The only thing holding RISE back when it comes to building more Jacksonville apartment projects is the slowdown in institutional lending. The Jacksonville Business Journal reports once there is some easing, the company plans to get more aggressive.

The company’s fifth Jacksonville area project is a 331-unit development in Baymeadows off of Interstate 95. It’s expected to cost $85 million.

The four-story RISE Baymeadows is 327,000 square feet with one, two and three-bedroom apartments to be rented at market rate. The first delivery of apartments is planned for July 2024, though units will still be coming online potentially in early 2025.

The project is located at 7331 Baymeadows Way, which is dominated by office parks.