New Mixed Use Rental and Retail Development Slated for Brooklyn Neighborhood
by Donny Mak
on Tuesday, March 13th, 2012 at 1:00am.
There’s news out this week that Hallmark Partners is planning to develop a stretch of Riverside Avenue into a mixed-use community, which will include a seven- story, 294-unit apartment complex, and nearly 15,000 square feet of retail space.
The Builder Hallmark owns 6.5 acres within the Brooklyn section of Riverside, within the boundaries Riverside Avenue, Forest, Magnolia and Jackson streets. They’re planning to begin construction in the summer, and estimates are that the $37 million project could be completed by the end of 2013. One of the unique features of the development is the inclusion of an urban park and amphitheater.
Keeping with the growing trend of urban-inspired living, the apartments will be situated on top of the 15,000 retail space, occupying the same footprint, with views of the new urban park. Hallmark foresees rental prices in line with other new, south bank high rise units, at an average of $1,200 per month. Sizes will range from 615 to 1,200 square feet.
“220 Riverside,” as it’s currently being called, is the company’s first mixed-use project. Hallmark’s sweet spot has been the development of office buildings, grocery anchored retail centers, and industrial projects. Other Hallmark projects in Jacksonville include the St. John & Partners commercial campus off of 1-95, and the Deerwood Lake Commons shopping center, anchored by Publix, across from Tinseltown theatres.