My first Multi-Family New Construction Project

[Lamar Washington]

Hello BP Community, I'm under contract on a 2 acre lot of residential land on the West side of Jacksonville, FL. 

We are currently in the early stages of the land entitlement process, and I would love to get some feedback before we commit our capital to entitling the land and getting it re-zoned.

The contract has the following terms: 90 day due diligence period, 6 month close, and the Escrow amount of 10% of the purchase price goes hard after the 90 day due diligence period. I've run the numbers on the 2 acre lot as a ground up Development project for a 40 Multi-Family Apartment Complex spread across 5 buildings, all 2Bd/1Ba units. 

I'm willing to share the ballpark numbers that I used for both the pro-forma and Construction costs with anyone who is interested in taking a look.

Also, I have a couple of questions:

1.) Does anyone have any experience with multi-family New Construction or know any Developers who have completed similar projects in the past?

2.) What is the best way to find and get in contact with local Multi-Family Developers in the area?

[Lamar Washington]

@Scott Mac Our initial plan was to build 40 apartment units. But I had a meeting with the head of Jacksonville's Planning & Zoning Departments prior to submitting a rezoning application this morning. They informed me that their plan as a city is to keep this area a low to medium Density area to minimize the impact to the surrounding residents. They advised me to reduce the number of units from 40 to around 20-30 units. They also advised me that our rezoning application has a greater chance of getting approved by the city council if we propose to build townhouses instead of apartments. This would increase our sqft per unit which consequently results in an increase in construction costs per unit.