09:16 AM EST Share ICI Homes and David Weekley Homes will buy 550 acres in phases to develop 1,600 homes and commercial space.
The same day that ICI Homes and David Weekley Homes announced they will purchase 550 acres of Skinner land, a New York-based credit firm paid $11.8 million to buy property from the family for residential development.
The closing represents the first phase of the contracted purchase of the 550 acres, according to one of the sellers, Edward Skinner Jones. He referred other questions to the buyers.
Sawmill Timber LLC, comprising members of the Skinner family, sold property in the Southeast Quadrant on Dec 23 to DRP FL 2 LLC, which is DW Partners. The deed was recorded Jan. 5 with the Duval County Clerk of Courts.
Two home-building companies have announced they’ll be jointly developing a 1,600-house community with apartments and a million square feet of commercial and retail space around Jacksonville’s Butler Boulevard and Interstate 295.
The development, called Seven Pines, will fill one of the last parcels available in the southeast quadrant of the land where the two highways meet.
ICI Homes and David Weekley Homes have planned groundbreaking next month on land just south of where Kernan Boulevard ends south of Butler.
“There’s something magical about this land,” developer David Weekley said in comments for an announcement about the project. “The property is a sanctuary where nature leads the way amid Jacksonville’s bustling Southside.”
01:48 PM EST Share Construction at the former Skinner family land at southeast Butler Boulevard and I-295 is expected to start in January.
ICI Homes and David Weekley Homes announced Dec. 23 the purchase of 550 acres of Skinner family land to develop Seven Pines, a master-planned community within the 1,063-acre Southeast Quadrant at Butler Boulevard and Interstate 295.
They did not announce the purchase price.
Once completed, Seven Pines will comprise 1,600 single-family homes, apartments and more than 1 million square feet of commercial and retail space, said the news release. The community also will include a 34-acre park with a lake.
ICI and David Weekley will develop the residential portion of the project.
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Chairman and CEO of the Blackstone Group Stephen A. Schwarzman (left) and PIMCO s co-founder William Gross (right) are among 13 billionaires who have signed the Giving Pledge since May 2019. Getty Images
Since May 2019, another 13 billionaires around the world have signed the Giving Pledge, a global, multi-generational commitment by some of the world’s wealthiest to give a majority of their wealth to philanthropy or charitable causes, either during their lifetimes or in their wills.
Among those new to the list are William Gross, co-founder of PIMCO, the world s largest fixed-income investment company, and Stephen A. Schwarzman, chairman, CEO, and co-founder of investment firm Blackstone, according to the Giving Pledge’s announcement.