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www.500Atlantic.com
500 ATLANTIC
Our Vision for 500 Atlantic
500 Atlantic is a mixed-use neighborhood near the intersection of Atlantic Boulevard
and 3rd Street. It is located just west of the Beaches Town Center, in the heart of the
communities of Atlantic Beach and Neptune Beach. 500 Atlantic will be a vibrant mix of
residential, retail and commercial, with a pedestrian-oriented design and complementary
architecture to the surrounding neighborhood.
Our plans to revitalize this amazing site — an existing strip mall with only 45 percent
occupancy— have been naturally drawn from the established beach communities that
surround it. On all sides of 500 Atlantic, residential and commercial activity is already
thriving and growing. The Beaches Town Center to the east, with an eclectic mix of
restaurants, shops and entertainment, is a constant hub for families and visitors, with a
mix of bikers, pedestrians and beachgoers flowing through. The surf and sand are just
steps away. Well-kept residential neighborhoods, elementary schools, parks and
churches abound to the north, west and south, with friendly village shopping areas
woven throughout.
500 Atlantic will be a natural expansion of the signature beach life of the area and a
westward expansion of the Beaches Town Center. Our vision is of a calm and
pedestrian-oriented neighborhood between Atlantic Boulevard and Lemon Street. One-
and two-bedroom residences will be situated among retail, restaurant and commercial
offerings —creating a live, work, play environment.
After gathering and considering community input and to ensure that we blend with the
existing Neptune Beach community, our development team has carefully designed
architecture and infrastructure to maximize improvements for the area —focusing on
such factors as community improvements, privacy, density, parking and traffic.
In order to encourage and expand walkability, the development will fund a half-mile trail
to Jarboe Park. The pedestrian trail will begin at Lemon Street and will connect at
Jarboe Park, offering neighborhood residents a path to the Beaches Town Center, the
Beaches Branch Library and Jarboe Park, which is currently undergoing significant
improvements. Additionally, the development is proposing a new traffic light, and new
pedestrian crosswalks at the intersection of Atlantic Boulevard and 3rd Street and at the
intersection of Lemon Street and 3rd Street for traffic calming measures and a safer
pedestrian experience.
Estimated Project Timeline
Q3 2018 Q4 2018 Q1 2019 Q4 2020
Commence plan Permit submittal Construction Construction
development commencement completion
500 ATLANTIC
Frequently Asked Questions
What is 500 Atlantic?
• 500 Atlantic is a proposed mixed-use community with 80,000 square feet of
commercial/retail/restaurant space and 230 multi-family residences.
• 500 Atlantic is located near the intersection of Atlantic Boulevard and 3rd Street,
to the west of the existing Beaches Town Center.
• As an extension of the Beaches Town Center, the design of 500 Atlantic will be
complementary to the architecture of the area.
What features and amenities will be part of 500 Atlantic?
• 500 Atlantic will include 230 luxury one- and two-bedroom residences and 80,000
square feet of commercial space. The commercial space will be comprised of the
existing Lucky's Market, as well as an additional 20,000 square feet of new
commercial space that includes restaurant and retail.
• The one-bedroom and two-bedroom apartment homes are anticipated to have
monthly rental prices ranging from $1,550 to $2,000.
• The main amenities will include a resort-style pool, a fitness center with a yoga
studio and fitness on demand, a pet spa, 24-hour package and dry cleaning
concierge services and ample bike storage.
• Outdoor recreational areas will include a fire pit and kitchen with two gas grills for
community use only. Outdoor recreation areas will have a six-foot tall, 100-
percent opaque screen to the south for privacy screening.
• The development team has secured 100 percent of the funding to create a multi-
purpose trail that connects Lemon Street with Jarboe Park, the Beaches Branch
Library and surrounding neighborhoods.
• 500 Atlantic will also have pedestrian access to the existing Beaches Town
Center, including proposed pedestrian crosswalk improvements at the 3rd Street
intersections of Atlantic Boulevard and Lemon Street.
What modifications have been made to the development plan for 500 Atlantic
since its original submission?
• The development team sought community input, took into consideration a
number of concerns and impacts, and modified the development plan
accordingly.
• The number of residences has been reduced from more than 300 to 230,
decreasing the number of residences by 26 percent.
• The revised site plan allows for two parking spaces per resident. Code parking
variances are no longer requested.
• The design of the buildings has been modified with privacy in mind. The
community will include privacy screens at all courtyards and a significant
landscape buffer along the single family property line. There are no balconies
facing single family neighborhoods, and the building closest to the
neighborhoods has only a two-story elevation. The proposed development sits
110 feet from the single-family property line.
• There have been favorable discussions with the Florida Department of
Transportation to install a traffic light at the entrance to 500 Atlantic on Atlantic
Boulevard to assist with traffic calming measures.
• There will be a vehicular connection to the adjacent Regency Center Publix.
• Pedestrian crosswalk improvements and additions are proposed at the
intersections of 3rd Street and Atlantic Boulevard and 3rd Street and Lemon
Street.
• One mile of aging sewer infrastructure along Forest Avenue will be replaced.
• The proposed development will include the addition of a stormwater pond to aid
in the management and quality of water flowing into nearby streams.
What will be in the commercial component of 500 Atlantic?
• There will be 80,000 square feet of commercial space that will contain a mix of
the existing Lucky's Market and shops, with the addition of neighborhood
restaurants, boutiques and shops.
Is there a need for new development in the Neptune Beach area?
• According to a 2017 Comprehensive Housing Market Analysis of Jacksonville
compiled by the U.S. Department of Housing and Urban Development (HUD),
demand for market-rate rental units will increase in the next three years, with the
strongest demand for one- and two-bedroom residences.
• Rental prices along the Atlantic Coast are some of the highest in greater
Jacksonville. The addition of 500 Atlantic's luxury residences will provide needed
housing options for professionals and retirees seeking to move into the area.
• The Jacksonville Beaches, including Neptune Beach, Atlantic Beach and
Jacksonville Beach, are experiencing some of the steadiest growth in the region.
The location of 500 Atlantic, and its mixed-use concept, is perfectly suited to
expand upon commercial options offered by the existing Beaches Town Center.
• With pedestrian access to nearby parks, neighborhoods and commercial areas,
500 Atlantic will significantly enhance the walkability that is already central to the
Beaches.
How will 500 Atlantic impact traffic and parking in the area?
• As a mixed-use community, 500 Atlantic will generate less traffic than an
occupied retail center (the site's current use), according to the Institute of
Transportation Engineers' Trip Generation Manual.
• There will be two parking spaces provided per residential unit and code-required
parking for the commercial space, and no parking code variances are requested.
• Discussions are underway with the Florida Department of Transportation to
install a traffic light at the community's entrance on Atlantic Boulevard.
• Development of 500 Atlantic includes a vehicular connection to the adjacent
Regency Center, which will further aid with traffic flow.
• The addition of two pedestrian crosswalks —one at 3rd Street and Atlantic
Boulevard, the other at 3rd and Lemon streets —will aid in the reduction of traffic
flow by providing pedestrian-friendly connections to the Beaches Town Center
and other nearby neighborhoods and commercial areas.
How will 500 Atlantic affect area utilities infrastructure?
• The replacement of one mile of sewer line will aid and repair an existing overflow
problem on Forest Avenue and will upgrade aging infrastructure that currently
impacts Neptune Beach Elementary, the Neptune Beach Senior Activity Center
and surrounding neighborhoods.
How will the addition of rental property affect the quality of life in our area?
• 500 Atlantic has been carefully designed to offer maximum privacy for existing
single-family neighborhoods, including a 110-foot buffer, a reduction in elevation
nearest to those neighborhoods, no balconies facing single family homes, privacy
screens at courtyards and an enhanced landscape buffer along single family
property lines that will be consistently maintained.
• Multi-family housing provides more prospective resident due diligence than single
family for-sale housing due to strict screening methods and extensive
background checks.
• The rental ranges for residences in 500 Atlantic range from an average of$1,550
for a one bedroom up to $2,000 for a two bedroom, which fall in the high end of
rental prices for the region.
• Our residents are thoroughly screened, with income, credit and background
checks—and the income-to-rent underwriting standard is 3:1.
• All occupants, meaning people who live in the apartments but are not on the
lease, must pass background checks by third-party search firms.
• Our communities are also subject to strict rules that are stringently enforced.
Occupants who violate our rules can be evicted during their lease terms or non-
renewed at our discretion.
• No corporate leases will be permissible within the multi-family community.
Who is on the 500 Atlantic development team?
• Developer TriBridge Residential (TBR) has more than 60 years of experience in
the real estate industry and is focused on multi-housing in the Southeast.
• TBR has strong ties to the First Coast, with 12 employees living in the
Jacksonville area and members of its senior executive team residing in Neptune
Beach and Ponte Vedra Beach.
• TBR has owned more than 5,000 residences in the Jacksonville area and has
developed communities in Jacksonville Beach, Atlantic Beach, St Johns Town
Center, Southside and Riverside.
• The design team includes Atlanta-based Dwell Design Studio and well-known
Jacksonville firms ELM and Prosser.
What is the timeline?
• 03 2018 — Commence plan development
• Q4 2018 — Permit submittal
• Q1 2019 — Construction commencement
• Q4 2020 — Construction completion
500 ATLANTIC
About the Team
TriBridge Residential (TBR), based out of Atlanta, has acquired and built more than $3
billion in real estate in the last 25 years. Its history starts long before that, however, with
its original roots tied to the multi-generational Julian LeCraw & Company. Founded in
1955, Julian LeCraw & Company built in Atlanta for 40 years before the second
generation of company leaders began working with what would eventually become
TBR.
TBR focuses on multi-family housing throughout the Southeast and has made its name
as an industry powerhouse in the region. TBR's four managing partners, Steve Broome,
Jim Schroder, Lee Walker and Bobby West, bring a stunning, well-rounded combination
to the table — including global and regional real estate expertise, and strengths in the
legal, financial, development, management and construction fields.
TBR is no stranger to the greater Jacksonville area, having developed a number of
projects at St. Johns Town Center, Riverside and, most recently, the Beaches. TBR
knows the region extremely well and tailors each project and design to the unique
environment in which it is situated.
Managing Partner Steve Broome resides in Ponte Vedra Beach. Vice-President of
Construction, Mike McPhail, makes his home in Neptune Beach. The TBR team is
intimately familiar with the uniqueness and vibrancy of Jacksonville's beach
neighborhoods, including the Beaches Town Center, which TBR hopes to enhance with
this most recent exciting development— 500 Atlantic.
500 Atlantic is an amazing opportunity to add on to what is already working so well in
these special communities. The transformation of a mostly vacant strip mall into a
pedestrian-oriented mixed-use community will bring new energy and continuity to
existing development in Neptune and Atlantic beaches.
Development partners have been carefully chosen to represent the best minds in design
and construction. Dwell Design Studio is the residential architect. ELM, one of
Jacksonville's leading architectural firms, will oversee site, amenity and commercial
architecture. Longtime Jacksonville engineering and planning firm Prosser rounds out
the design team.
500 ATLANTIC
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