QuoteBy Karen Brune Mathis, Managing Editor
Citing a strong Gate Parkway office market, Chestnut Hill Investments partners J.J. Conners and J.T. Thornton want to develop a potential $30 million project.
Conners, principal with Chestnut Hill and Fairlead Commercial Real Estate, said the group expects to buy about 15.5 acres at southwest Gate Parkway South and Burnt Mill Road in the first quarter of 2015.
He said the group could develop two three-story, 90,000-square-foot buildings on the property. He said he could hold both for build-to-suit tenants, build one as a speculative office building or do nothing and watch how the market progresses.
The property could be held for later development or even sold.
"The Jacksonville office market is still soft but there are areas of real strength," Conners said, specifically referring to the Gate Parkway and Butler Boulevard area.
His location is near the office park leased by Deutsche Bank, which is expected to develop an office campus to consolidate and grow its Jacksonville presence.
Jacksonville Planning Commission approval last week for a minor modification for the property raised speculation that the buyer might be working on a deal with Deutsche Bank, but Chestnut Hill's project is not designed for any specific tenant.
Full article: http://www.jaxdailyrecord.com/showstory.php?Story_id=544474