After downturn, Jacksonville apartment construction is picking up

Developers broke ground on two new apartment complexes at the St. Johns Town Center in the past month.

A few miles to the west, residents started moving into the 242-unit Bennett Creek apartments in January.

A mile or so south, Cabana Club is about to open on Baymeadows Road with 252 units. And the same developers plan to break ground this summer on another 300-unit complex, called Hacienda, right across the street.

Then theres Seagrass on San Pablo Road, 396 units. And 220 Riverside with another 294.

It hasnt always been like this. Apartment complexes suffered the same downturn that single-family construction did. In the 2009-10 fiscal year, not a single building permit was issued by Jacksonville for a new apartment complex. But thats changed with complex after complex breaking ground.

I think its seems about right, said Abe Fort with Perimeter Realty, the developers of Cabana Club. Historically, it wasnt uncommon to see 1,500 units a year. In the 90s, it was almost every year.

But in 2000, it became condos, and after 2008, we had nothing. We can easily handle 1,000-2,000 new units a year.

Ed Forman, president of Watson Realty, said hes going to meet with his managers next week to discuss, among other things, the recent growth in apartments.

If you look at the last five years, building stopped, both homes and apartments, he said. Now its a supply-and-demand issue. A lot of people exited their homes due to short sales or lost their homes to foreclosures. Now they cant qualify for a mortgage.

But housing is a requirement. You cant live on the street.

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After downturn, Jacksonville apartment construction is picking up