Thompson Thrift, a full-service, nationally recognized real estate company and one of the nation’s leading multifamily developers, announced that it will develop Velara, a 312-unit Class A multifamily community in Ponte Vedra’s Nocatee master-planned community.
“Nocatee has been one of the country’s fastest-selling master-planned communities and there is significant demand for luxury multifamily living options,” said Josh Purvis, managing partner for Thompson Thrift Residential. “We are excited that Velara will provide residents with a high-quality multifamily community that seamlessly integrates with the unique Nocatee lifestyle.”
Sitting on just over 12.5 acres along Burbank Avenue near Nocatee’s western interchange, the community will feature 3-story buildings offering studio, one-, two-, and three-bedroom configurations. Thompson Thrift is known for curating amenities and finishes that are on par with for-sale homes and Velara will offer gourmet kitchens with elegant quartz countertops, stainless-steel appliances and glass-top ranges; hardwood-style flooring; quartz vanity tops and undermount sinks; full-size washers and dryers; multiple smart home capabilities and many other designer touches. Additionally, select homes will be enhanced with cabinetry with soft-close doors, a deluxe closet system with shelving, walk-in showers with full tile surround and advanced smart home capabilities. Patio, balcony, private yard and detached garage options will also be available.
Velara sits within the Nocatee master-planned community, which in recent years has been ranked as Florida’s best place to live and the best place to raise a family. Thompson Thrift will include several resort-style amenities specifically catered to the Nocatee lifestyle such as a covered pool-deck patio, a poolside sunken fire pit and private golf cart garages. Additionally, Velara will provide many more high-end features that Thompson Thrift communities are known for, including a fully equipped 24-hour fitness center, thoughtfully designed courtyards, a billiards area, an outdoor gaming area, a pickleball court, a dog park and a pet spa with a grooming station.
In addition to the on-site amenities, residents will also have access to the world-class amenities of Nocatee, such as a kayak launch, two waterparks, a 75-acre community park, various fitness trails, and Nocatee Town Center’s charming restaurants and stores, including the largest Publix in Northeast Florida.
Positioned off US-1 and I-95, the Ponte Vedra area offers quick access to local beaches and over 5,000 acres of parks, preserves, and trails in the area, as well as an easy commute to Jacksonville, one of five “Supernova Cities,” and the Wall Street Journal’s 2023 second hottest job market in the U.S. Currently, there are more than 150 corporate, regional and divisional headquarters operating in the Jacksonville market, and the city had more corporate relocation activity in 2023 than any other major U.S. city.
The land purchase was brokered by Tyler Nilsson, senior managing director of investments and Erik Bjornson, senior managing director of investments with Institutional Property Advisors (IPA).
Thompson Thrift is a full-service real estate development company focused on multifamily, ground-up commercial and mixed-use development across the Midwest, Southeast and Southwest. For nearly 40 years, Thompson Thrift has invested more than $6 billion into local communities and has become known as a trusted partner committed to developing high-quality, attractive multifamily, commercial and industrial projects.
The company continues to expand its footprint with several new residential developments targeted for 2025 in key markets across the United States. Velara will be the company’s 18th multifamily development in Florida. Thompson Thrift 2025 Multifamily Development, LP will provide equity capital for the development.
