{"id":1004050422,"date":"2012-07-26T14:23:08","date_gmt":"2012-07-26T22:23:08","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=58098"},"modified":"2022-12-08T02:12:44","modified_gmt":"2022-12-08T10:12:44","slug":"morgan-group-starts-project-in-jacksonvilles-revived-construction-market","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/morgan-group-starts-project-in-jacksonvilles-revived-construction-market\/","title":{"rendered":"Morgan Group Starts Project in Jacksonville\u2019s Revived Construction Market"},"content":{"rendered":"<p style=\"text-align: justify\"><em>By Georgiana Mihaila, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify\">The Morgan Group has started construction on a 240-unit Class A apartment community called The Terrace at Town Center.<\/p>\n<p style=\"text-align: justify\">Located on 11.72 acres in Jacksonville, Fla.\u2019s Southside\/JTB growth corridor, the three-story, garden-style community\u00a0targets young families and professionals who work along the JTB corridor. Featuring a mix of one- and two-bedroom units\u2014averaging 953 square feet\u2014the apartment community will include a resort-style swimming pool with grilling stations, a dog park, state-of-the-art fitness center, Internet lounge, demo kitchen and resident room.<\/p>\n<p style=\"text-align: justify\">All amenity areas will include WiFi. The Morgan Group will serve as the apartment community&#8217;s management company once the project welcomes its first residents, which is expected in December 2012.<\/p>\n<p style=\"text-align: justify\">\u201cThis new development will benefit from the success of our &#8216;Phase I&#8217; Arelia property next door, which we also manage and jointly own,&#8221; said Chairman and CEO Mike Morgan. &#8220;Arelia has 270 units and is situated on 13.56 acres. It has been a very successful lease-up, reaching 93 percent\u00a0occupancy in just 10 months after it opened in August 2009. We expect the same success with The Terrace at Town Center because of its proximity to one of Jacksonville&#8217;s largest employment areas in the Southside\/JTB corridor, as well as shopping, dining and entertainment within walking distance at St. John&#8217;s Town Center.\u201c<a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/07\/jacksonvillestats.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-58125\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/07\/jacksonvillestats.jpg\" alt=\"\" width=\"190\" height=\"300\" \/><\/a><\/p>\n<p style=\"text-align: justify\">The Morgan Group\u2019s decision to move forward with The Terrace at Town Center is consistent with Marcus &amp; Millichap\u2019s forecast for Q3. The firm\u2019s recent report\u00a0reports that construction activity continues to accelerate in Jacksonville, and that the level of new developments will not slow improvements in property performance in the second half of 2012.<\/p>\n<p style=\"text-align: justify\">According to the annual forecast, developers will complete 700 market-rate rentals in 2012. Last year, only 158 market-rate apartments hit the market.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Morgan Group has started construction on a 240-unit Class A apartment community called The Terrace at Town Center.<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1591,21742],"tags":[],"class_list":["post-1004050422","post","type-post","status-publish","format-standard","hentry","category-jacksonville","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Morgan Group Starts Project in Jacksonville\u2019s Revived Construction Market - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/morgan-group-starts-project-in-jacksonvilles-revived-construction-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Morgan Group Starts Project in Jacksonville\u2019s Revived Construction Market\" \/>\n<meta property=\"og:description\" content=\"The Morgan Group has started construction on a 240-unit Class A apartment community called The Terrace at Town Center.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/morgan-group-starts-project-in-jacksonvilles-revived-construction-market\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-07-26T22:23:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T10:12:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/07\/jacksonvillestats.jpg\" \/>\n<meta name=\"author\" content=\"Amalia Otet\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/morgan-group-starts-project-in-jacksonvilles-revived-construction-market\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/morgan-group-starts-project-in-jacksonvilles-revived-construction-market\\\/\"},\"author\":{\"name\":\"Amalia Otet\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/9f6a1043b1429cf8ff129c75614caa73\"},\"headline\":\"Morgan Group Starts Project in Jacksonville\u2019s Revived Construction Market\",\"datePublished\":\"2012-07-26T22:23:08+00:00\",\"dateModified\":\"2022-12-08T10:12:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/morgan-group-starts-project-in-jacksonvilles-revived-construction-market\\\/\"},\"wordCount\":301,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/morgan-group-starts-project-in-jacksonvilles-revived-construction-market\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2012\\\/07\\\/jacksonvillestats.jpg\",\"articleSection\":[\"Jacksonville\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/morgan-group-starts-project-in-jacksonvilles-revived-construction-market\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/morgan-group-starts-project-in-jacksonvilles-revived-construction-market\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/morgan-group-starts-project-in-jacksonvilles-revived-construction-market\\\/\",\"name\":\"Morgan Group Starts Project in Jacksonville\u2019s Revived Construction Market - 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