The Jacksonville Transportation Authority sold 17 acres of a 347-acre vacant parcel near J. Turner Butler Boulevard on Monday to a subsidiary of Dallas-based Presidium. Presidium plans to build a 370-unit luxury apartment complex on the property by mid-2021.

Presidium paid $6.7 million for the property, which is zoned for more than 1 million square feet of office space, a 1.5 million-square-foot business park and more than 16 acres of residential, allowing for 8 to 19 units per acre. The remaining acreage is zoned for conservation and retention ponds.

Presidium was founded in 2003 and employs 300 responsible for more than 70 assets valued at more than $1.5 billion. The new site, Presidium at Town Center, will be a four-story, 470,000-square-foot building, complete with a pool and 10,000-square-foot leasing center.

“Following the success of our first Jacksonville development, the neighboring JTB Luxury Apartments, Presidium at Town Center will give residents the same remarkable views of the surrounding nature conservation area,” John Griggs, Co-CEO and Co-Founder of Presidium, said in a statement. “The convenient access to shops, restaurants, offices and entertainment make this community the best in living experiences.”

Plans also include a rooftop terrace and lounge overlooking the resort-style pool.

“The Jacksonville real estate market is booming as we continue to see more residents and visitors making their way to this prominent North Florida metropolis,” President of Development Mark T. Farrell said in a statement. “As first-class developers, it is our job to ensure that every community adds value to Jacksonville, and will continue to fuel the real estate market growth in the area.”