Since Gatlin Development Co. broke ground in 2021 on the Grand Cypress Apartments in St. Johns, Florida, hundreds of local residents have been employed by the project's construction, as well as the retailers and restaurants that should follow, which has earned this 588-unit multifamily development a 2023 CoStar Impact Award, as judged by a panel of local industry professionals.
In addition to new jobs and new dining options, the building at 125 Grand Cypress Drive added some needed housing near the intersection of Racetrack Road and U.S. Highway 1, the gateway to St. Johns County and a few miles from the Interstate 295 business loop and I-95. The development is convenient to Jacksonville employment centers and public beach access in Ponte Vedra, and is less than 2 miles east of The Pavilion at Durbin Park, a 700,000-square-foot regional shopping center.
About the project: The 21-building, mid-rise multifamily complex was completed in September and offers 224 one-bedroom, 280 two-bedroom and 84 three-bedroom apartments ranging from 707 square feet to 1,338 square feet with asking rents between $1,520 and $2,525 per month. It features car charging stations, a clubhouse, a tenant fitness center, a pool, grilling stations and a pet play area.
What the judges said: Tyler Saldutti noted that the development's location and size, totaling over 770,000 square feet, will have an impact on the multifamily and retail trade areas.
They made it happen: Jacksonville-based Gatlin Development Co. developed the property, which is owned by Frank C. Gatlin III. Summit Contracting Group in Jacksonville was the general contractor, and Greystar manages the property locally.
