News Summary
TPG Real Estate Partners Investments LLC plans to rezone the Butler Plaza property in Jacksonville to facilitate a Planned Unit Development. The City Council will consider the request, set for public hearings in August. This project aims to enhance local economic growth by transforming existing office structures into subdivided ownerships, potentially increasing the commercial space from 262,000 to 500,000 square feet.
Jacksonville – TPG Real Estate Partners Investments LLC, based in San Francisco, is seeking to rezone its Butler Plaza property, located at Belfort Road and Butler Boulevard, to facilitate a Planned Unit Development (PUD). The Jacksonville City Council is set to consider the rezoning request, identified as Ordinance 2025-0450, in August 2025, following its introduction on June 24, 2025.
Public hearings regarding the rezoning are scheduled for August 12 and August 19, both commencing at 5 p.m. These hearings will take place in the Council chambers at City Hall, located at 117 W. Duval St., Downtown Jacksonville.
The Butler Plaza property spans 16.47 acres and currently contains three office buildings, with a total commercial space of nearly 262,000 square feet. The buildings, constructed in various years between 1999 and 2008, include one leased to the Wounded Warrior Project. Under the proposed PUD, TPG aims to subdivide the property and sell each building to individual owners.
The planned rezoning would transition the property’s designation from Industrial Business Park District to Planned Unit Development (PUD). The application details reveal that the property, listed as 4899 Belfort Road, will be divided into three parcels, and the overall commercial square footage for the development is projected to reach 500,000 square feet.
The civil engineering for the project is being managed by England-Thims & Miller Inc., while the project agent is the law firm Driver, McAfee Hawthorne & Diebenow, both of which operate from Jacksonville.
TPG Real Estate Investments LLC acquired the Butler Plaza property in December 2019 for $37.9 million from Greenfield Partners, which previously purchased it in December 2013 as part of a five-property portfolio for $65.8 million from Liberty Property Trust. The establishment of Jacksonville Butler PropCo LLC by TPG in November 2019 indicates their commitment to the Jacksonville area.
The Butler Plaza site lies east of Belfort Road, between Butler Boulevard and AC Skinner Parkway. Details of the existing buildings include:
- Building 1: 4899 Belfort Road, 86,929 square feet, built in 1999, features the Wounded Warrior Project in Suite 300.
- Building 2: 4887 Belfort Road, 87,433 square feet, constructed in 2001.
- Building 3: A small utility building.
- Building 4: 4875 Belfort Road, 87,433 square feet, built in 2008.
The assessment of the property by the Duval County Property Appraiser reflects a total size of approximately 16.9 acres. The intent behind the proposed rezoning aims to stimulate economic growth and promote the development of the existing office structures while enhancing the local community.
As TPG Real Estate Partners navigates the necessary approvals from the Jacksonville City Council, stakeholders and local residents are expected to pay close attention to the outcomes of the upcoming public hearings, which will weigh both community interests and development plans in shaping the future of Butler Plaza.
TPG, a global alternative asset management firm founded in 1992, currently manages assets amounting to $258 billion, reflecting its extensive experience and investment strategy in various real estate ventures.
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Additional Resources
- Jax Daily Record: Owner Wants to Divide and Sell Butler Plaza Buildings
- Wikipedia: Jacksonville
- Commercial Search: Deutsche Bank Leased Jacksonville Office Sells for $38M
- Encyclopedia Britannica: Jacksonville
- MultiHousing News: CAPREIT’s MHC Portfolio Sells for $740M
- Google Search: Real Estate Development Jacksonville
- CoStar: Redfearn Capital Teams Up with TPG Angelo Gordon
- Google Scholar: Jacksonville Real Estate
- Connect Commercial Real Estate: TPG RE Finance Trust Closes $1.1B CRE CLO
- Google News: Jacksonville City Council
