Large Scale Acquisition And Entitlements For A Dri Project
Site Acquisition Costs:
Aberdeen and Durbin Crossing
St. Johns County, Florida
Acquisition and Entitlement Process:
Both Aberdeen and Durbin Crossing in St Johns County, Florida were in active timber production when acquired. Southstar master-planned the development program and executed the entitlement process over three years to achieve Comprehensive Land Use, Development of Regional Impact, Planned Unit Development Zoning and Community Development District approvals. Durbin Crossing and Aberdeen were two of the largest and most complex DRI’s ever approved in Northeast Florida and numerous local, state and federal issues were resolved during the Entitlement Process.
SouthStar collaborated with St. Johns County to provide land and construction of regional parks, schools, fire stations, affordable housing product and new transportation corridors. Southstar assisted St. Johns County with the Northwest Sector Plan for 80,000 acres by designing and constructing a new regional road network to address Interstate 95 and County arterial roadway deficiencies. St. Johns County School Board and Southstar partnered to create a funding source to build a needed K-8th grade school within the Durbin Crossing Project.
Public Financing for Aberdeen CDD $105 million and Durbin Crossing CDD $120 million; for major infrastructure including water, sewer, drainage, mitigation and transportation. Additional CDD financing for school construction. Equity and debt provided by Southstar Partner.
Aberdeen is a 1316 acre parcel which SouthStar obtained entitlements to construct:
- 1623 single family homes
- 395 multi-family units
- A Village Center with 100,000 square feet of retail/office uses
- Elementary school
- Neighborhood parks
- Extensive road network, both on-site and off-site
- Acquisition cost: $4.3 million
Durbin Crossing is a 2086 acre parcel which SoutStar obtained entitlements to construct:
- 1550 single family houses
- 947 multi family units
- Over 200,000 square feet of retail/office uses
- K-8 th grade school
- Regional parks
Acquisition cost: $7.2 million