Dayco/Devlin to Team Up on Residential Projects
Franco D'Agostino and Wallace Devlin have been development partners for years. Now they are partners in a new company - Dayco/Devlin - that already has $335 million worth of projects scheduled.
The two, who individually own Dayco Holding Corp. and The Devlin Group Inc., officially joined forces in December 2006 to concentrate on joint development projects in Jacksonville. Members of the Dayco company will be responsible for the development of projects while the Devlin employees will find development sites and manage sales.
"It works out really well," Devlin said. "We're there to help them, and likewise when we need it they're there to help us."
The company has acquired six properties and has started work on the first of the 900 residential units that will be constructed in the Gate Parkway and Town Center areas of the city.
Toscana at St. Johns Town Center is a 130-unit condominium project in a nine-and-eight-story tower. Presales and horizontal construction have already begun on Toscona. A second 220-unit condominium project that will also be in the town center will likely be called Toscona II. Construction on the second project is expected to begin in October 2007 and will be in seven-and-eight-story towers.
Both condo sites will overlook the second phase of the St. Johns Town Center, which is already under construction and is expected to include new and high-end retailers to the area like Louis Vuitton, Pottery Barn and Tommy Bahama as well as new restaurants like Capital Grille.
"We've been very fortunate to secure that property," Devlin said of the town center sites.
The third project is a 95-unit townhome development called Bridges at Belfort.
Dayco/Devlin will split its project list between selling products and leasing products.
"We also see a need for high-end apartments," Devlin said.
The company's three apartment communities will lease for about $1.25 per square foot, Devlin said. Those projects will be similar in scope and will include the 180-unit Florida Club at Gate Parkway, the 130-unit Florida Club at East Lake and the 270-unit Florida Club at Belfort.
Dayco Holdings and The Devlin Group have partnered on several local projects during the last decade, including the Ocean Grand at Serenata Beach located between Ponte Vedra Beach and Vilano Beach in St. Johns County.
Devlin said construction should be complete on the first six projects in four to six years, but already the duo is searching for other development opportunities.
"We plan on doing even more," Devlin said.
Source: Jacksonville Business Journal
The two, who individually own Dayco Holding Corp. and The Devlin Group Inc., officially joined forces in December 2006 to concentrate on joint development projects in Jacksonville. Members of the Dayco company will be responsible for the development of projects while the Devlin employees will find development sites and manage sales.
"It works out really well," Devlin said. "We're there to help them, and likewise when we need it they're there to help us."
The company has acquired six properties and has started work on the first of the 900 residential units that will be constructed in the Gate Parkway and Town Center areas of the city.
Toscana at St. Johns Town Center is a 130-unit condominium project in a nine-and-eight-story tower. Presales and horizontal construction have already begun on Toscona. A second 220-unit condominium project that will also be in the town center will likely be called Toscona II. Construction on the second project is expected to begin in October 2007 and will be in seven-and-eight-story towers.
Both condo sites will overlook the second phase of the St. Johns Town Center, which is already under construction and is expected to include new and high-end retailers to the area like Louis Vuitton, Pottery Barn and Tommy Bahama as well as new restaurants like Capital Grille.
"We've been very fortunate to secure that property," Devlin said of the town center sites.
The third project is a 95-unit townhome development called Bridges at Belfort.
Dayco/Devlin will split its project list between selling products and leasing products.
"We also see a need for high-end apartments," Devlin said.
The company's three apartment communities will lease for about $1.25 per square foot, Devlin said. Those projects will be similar in scope and will include the 180-unit Florida Club at Gate Parkway, the 130-unit Florida Club at East Lake and the 270-unit Florida Club at Belfort.
Dayco Holdings and The Devlin Group have partnered on several local projects during the last decade, including the Ocean Grand at Serenata Beach located between Ponte Vedra Beach and Vilano Beach in St. Johns County.
Devlin said construction should be complete on the first six projects in four to six years, but already the duo is searching for other development opportunities.
"We plan on doing even more," Devlin said.
Source: Jacksonville Business Journal
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