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Woodsprings Suites

Executive Summary

THE OFFERING

Corner Lot is pleased to present a compelling extended-stay development opportunity: a 122-key WoodSpring Suites hotel located in the rapidly expanding St. Nicholas submarket of Jacksonville, Florida, with anticipated delivery in 2028. Strategically positioned just minutes from downtown Jacksonville, San Marco, and a dense nucleus of healthcare, financial, and corporate employers, the site benefits from one of Florida’s strongest employment demographics and most durable extended-stay demand profiles.

As Choice Hotels’ flagship extended-stay brand and the top-performing economy extended-stay franchise in the country, WoodSpring Suites delivers institutional-grade operating margins, recession-resilient cash flow, and consistent occupancy driven by long-stay corporate, healthcare, project-based, and relocation guests. With a constrained extended-stay supply pipeline in the trade area, sustained population and job growth across the Jacksonville MSA, and an experienced sponsor with a proven extended-stay track record, the WoodSpring Suites St. Nicholas represents a durable, downside-protected new construction lending opportunity in one of the Southeast’s fastest-growing markets.

WoodSprings Suites St. Nicholas

LOCATION

Atlantic Blvd. and Art Museum Dr., Jacksonville, FL 32207

PROJECT CAPITALIZATION

$14,472,719

KEYS

122

TIMELINE

Q1 2027 – Q2 2028

Project Summary

WoodSprings Suites St. Nicholas

Corner Lot is in active discussions with Choice Hotels regarding a development incentive. The current project budget is $14,472,719 ($118,629 per key). The project’s per-key basis sits materially below typical new-construction WoodSpring Suites delivery costs, reflecting Corner Lot’s vertically integrated development discipline and providing meaningful downside protection in the senior loan position.

Underwriting assumes a $75 ADR in 2026 dollars, trended at 3% annually, resulting in a Year 1 opening ADR of $79.57. Occupancy is projected at 63% in Year 1 and stabilizes at 80% in Year 2, with exit at an 8.25% cap rate approximately 60 months from groundbreaking.

 UNIT MIX SUMMARY

1 Bedroom

0

0.00%

2 Bedrooms

0

0.00%

Total

0

100.00%

Average Unit Size

NRSF:0 Sq. Ft.

INCOME & INVESTMENT PARAMETERS

Average Daily Rate (2026)

$75.00

Stabilized Occupancy

80%

Net Operating Income (Sale Month)

$1,498,880

Stabilized Return on Total Development Cost

10.36%

Project IRR

20.5%

Project Equity Multiple

2.31x

EQUITY & DEBT FINANCING

Amount

Share

LP Equity

$4,052,361

28.00%

Sponsor Equity

$1,013,090

7.00%

Lender

$9,407,267

65.00%

Total

$14,472,718

100.00%

DEVELOPMENT COST & SCHEDULE

Total

Unit 

Sq Ft

Development Cost

$14,472,719

$118,629.00

$296.45

Development Cost Total

$14,472,719

Development Cost Unit

$118,629.00

Development Cost Sq Ft

$296.45

Begin Construction

Q1 2027

Complete Construction

Q1 2028

PROject highlights

MASTER PLAN COMMUNITY NODE

Hotel anchors a master-planned mixed-use site programmed for complementary commercial uses including QSR, medical, convenience retail, and a retail strip center, designed to reinforce daytime activity and the long-term neighborhood profile.

IMMEDIATE CONNECTIVITY TO DOWNTOWN 

Minutes from the CBD, San Marco, and Jacksonville’s healthcare, financial services, and government employment cores, accessing the deepest extended-stay demand pools in the MSA.

BEST IN CLASS OPERATING ECONOMICS 

WoodSpring Suites’ purpose-built extended stay model delivers low operating expense ratios and stabilized GOP margins consistently in the 55–60%+ range, among the highest in the lodging industry.

DURABLE, MULTI-SEGMENT DEMAND

Long-stay guest mix of healthcare travelers, project-based contractors, relocating professionals, and government/military demand creates a deliberately diversified, recession-resilient cash flow profile.

COMPELLING COST BASIS

At $118,629 per key, the project basis sits materially below typical new-construction WoodSpring delivery costs, providing meaningful downside protection in the senior loan position.

Site Details

ADDRESS

Atlantic Blvd. & Art Museum Dr., Jacksonville, FL 32207

ACREAGE

1.7

CURRENT USE

Vacant Lot

PROPOSED USE

Hospitality

CURRENT ZONING

PUD

IMPROVEMENTS

Pad-ready development site

ACCESS / FRONTAGE

Direct Access from Atlantic Blvd.

Site Plan

Market Overview

Overview

EMPLOYERS & DEMOGRAPHICS

Jacksonville MSA Trends

Sustained Population and Employment Growth

The Jacksonville metropolitan area continues to experience sustained population and employment growth, supported by domestic in-migration, business expansion, and Florida’s favorable tax environment. This growth has increased demand for value-oriented lodging and temporary housing options serving relocating households, corporate trainees, contract workers, and extended-stay guests.

Strong Project-Based and Workforce Lodging Demand

Jacksonville’s expanding base of healthcare, logistics, aviation, infrastructure, and construction activity supports recurring demand from contractors, consultants, vendors, traveling clinical staff, and temporary workforce assignments. These segments align directly with the economy extended-stay model, which is designed to serve cost-conscious guests requiring multi-night, weekly, or longer-term accommodations.

Healthcare and Institutional Demand

Jacksonville is anchored by a large and growing healthcare network, including Baptist Health, UF Health, Mayo Clinic, Ascension St. Vincent’s, Wolfson Children’s Hospital, Baptist MD Anderson Cancer Center, and Nemours Children’s Health. These systems support lodging demand from patient families, traveling nurses, medical vendors, training programs, project consultants, and construction-related activity.

Diversified Economic Base

The regional economy is anchored by healthcare, logistics, financial services, defense, aviation, industrial, and professional services. Major employers and economic anchors include Baptist Health, Mayo Clinic, Florida Blue, CSX, JAXPORT, Jacksonville International Airport, and the region’s expanding industrial and distribution network. The diversity of Jacksonville’s economy supports stable lodging demand across multiple guest segments and reduces reliance on any single industry.

ATTRACTIVE SITE PROXIMITY

Major Interchanges

Major Interchange Distance
I-95 3 miles
I-10 3.5 miles
I-295 15.0 miles 


















AREAS OF INTEREST




















Area of Interest
Distance






EverBank Stadium / Sports Complex
2 miles




Memorial Hospital
2 miles




Baptist Medical Center / Wolfson Children’s Hospital
3 miles




Downtown Jacksonville
3 miles




UF Health Jacksonville
5 miles




JAXPORT / Talleyrand Marine Terminal
5 miles




Jacksonville Beaches
13 miles




Mayo Clinic
13 miles




Jacksonville International Airport
17 miles


















































STRONG EMPLOYMENT & DEMOGRAPHICS
Strong daytime employment base


The 1-mile trade area has a daytime population of 14,848, approximately 72% higher than the residential population of 8,627, indicating the site is surrounded by businesses and daily employment activity rather than relying solely on nearby residents.


Deep concentration of demand-driving businesses


Choice Hotels identified 261 drive-time-weighted demand-driving businesses near the site, earning a perfect 10.00/10.00 KPI score for demand drivers.


Strong traffic exposure


Choice Hotels identified a maximum traffic count of 170,000 vehicles per day, with the site scoring 8.82 / 10.00 on traffic.


Favorable income and housing-cost dynamics


Average household income of $91,192, projected per capita income growth of approximately 22% over the next five years, and strong housing-cost dynamics support demand for value-oriented extended-stay lodging.


Sustained trade area growth


Trade area population has grown approximately 16% since 2010 and is projected to increase another 4.6% through 2029.


Dense infill location


The population density of 2,606 residents per square mile supports the site’s urban infill positioning and access to nearby employment, services, and demand generators.


Sources: Coldwell Banker Commercial Demographics Report, 1-Mile Trade Area, April 2026; Choice Hotels WoodSpring Suites Hotspot Scoring Report, March 2026.


NEARBY EMPLOYERS
Healthcare / Medical


Memorial Hospital; Baptist Medical Center Jacksonville; Wolfson Children’s Hospital; UF Health Jacksonville; Mayo Clinic Jacksonville; Ascension St. Vincent’s; Baptist MD Anderson Cancer Center; Nemours Children’s Health


Logistics / Port / Transportation


JAXPORT / Talleyrand Marine Terminal; CSX Transportation; Crowley; Trailer Bridge; Southeast Toyota Distributors; Jacksonville International Airport area employers


Construction / Infrastructure / Project Demand


Jaguars “Stadium of the Future” renovation; UF Jacksonville graduate campus; Jacksonville International Airport expansion; downtown redevelopment projects; healthcare system expansions; roadway, utility, and infrastructure contractors


Industrial / Blue-Collar Employment


BAE Systems; marine industrial and ship repair users; Anheuser-Busch Jacksonville Brewery; Amazon; Wayfair; local trades, service contractors, and maintenance vendors


Corporate / Office Demand


Florida Blue / GuideWell; Bank of America; Fidelity Investments; Citi; Black Knight / ICE Mortgage Technology


								

					

		

					

		

				

						

					

			

							

		

				

			

							

		

					

		

				

						

					

			

						

									
Fast-growing Sunbelt MSA


Jacksonville has grown into one of the Southeast’s larger metropolitan areas, with an MSA population of approximately 1.8 million residents. The region continues to benefit from population growth, in-migration, and business expansion across Northeast Florida.


Strong migration and household formation trends


Jacksonville continues to attract residents and employers from higher-cost markets, supported by Florida’s favorable tax climate, relative affordability, and quality-of-life advantages. These trends support relocation activity, temporary housing demand, and recurring extended-stay lodging needs.


Favorable Florida tax environment


Florida’s lack of state personal income tax, estate tax, and inheritance tax remains a competitive advantage for individuals, employers, and relocating households, supporting the broader Jacksonville growth story.


Diversified regional economy


The Jacksonville MSA is supported by healthcare, logistics, financial services, aviation, defense, industrial, and professional services. This diversified economic base supports stable lodging demand from corporate, project-based, healthcare, relocation, and temporary workforce segments.


Durable long-term demand drivers


Population growth, business expansion, healthcare employment, logistics activity, infrastructure investment, and continued household formation all support long-term demand for value-oriented lodging and extended-stay accommodations.


Sources: U.S. Census Bureau / FRED; State of Florida Tax Guide; Federal Reserve Bank of Atlanta

								

				

							
  • #2 Hottest Job Market in the U.S. — Wall Street Journal / Moody’s Analytics
  • #7 Best City for Real Estate Development — StorageCafe
  • Top 15 U.S. City for Population Growth — U.S. Census Bureau, 2024 Population Estimates

						

					

		

					

		

					

		

					

		

				

						

					

			

						

					
Investment Highlights 
				

		

		

		

				

					
INCOME PROJECTION
				

				

					
Development Budget
				

				

				

		

		

				

							
REVENUE
TOTAL
PER UNIT
Rooms
$3,190,269.00
$26,149.75
Other Operated Departments Revenue
$95,708.00
$784.49
TOTAL REVENUE
$3,285,977.00
$26,934.24
Room Expense
$438,662.00
$3,595.59
Other Operated Departments Expense
$0.00
$0.00
TOTAL DEPARTMENTAL EXPENSE
$438,662.00
$3,595.59
Effective Gross Income
$2,847,315.00
$23,338.65
EXPENSES
Administrative & General
$230,291.00
$1,887.63
Hospitality Management Fees
$164,299.00
$1,346.71
Marketing
$32,860.00
$269.34
Franchise Fee
$271,173.00
$2,222.73
Property Operations & Maintenance
$118,432.00
$970.75
Utilities
$145,674.00
$1,194.05
Property Taxes
$170,182.00
$1,394.93
Insurance
$72,837.00
$597.02
Total Expenses
$1,205,748.00
$9,883.18

						

		

				

									
PROJECT NOI
								

				

							
$1,641,568

						

				

									
Less: Capital Reserves
								

				

							
$131,439

						

				

									
NOI AFTER RESERVES
								

				

							
$1,510,129

						

				

									
RETURN ON COST
								

				

							
10.31%

						

				

									*The financial projections shown are based on underwriting assumptions and are provided for illustrative purposes only.  Actual returns may vary and are not guaranteed.								

				

				

		

				

					
Development Budget
				

				

							
TOTAL
PER KEY
LAND
$1,470,000.00
$12,049.00
HARD COSTS
    GC Contract
$9,046,000.00
$74,148.00
    Owners Work
$1,166,498.00
$9,561.00
    Hard Cost Contingency
$306,375.00
$2,511.00
TOTAL HARD COSTS
$10,518,873.00
$86,220.00
SOFT COSTS
    Pre-Development Fees
$50,000.00
$410.00
    Legal & Due Diligence
$40,500.00
$332.00
    Architectural & Engineering
$123,500.00
$1,012.00
    Interior Design
$0.00
$0.00
    Zoning, Permitting, & Impact Fees
$740,784.00
$6,072.00
    Inspection & Consultant Fees
$140,000.00
$1,148.00
    Financing Fees & Insurance
$391,000.00
$3,205.00
    Other Soft Costs
$16,000.00
$131.00
    Soft Cost Contingency
$75,089.00
$615.00
    Development Fees
$406,972.00
$3,336.00
    Interest Reserve
$500,000.00
$4,098.00
TOTAL SOFT COSTS
$2,383,845.00
$19,540.00
TOTAL PROJECT COSTS
$14,472,719.00
$118,629.00

						

				

				

				

					

		

					

		

		

				

					
Meet Corner Lot
				

				

					
OUR VISION, INNOVATION, AND EXPERTISE DRIVING SUCCESS
				

				

									
At Corner Lot, each team member plays a vital role in shaping our company. Together, we bring an unwavering passion to every project, driven by a commitment to imagination and innovation. By working collaboratively, embracing big ideas, and taking pride in our work, we turn a shared vision into impactful results—benefiting our team, our partners, and the communities we serve.
								

		

					

		

				

					
OUR VISION, INNOVATION, 

AND EXPERTISE DRIVING SUCCESS
				

				

									
At Corner Lot, each team member plays a vital role in shaping our company. Together, we bring an unwavering passion to every project, driven by a commitment to imagination and innovation. By working collaboratively, embracing big ideas, and taking pride in our work, we turn a shared vision into impactful results—benefiting our team, our partners, and the communities we serve.
								

		

				

					
Contact
				

		

				

									
STEPHAN BAKER
								

				

									
VP – Finance and Tax
								

				

		

				

									
sbaker@cornerlotdevelopment.com
								

				

									
(904) 881-0632
								

				

				

				

		

				

					
ANDY ALLEN
CEO
				

				

					
GEORGE LEONE
COO
				

				

					

				

		

					

				

					
ANDY ALLEN
CEO
				

				

					
GEORGE LEONE
COO
				

				

					
LEE HUTCHINS
Executive Vice President of Development
				

				

					
BILLY ZEITS
Executive Vice President of Governmental Affairs
				

				

					
MICHAEL O’NEAL
Chief Administrative Officer Breeze Homes/Corner Lot
				

					

				

				

				

		






		

			

				

							


                

                        
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