How Jacksonville Construction And Development Market Is ‘Ripe For Growth’

While interest rate hikes and rising construction costs have halted many projects nationwide, Jacksonville, Florida, has seen steady growth that doesn’t appear ready to stop anytime soon.

To revitalize downtown Jacksonville, $8B in construction projects are in the pipeline, an increase of $5B from last year that shows bold investor confidence in the Bold City. 

Landings Real Estate Group, a private development and investment firm, understands the market potential of Florida’s most populous city, where it has been building for more than a decade.

“We determined back in 2012 that Jacksonville, along with a number of major markets in Florida, was ripe for growth,” Landings Real Estate Group President Christopher Bicho said. 

Bicho attended Bisnow’s Jacksonville Construction and Development event Aug. 21 and spoke on a panel exploring the impacts of large-scale developments.

Bisnow spoke to Bicho about construction and development trends in Jacksonville, the projects Landings is developing there and how the company plans to help the city grow. 

Bisnow: What trends are you seeing regarding construction and development in the Jacksonville area?

Bicho: Continuing multifamily supply is putting significant pressure on lease-up, occupancy and rental rates. On the Westside, supply has peaked, but the forecast based on velocity is for stabilized occupancy to be reached in late 2025 to early 2026.

Bisnow: What is your role at Landings Real Estate Group? 

Bicho: As founder, I saw back in 2012 how Jacksonville was primed for growth. My company embarked on an acquisition and development plan for the Westside after significant research and seeing burgeoning development plans for the Naval Air Station Cecil Field area. 

Bisnow: What are some large-scale projects Landings is leading in the Jacksonville area?

Bicho: On the Westside, we purchased an 88-acre tract from the U.S. Navy with a 195-unit family-oriented townhome community and an additional 53 acres to be developed. Over that time, we have built an additional 150 multifamily units with 120 additional units planned to be built when the supply of apartments has been occupied and demand has returned to the area.

The opportunity was tremendous for a submarket where job growth expanded from a few thousand to 10,000 in the neighborhood, supported by companies such as Baker Hughes, Amazon, Boeing, FedEx, Flight Star and a slew of other companies supporting the aerospace and logistics industries. With such an opportunity, a huge gold rush of developers poured into the submarket, quickly flooding the market, with rentals far outpacing demand and growth. 

Today, there sit 400 to 500 empty, vacant apartment units waiting for residents who will eventually fill them, but the occupancy will be slow and take four to five quarters.

Bisnow: How do you think Landings will help reshape Jacksonville’s community dynamics while driving economic growth? 

Bicho: After 12 years in the market, Landings has had the benefit of forming great relationships with the real estate community. After being labeled a “Yankee” from the North in jest upon arrival back in 2012, the real estate community has been welcoming to firms like ours looking to acquire and invest in assets in the Jacksonville market. Our influence has been as a cheerleader nationally as we discuss the investment opportunities for pension funds, family offices and other equity in the Jacksonville MSA.

Bisnow: How will Landings continue to be a part of Jacksonville’s construction and development future?

Bicho: Our future plans are continuing to grow in Jacksonville and helping to establish the community as one of our three investment hubs in addition to Tampa, Florida, and the Northeast. We continue to track down acquisitions and have new developments ready to go when the timing is right. 

We are particularly keen on the opportunities downtown and the significant investment being made to raise the tide of the city with renovations to EverBank Stadium and development that is on the cusp of moving Jacksonville into a top-tier investment MSA in the nation.

Bisnow: What inspired you to participate in Bisnow’s Jacksonville Construction and Development event?

Bicho: Bisnow has a platform and forum for the best and most dedicated multifamily real estate professionals to tell their stories, providing unique submarket perspectives and getting into the nitty-gritty of what is happening on the ground. 

This article was produced in collaboration between Landings Real Estate Group and Studio B. Bisnow news staff was not involved in the production of this content.

Studio B is Bisnow’s in-house content and design studio. To learn more about how Studio B can help your team, reach out to studio@bisnow.com.