The Strand to be Apartments, Not Condos

The Strand, the 28-story residential tower being built on the Southbank, will be leased as apartments. That's a shift from plans to sell the units as condominiums, but is what the property was originally planned to be.

The developer, American Land Ventures, is developing The Peninsula, a condo tower adjacent to The Strand. All 234 units at The Peninsula have been sold, and the brisk sales there prompted the developer to temporarily market The Strand as condos.

"Based on the high demand and success of The Peninsula, sister property of The Strand, we elected to market the tower for condominium sales," said Granvil Tracy, president of American Land Ventures. "Since then we have listened to our prospects who have expressed a greater interest in leasing rather than buying during this unpredictable state in the real estate market."

Rents at The Strand will start at $1,000.

Source: Jacksonville Business Journal