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JEA approves Southbank land sale

bobliocatt

By bobliocatt
in Jacksonville

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bobliocatt City

bobliocatt

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JEA approves Southbank land sale

By RYAN GEDDES

The Times-Union

JEA board members accepted a $40.6 million bid for the utility's 25-acre parcel of downtown riverfront land at a special meeting Friday morning.

Cowford Riverfront LLC, an affiliate of Jacksonville Beach-based Case Pomeroy Properties, was the highest bidder Tuesday in a field of seven potential buyers that included luxury residential builder Toll Brothers Inc. and local developer LandMar Group LLC.

The deal is expected to close in the next three months.

Read more about Cowford Riverfront, Case Pomeroy, and their plans for the property in tomorrow's Times-Union.

ryan.geddesjacksonville.com, (904) 359-4689

This story can be found on Jacksonville.com at http://www.jacksonville.com/tu-online/stor...5/bus_jea.shtml.

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vicupstate Metropolitan Area

vicupstate

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JEA accepts Bid from Cowford

In this article, the JEA CEO seems to think Cowford has substantial financial backing. It sounds as if this is a national group that is partnering with some local principles.

I also wonder if Toll Brothers and the other bidders will look next for other downtown sites for a project. Brooklyn, of course, is an option.

BTW, I will be in town on Monday afternoon and Tuesday. Maybe we could have an impromptu UP get-together somewhere. Burrito Gallery anyone?

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Captain Obvious Hamlet

Captain Obvious

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These people clearly overpaid for the property .... $40 million for 25 brownfield acres? ... so one can only hope that they have plans for several really tall buildings.

Jax Beach developers have been heavily retrained by height limits in the past. Perhaps they will enjoy the freedom of downtown's zoning code and build high!! :)

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vicupstate Metropolitan Area

vicupstate

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I'm in, as long as it after 5:30pm, although i'll have to skip out around 7:30pm to check out the Miami Heat/Detroit game.

<{POST_SNAPBACK}>

I will be leaving Tuesday around 4pm. It sounds like Monday at 6:00pm at Burrito Gallery works well. All forumers welcome. Bring ideas for the secret handshake ;)

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BosTech Whistle-Stop

BosTech

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Duh its a Southbank,place where things get done vs North where things don't get done at all and if they do they look like Library building.

At leastr JEA did good job,let them bid,sell it to highest bider and then move on,at least things are happening.

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bobliocatt City

bobliocatt

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Former JEA site goes to high bidder

Utility will receive $40.6 million for riverfront parcel.

By RYAN GEDDES, The Times-Union

Case Pomeroy & Co. Inc. is one of those vaguely familiar company names that evoke images of oil pipelines, railroads and dusty gold mines.

It's a fitting impression, because the family-controlled New York public company has dabbled in all three of those archetypal American businesses over its 88-year history. But 13 years ago, Case turned away from its natural resources background and headed in a popular new direction -- real estate.

That's what brings Case to Jacksonville, where its real estate division president, Douglas McNeill, received the news Friday morning that his company has earned the right to pay JEA $40.6 million for a 25-acre parcel of downtown riverfront land.

An umbrella company McNeill formed last week, Cowford Riverfront LLC, was the high bidder for the former Southside Generating Station property, besting luxury builder Toll Brothers Inc. by $4.2 million. Cowford takes its name from one of the earliest European words for the narrowest local crossing of the St. Johns River, where the Main Street Bridge now connects the Northbank and Southbank.

Full article:

http://www.jacksonville.com/tu-online/stor..._18796601.shtml

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bobliocatt City

bobliocatt

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McNeill said that, in addition to its local projects, the company is also behind an ongoing $86 million residential, commercial and retail redevelopment project in Richmond, Va. called Riverside on the James. In partnership with Daniel Corp., Baltimore-based The Cordish Co. and the City of Richmond, Case is transforming a 100-year old hydroelectric plant into 230,0000 square feet of class-A office space, 70,000 square feet of retail space, 122 residential units and an 800-space parking garage.
Case assembled and sold the riverfront property on Riverside Avenue where St. Joe Co.'s headquarters now sits. It's developing the $22.7 million, 380-unit Williams Walk apartment complex in Bartram Park and the 90-unit 1661 Riverside urban condominium development near Five Points.

It seems like this is a decent company with a background in development, as well. They're backing 1661 Riverside and their Richmond project looks pretty good. Here's a link to pics of the project, on the Richmond forum.

http://www.urbanplanet.org/forums/index.php?showtopic=9889

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Urban_Legend Town

Urban_Legend

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I am heartened by the fact that these guys are connected with 1661 Riverside, which is a good project.  I think now they may produce a quality job and they clearly have the financial resources to see this through.  Again, I cant wait for more details.

<{POST_SNAPBACK}>

I agree! BTW, what's the progress on the 1661 site? I like that project.

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