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Waverly Press and News

December 2006 Jacksonville Business Journal Article

http://jacksonville.bizjournals.com/jacksonville/stories/2006/12/04/story1.html

SOUTHSIDE -- Trident Realty Corp. President Ron Buckley said Deerwood Park has a lot to offer in office space, entertainment and shopping, but it's missing one thing -- high-end residential condominiums -- and he intends to provide them.

Construction on the Waverly, a 226-unit gated community, is expected to start in spring 2007 on 12 acres neighboring the Merrill Lynch & Co. building and Blue Cross and Blue Shield of Florida Inc.'s campus. And, with price points ranging from $400,000 to $2 million, Buckley said the development will provide an opportunity that has not been available in that area."Every other condominium in this price range is either at the beach, on the Intracoastal Waterway or Downtown," he said.

The European-inspired project, designed by Rink Design Partnership Inc. and Prosser Hallock Inc. and to be built by WG Mills South Inc., is estimated to cost more than $100 million.

It will include such amenities as a clubhouse with a fitness center, a business center with videoconferencing capabilities and individual wine cellars as well as a pool, formal gardens and concierge services. The Waverly will also have affiliations with what Buckley called some of the most prestigious private country clubs in Jacksonville, though he declined to provide names.

Buckley chose the site in Deerwood Park because of its location. About 6 million to 7 million square feet of office space is within a three-mile radius of the future development, and he expects many of the Waverly's future homeowners to include professionals who want to be near work while enjoying a maintenance-free lifestyle.

Because of the proximity, executives at Merrill Lynch and Blue Cross, which both recently announced plans for expansion in Deerwood, previewed the project that could someday be home to some of their employees.

"The Waverly will be a nice addition to this mixed-use area, in part because the residential development will lower and reverse traffic density from what it could have been with another major commercial development," said Lanny Felder, vice president of corporate services at Blue Cross.

Prudential Network Realty Inc. is selling the development. Mary Anne Hashem, director of builder sales and marketing, said it should sell well.

"It's almost like it's part of the suburbs and the urban core at the same time," Hashem said of the Deerwood Park area. "It's really a very unique part of town.

"This is a pioneer project in this location."

The Waverly is Trident's fourth project in the Jacksonville area. The Water's Edge oceanfront condominium in Jacksonville Beach is complete, the Village Square at Palencia is a mixed-use project with condos above retail space that is 50 percent complete and the Augustine Island Villas at Palencia are townhomes that are also partially complete.

Buckley said the company has plans for future development as well.

http://jacksonville.bizjournals.com/jacksonville/stories/2006/12/04/story1.html

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