"$30 Million Project to Begin in Yulee"

NASSAU COUNTY -- Construction is about to begin on a $30 million apartment complex in Yulee, the third in the unincorporated area between Interstate 95 and Amelia Island.

Courtney Isles, a 240-unit, 23-acre complex at State Road 200 and Chester Road, is scheduled to start vertical construction in about 90 days, ContraVest Inc. Executive Vice President Mark Ogier said. The project, which has been in planning and permitting for two and a half years, is estimated to take 10 months to build.

"We're excited to be here," Ogier said. "I think it's going to be a benefit to the county."

One-, two- and three-bedroom apartments will range in price from $850 to $1,300 per month and will average 1,000 square feet. Amenities will include a clubhouse with a fitness center, a business center, a billiards room and a swimming pool. Some apartments will have attached garages with direct or indirect access.

Lake Mary-based ContraVest will construct and manage Courtney Isles, designed by Forum Architecture & Interior Design Inc. in Altamonte Springs. Ogier said he hopes to complete the project by March 2008.

ContraVest develops, builds and manages about 75 multifamily projects in Florida, North Carolina, South Carolina, Tennessee, Arizona, Colorado and Georgia.

Courtney Isles is the first venture in Nassau County for the company, which has developed at least eight properties in the Jacksonville area, Ogier said, including the 379-unit Villa Medici condos on Touchton Road.

Courtney Isles is the multifamily component of The Shoppes at Amelia Concourse, a 394,625-square-foot, mixed-use development on 168 acres. Anchored by Target Corp. and The Home Depot Inc., The Shoppes at Amelia Concourse is being developed by New Hyde Park, N.Y.-based Kimco Realty Corp.

Kimco is also developing the 600,000-square-foot Avenues Walk and the 318,701-square-foot Pablo Creek Plaza East, both in Jacksonville, and the 313,626-square-foot Plantation Crossing in Middleburg.

Courtney Isles is among four new apartment projects totaling $126 million ContraVest intends to start this summer, in Savannah, Ga.; Lady Lake; and Brandon.

Two apartment complexes are listed in online directories for Yulee: Green Acres and Yulee Villas Apartments. Another Yulee apartment complex was converted into condominiums, said Regina Duncan, president of the Amelia Island-Fernandina Beach-Yulee Chamber of Commerce.

Real Estate Strategy Center of North Florida Inc. President Ray Rodriguez said he expects more apartment developers will consider eastern Nassau County as commercial development continues on SR 200.

The need for apartments is great because of recent condo conversions, particularly in that area, residential real estate analyst Charlie Clark said. "What we need is the down-and-dirty, nicely designed and nicely built apartment complexes."