A joint venture between EJF Capital LLC and Chance Partners is set to kick off work on a two building multifamily housing community in Jacksonville. Located in the city’s San Marco neighborhood, it’s being developed on nearly nine acres consisting of three parcels in an area certified as an “Opportunity Zone” under the Tax Cuts and Jobs Act of 2017. Expected to break ground in the third quarter of 2019, the $86 million development will be known as the San Marco Crossing. Ameris Bank along with Stifel Bank are providing $51 million of construction financing. Slated for completion in the fourth quarter of 2020, Jacksonville-based, Live Oak Contracting has been tapped as the general contractor.
