Nocatee
Plans are progressing for the construction of hundreds of multifamily units in the Nocatee area.
Thompson Thrift Development, a real estate developer based in Indianapolis, has submitted nine permits for review by the City of Jacksonville. These permits are for a 312-unit residential project called Ponte Vedra Burbank Apartments, located along the Duval-St. Johns County line.
The project, situated at 345 Burbank Ave., will feature nine three-story buildings spread across 12.59 acres. The development will include amenities such as a pool, clubhouse, fitness center, dog park, pickleball courts, and an on-site leasing office. Plans also call for separate parking garages for vehicles and golf carts. Site plans for the project were approved by the city in November.
The permits under review cover construction for one building, buildings three through nine, and the fitness center. Each residential building will be three stories tall, with sizes ranging from 29,800 to 41,800 square feet. The total value of the nine permits is $42.1 million.
The property is owned by Sonoc Co., part of the Davis family, which has played a significant role in the development of the Nocatee area.
Thompson Thrift, a full-service real estate company, operates in multiple states and manages $5.9 billion in assets, including 23,000 apartment units across 22 states. The company is also working on a 324-unit project called Terrassa at the former St. Augustine Outlets site, which is part of a mixed-use redevelopment expected to be completed in 2026.
Studio M of Carmel, Indiana, is serving as the architect, while Jacksonville-based England, Thims & Miller is the civil engineer for the project.
Downtown
Before May, Andrew Falsetto had only passed through Jacksonville, but after exploring areas from the Beaches to downtown, he began considering opening a hospitality concept in Northeast Florida.
Falsetto, CEO of Miami-based Ariete Hospitality Group (AHG), told the Business Journal that many businesses enter new markets without fully understanding the local culture and community. To avoid that, he and his two partners spent the last seven months immersing themselves in Jacksonville. Falsetto emphasized that any new concept they bring must be a place he genuinely wants to spend time in—and Jacksonville has won him over.
“The city impressed us,” he said. “We saw how much the local community cares about their city and how hard they work to make a difference. The city is encouraging that passion, wanting others to love it too.”
Now, AHG, which operates nine (soon to be 12) restaurant and bar concepts in Miami—including one with a Michelin Star—has its sights set on Jacksonville. The group plans to open a restaurant in the Bank of America Tower, one of the most iconic buildings in the city’s skyline. Falsetto shared that plans for the concept are in their final stages, with preparations to begin soon.
The 43-story tower, located at 50 N. Laura St., is owned by Group RMC, a long-term real estate investment manager. The group purchased the building along with two others in December 2020 for $75.5 million.
Two years ago, Group RMC completed initial renovations, including updated lighting and furniture. General partner Alex Massa explained that the next phase of upgrades has evolved from creating a single amenity floor to developing ground-floor, street-facing amenities that contribute to downtown Jacksonville’s revitalization. The ground-floor spaces, currently vacant, are being reimagined as retail and restaurant spaces. About six months ago, Matt Clark of Colliers Urban Division was brought in to handle retail leasing, while Oliver Barakat of CBRE continues to oversee office leasing.
AHG was introduced to Jacksonville by Group RMC, a long-time business partner. The team highlighted various downtown projects, such as the Four Seasons development and Pearl Square, which captured Falsetto’s interest.
“There are gaps in the market with limited operators,” Falsetto said. “We’re exploring what’s missing and what people want.”
AHG’s concept, which is still being finalized, will occupy one of the tower’s ground-floor spaces, with added doors for street access. The group’s portfolio includes 14 brands, such as a Cuban diner, cigar lounge, live music venue, and fine dining establishments. Their restaurants include the Michelin-starred Ariete, The Oyster Bar, and Eva, among others.
AHG is also in talks with the Downtown Investment Authority about potentially qualifying for a grant through the food and beverage retail enhancement program, which supports downtown restaurant development.
“It’s refreshing to do business in a city where leadership is clear about their vision and offers support through grants,” Falsetto said. “Miami has never done that. It’s forward-thinking.”
Information from: https://www.bizjournals.com/jacksonville/news/2025/01/27/ariete-hospitality-group-bank-of-america-tower.html
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