Ventures Development Group (VDG) and joint-venture partner BCDC have broken ground on The Southerly at Shipyards, a 270-unit, Class A apartment community in St. Augustine, Florida.
The project is part of a larger master-planned development, including townhomes, single-family for-sale residential homes, a boutique hotel, walkable retail, flex office space and a signature restaurant all overlooking the San Sebastian River and historic downtown St. Augustine.
“We are pleased to work again with BCDC in providing another best-in-class residential community, specifically to the St. Augustine market,” said Sean Siebert, principal of Ventures Development Group. “We believe our attention to detail differentiates our communities from others in delivering what tenants desire when choosing their homes.”
“The Southerly at Shipyards represents the sixth development in which VDG and BCDC will serve as partners, bringing a high degree of familiarity and a proven track record for success to the sponsorship team,” said BCDC President and CEO Litt Glover. “Our project is thoughtfully designed to be the best-in-class, capitalizing on the exceptional location and surrounding development master plan.”
The Southerly will feature luxury finishes and resort-style community amenities, including a sky lounge overlooking the San Sebastian River, a pool and hot tub, outdoor kitchen with a firepit and pizza oven, 24-hour fitness center and a co-working lounge. The property will also include a club room, package room, pet park and dog-washing station and a structured parking garage accompanied by street-level parking spaces.
VDG is leading the project with co-sponsor BCDC. Ameris Bank is the senior lender. JHP Architecture & Urban Design is the architect and ARCO Murray is the general contractor.
The partnership expects the delivery of the first units in the 2nd quarter of 2024.
About Ventures Development Group
Ventures Development is a fully-integrated multi-family development and management firm with offices in Southlake, Texas and St. Augustine, Fla. VDG believes in a “value creation” approach when taking on real estate development opportunities. Whether through Rezoning, Entitlement Reform or Incentive Procurement, VDG believes all great and successful development opportunities begin and end with organic value creation. For more information, visit www.venturesdevelopmentgroup.
About BCDC
Founded in 1963, BCDC is a wholly-owned subsidiary of Kajima USA. It is a fully integrated real estate organization providing development and capital solutions, primarily through partnerships on commercial real estate projects in the Southeastern United States. Based in Atlanta, Georgia, BCDC offers a wide variety of real estate services from development and construction to equity and credit enhancements, to brokerage and property management. Learn more by visiting www.batsoncookdev.com.
