TMGOC Ventures—a real estate and development private equity firm headquartered in Charleston, S.C., and Boca Raton, Fla.—and Miami-based private development and investment firm Willow Street Capital have closed on the land site and construction financing for a new Extended Stay America Premier Suites in Jacksonville, Fla.
The 124-key property will be co-developed with WSC on a two-acre site close to the Jacksonville International Airport. The site is strategically positioned adjacent to the newly opened Jacksonville North VA Clinic and Domiciliary and near additional amenities including River City Marketplace, the largest shopping complex in northern Jacksonville.
The total project costs are expected to be just under $20 million. TMGOC expects an accelerated build-out of around 14 months.
“Extended-stay hotels are best positioned to capture business growth due to their mix between traditional short-term hotel guests and residential guests,” TMGOC Co-Founder and Managing Partner Glenn Alba said in a statement.
“This property will be a great addition to the growing Jacksonville North area, next to the recently opened Jacksonville North VA Clinic, and minutes away from the recently expanded UF Health North Hospital and the soon-to-be-expanded Jacksonville Airport,” added Miguel Rivera, managing principal of Willow Street Capital.
The property marks the first ground-up extended-stay development in the TMGOC portfolio and its second in Jacksonville. TMGOC owns the Aloft Jacksonville one mile away from the planned Extended Stay America Premier Suites.
Once completed, the property will be managed by TMGOC partner Lexima Lodging.