave. corridor, and the new O-Ku restaurant; a mixed-use development at 704 First St. N., the former location of the Dolphin Depot; a property at 502 1st Street N.; the renovation of 200 First Street N., home to Surfer the Bar and Rip Curl; and the Winn Dixie located at 290 Solano Rd. in Ponte Vedra Beach.
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About Trevato Development Group Founded in 2016, Trevato Development Group is a privately held real estate investment and development company that is dedicated to creating high-quality projects with a focus inspired by successful comparables in larger up-and-coming cities. Based in Jacksonville Beach, Florida, Trevato embraces local character combined with new and innovative experiences that promote walkability and a vibrant sense of place. To learn more, visit trevatogroup.com.
This could be the future of Brooklyn: Park Street area center of investor activity
Park Street in the Brooklyn area of Downtown could be on the verge of a transformation that would turn vacant parcels and dated buildings into a center of multifamily and commercial uses.
