By Barbra Murray, Contributing Editor
Jefferson Apartment Group has kicked off development of its first multi-family project of 2014, with the groundbreaking on Jefferson West Palm Beach, a 282-unit luxury apartment community in West Palm Beach, Fla.
“JAG was drawn to West Palm Beach because we see it as an expanding market in Florida with a proven history,” Mike Mulhall, senior vice president and managing partner with JAG, told Commercial Property Executive.
With the address of 300 Courtney Lakes Circle, Jefferson West Palm Beach will sprout up on a prime 11-acre site that, according to Palm Beach County records, JAG acquired from Tiger Investment Group Inc. for $4 million in 2012.
“The location of the West Palm Beach project is key,” Mulhall said. “It is just down the street from a brand new project by NE Development, Palm Beach Outlets, and is positioned with access to the interstate and airport. As you’ve seen, Outlet malls are a rapidly growing retail sector.”
Jefferson West Palm Beach will feature 13 low-rise buildings, 10 of which will house the residential units. The architectural firm of Charlan, Brock & Associates is behind the design of the property, and KAST construction is onboard as general contractor.
It’s the company’s first development of the year, but it won’t be the last. JAG plans to build a total of 1,000 units in 2014, including projects in Orlando, Baltimore and New York. And the company is in expansion mode, so there’s more to come.
“JAG is East-Coast focused and targets transit-oriented developments, which leaves a lot of markets open for investment-potential,” Mulhall added. “We’re currently expanding in the Boston and Philadelphia markets, and look to continue growing in Florida.” Jefferson West Palm Beach marks the company’s fourth development in the Sunshine State. The new apartment destination is scheduled to make its debut in November.