Building on the success of Flagler Crossing Phase I, Corner Lot is pleased to announce the official closing of debt and equity for Flagler Crossing Phase II, marking a significant milestone in the continued development of St. Augustine’s multifamily landscape.
Flagler Crossing Phase II is a 180-unit, $42 million multifamily development within the city limits of the fast-growing and historic St. Augustine, FL. This phase will share top-tier amenities with Phase I, including a leasing office, a state-of-the-art gym, a resort-style pool, scenic walking trails, and access to the San Sebastian River.
Flagler Crossing Phase II underscores Corner Lot’s continued commitment to providing attainable housing solutions. Through a partnership with the City of St. Augustine, at least 50 units in the development will be designated for working-class families making between 85% and 120% of the area median income (AMI).
“We’re excited to officially close debt and equity financing for Flagler Crossing Phase II, building on the success of Phase I and continuing our mission to provide attainable housing in St. Augustine,” said Andy Allen, CEO of Corner Lot. “This milestone reflects our commitment to addressing the housing needs of the working-class families in this historic city and highlights the strong partnerships we’ve built with Trustmark Bank, the City of St. Augustine, and our dedicated project team. We’re eager to break ground and deliver another quality community that adds value to the region.”
Construction is slated to begin in October 2024, with completion expected in the first quarter of 2026. Once completed, the combined 510 units of both phases will be marketed for sale, offering an attractive option for potential investors.
Corner Lot would like to thank Trustmark Bank for its continuing partnership, marking the fourth collaboration between the two organizations. We also recognize the City of St. Augustine staff, Summit Contracting Group, Inc., the project’s general contractor, Group 4 Design, the architect, and Gulfstream Engineering, the civil engineer. Corner Lot also thanks Driver, McAfee, Hawthorne & Diebenow.
Flagler Crossing is one of four Corner Lot multifamily communities funded by First Coast Real Estate Partners, a private equity firm specializing in real estate development investing.
For more information about Flagler Crossing Phase II or Corner Lot’s portfolio, please visit www.flaglercrossingapts.com and www.cornerlotdevelopment.com.