Jacksonville Business Journal

South Ponte Vedra attracts $90M Development

Staff, Jacksonville Business Journal

South Ponte Vedra Beach may be remote, but it has not gone unnoticed by condominium developers.

A joint venture partnership between Wallace R. Devlin Jr. and Dayco Holdings bought 39 acres along the Intracoastal Waterway near Vilano Beach for $20 million last week.

The group plans to spend an additional $70 million building 204 upscale condos on the marshfront site.

"We liked the Ponte Vedra name and the waterfront, and we were looking for a spot where we could do an upscale deal," Devlin said. "We're also trying to position ourselves as the best place to watch the sunset."