July 2022 ––––––––––––––––––––––––––––––––––––––––––
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Corner Lot Acquires Summit Tower in Riverside
In a period of exponential growth and portfolio diversification, Corner Lot has acquired one of the most recognizable buildings in Jacksonville - The Summit Tower at 1000 Riverside Avenue.
“The Summit Tower has been a landmark in Riverside and across the Jacksonville skyline for more than half a century,” said Andy Allen, Corner Lot CEO. “It was an easy decision to make when we were presented with the opportunity to purchase it.”
Known as home to Riverside’s River and Post restaurant and rooftop bar, the nine-story structure was purchased for $11 million on June 22. The Mid-Century Modern building designed by Architect Taylor Hardwick in 1963 will soon be home to prominent new tenants, raising its occupancy to approximately 80%.
“Acquisition of the Summit Tower was the logical next step in Corner Lot’s evolution,” said George Leone, Corner Lot COO. “Its natural blend of history and modern architectural design made it a perfect fit for Corner Lot, our mission, and our portfolio.”
Professional Bank served as the lender. NAI Hallmark advised on the acquisition and will also serve as the property manager. The purchase includes the surrounding parking lots that serve the tower. Corner Lot purchased the structure from Padgett Premiere Properties, LLC.
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Corner Lot Brings Luxury Multifamily Community
to Jacksonville's Bustling Eastside
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Corner Lot’s newest multi-family residential community will bring high-end apartment homes to the Eastside of Jacksonville, offering convenient access to numerous employment corridors, the Town Center, and the beaches. The project came to fruition after Corner Lot conducted an extensive and transparent public input process and consulted with the Eastside Community Church to minimize impacts.
“We worked extensively with members of the Church and the surrounding neighborhoods to bring forward a quality project that will integrate well into the community,” said George Leone, Corner Lot COO. “Through that transparent process we are able to meet a need for multi-family residential homes in East Jacksonville while also ensuring we will positively impact local residents and businesses.”
Located at 13301 Beach Boulevard, the ten-acre development will include six buildings and 240 units that offer one, two, and three-bedroom options. The project will include gated access, a pool, an amenity center with a gym, and extensive landscaping. The unnamed $60 million project is scheduled to break ground in fall 2022 and be complete in winter 2024. Summit Contracting Group has been selected to construct the development.
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Corner Lot Launches New Website With Streamlined Navigation |
Corner Lot launched a new website in June at www.cornerlotdevelopment.com that features a redesigned interface, streamlined navigation, and expanded informational content, including profiles for signature projects and projects currently in development.
“With the growth we’re experiencing and the progress we’re making, we knew it was time to elevate our communications," said Andy Allen, Corner Lot CEO. “We wanted a new website that not only showcases our developments, but also reflects our love for Jacksonville and the culture that makes Corner Lot much more than just a place to work.”
The site offers intuitive navigation and convenient access to timely Corner Lot news announcements, media coverage, and career opportunities. Dedicated pages highlight Corner Lot’s commitment to the community with featured business partners, professional organizations, and philanthropy efforts.
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Building Jacksonville
with Corner Lot
Watch Building Jacksonville to meet our founders, get to know our team, and learn about our mission and culture. Fun to Watch, Corner Lot's new media production company, is showcasing our developments and capturing Jacksonville's momentum like no one else.
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The Avery at River City
Market Place 85% Pre-leased
The Avery's resort-style pool opened just in time for residents to escape the heat of summer, grill, and relax in a cabana. For more information about Corner Lot's new multi-family community on the Northside, visit www.liveaveryjacksonville.com.
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Meet Our Team: Scott Hobby, Corner Lot Living Managing Partner |
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Prior to forming Corner Lot Living with Andy Allen and George Leone, Scott Hobby spent 16 years as both an investor and a developer, most recently as the Chief Operating Officer of Block One Ventures. He previously spent 13 years as Vice-President of Case Pomeroy Properties, where he was involved in the execution of over 40 best-of-class projects reflecting aggregate equity investments of $400M with an estimated development value of over $1B. In his current role, he oversees all of Corner Lot Living's multifamily developments from concept to financing through construction and lease-up. Scott holds an undergraduate business degree in Finance and a Masters of Business Administration in Finance and Real Estate, both from the University of Georgia. Away from work, Scott and his wife Carson enjoy spending time at their children’s sporting events, traveling with family, and heading to Athens to catch a football game. |
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Single-family | Multi-family | Commercial | Urban |
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