Through a neutron scattering, charge transport, and magnetization study, the correlated ground state in the bilayer iridium oxide Sr$_3$Ir$_2$O$_7$ is explored. Our combined results resolve scattering consistent with a high temperature magnetic phase
that persists above 600 K, reorients at the previously defined $T_{AF}=280$ K, and coexists with an electronic ground state whose phase behavior suggests the formation of a fluctuating charge or orbital phase that freezes below $T^{*}approx70$ K. Our study provides a window into the emergence of multiple electronic order parameters near the boundary of the metal to insulator phase transition of the 5d $J_{eff}=1/2$ Mott phase.
