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Jacksonville P&C Discussion Thread


bobliocatt

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Well, I'm back. I had a great time. Its good to see how other cities have come, so far, with the development of their cores. Jax definately has a long way to go. Anyway, here are some interesting updates on recently permitted construction projects.

The Strand

Construction for The Strand, 1401 Riverplace Blvd., 1.72 acres, 28 floors, 295 apartment units, 625,000 square feet enclosed, 26,000 square feet unenclosed, includes five-level parking garage of 455 spaces, $42 million; contractor is The Auchter Co.; architect is Dorsky Hodgson & Partners, Fort Lauderdale; owner is American Land Ventures LLC, Miami.

Ortega Yacht Club

Jacksonville Planning and Development Department review for Ortega Yacht Club Condominiums, Lakeside Drive, 1.38 acres, one structure, 80 units, 20 floors; owner and developer is Ortega Yacht Club Condominiums LLC, O.Y.C. Properties Inc.; agent and engineer is England, Thims & Miller Inc.; architect is Infinity Design Builders Inc.; surveyor is Associated Surveyors Inc. (No. 5422.2)

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Work ready to start on Southbank apartments

The Strand should start rising on the Southbank by the end of July.

Developer Granvil Tracy, president of American Land Ventures of Miami, said construction should start in the next few weeks and the 28-floor, 295-apartment tower should be completed within 22 months, about May 2006.

The $4 million Riverwalk park and other public improvements should be built along the project's riverfront property the same time, he said, and he wants to complete that work by the February Super Bowl at Alltel Stadium on the Northbank.

The city recently approved construction of the tower that will comprise 23 floors of apartments on top of five floors of parking, providing 455 spaces.

American Land Ventures LLC will develop the Strand at 1401 Riverplace Blvd. as part of the project that also will include a 37-story, 234-unit condominium tower in a second phase as well as an office building in a third phase, Tracy said.

The 3.76-acre site is between Riverplace Tower and the Radisson Riverwalk Hotel.

The Auchter Co. of Jacksonville is the contractor for the Strand. The permit shows a construction cost of $42 million. Dorsky, Hodgson & Partners of Fort Lauderdale is the architect.

The five parking levels average 40,000 square feet each, while the residential floors average 19,000 square feet, plans show.

American Land Ventures Vice President Jim Cuddy said the apartments should comprise 21 studio units; 45 one-bedroom units; 204 two-bedroom units; and 25 three-bedroom units.

Tracy said American Land would begin leasing about 90 days before the units are completed and that rental rates would be determined by then.

Meanwhile, he expects to start construction on The Peninsula condos within six months to a year. That 37-story building will comprise 29 floors of residential units a top a lobby level and seven floors of parking, he and Cuddy said.

"We've had a significant amount of interest in the condos," Tracy said. He said construction typically starts when half of the units are sold. "We are beyond that in terms of reservations. We are now going to actual contracts," he said.

Tracy said the condo prices range from $300,000 to about $2 million, averaging about $500,000. He said reservations were in hand for two of the four penthouses and for all four tower suites below the penthouse

level.

Plans call for an eventual 80 to 90,000-square-foot office building that includes retail and restaurant space and parking. Tracy said that project was a third phase.

In 2002, City Council approved a maximum $15 million economic development grant, or $7.5 million for each residential building, to American Land Ventures to complete the structures. The grant is based on the increase in property taxes that the project will generate on the site.

American Land Ventures would receive the grant payments as it completes the buildings and pays taxes.

The city also will pay $4 million for the Riverwalk improvements and associated public improvements, Tracy said.

Construction was expected to start in 2001-02, but was delayed by several factors, including an environmental remediation in 2002.

Since then, developers have adjusted the number of housing units. American Land Ventures bought the land in early 2003.

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I spoke with one of the V.P.s with American Land Ventures (developer of The Strand and The Peninsula) a few months back. He stated that if 90% of the Peninsula condos are sold before The Strand opens up, that The Strand would instead be converted and sold as condominiums.

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http://216.199.61.61/media/images/property...st%20Church.JPG

421 Church is 210,000 sq. Feet and built in 1959. It sold for about $26 @sq. ft, so hopefully there is room for a major renovation and still keep leasing rates within the market. It certainly could use it.

BTW, how is the CSX exterior renovations going? Have they started? If so, how is it looking?

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The CSX renovations started a couple of weeks ago. So far it looks okay. The last time I drove across the Acosta, a good portion of the old panels, on the riverfront facade, has been replaced with new beige panels.

Its good to see another underutlized building get purchased. I just hope some one does something with the old brick telephone building across the street.

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Wow, your list really makes a person think. I'm going to go with no. 6.

Here's my take on the others with my pick in bold:

1. I would like this as well, but I don't think they even know what uses, they want with these buildings at this stage. Right now, I'd be happy if they just go ahead and board them up to help keep them from further decaying.

2. This could be a slight possiblity.

3. At this point, any thing super bowl related would not be considered major news.

4. This could also be a possibility, but I doubt it.

5. IMO. to Peyton, the KBJ idea is basically dead.

6. This group seems pretty serious. With what they're planning in Orlando, I'd expect to hear from them soon on what they have in store for Jax.

7. I think this will be announced during football season.

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My first impulse was super bowl related, thoug I'm intrigued by the ACC game.

It's obviously good news, so a corporate relocation or a new residential project seems right too.

I'd put 5 on super bowl though, like Lynnard Skynnard playing the half time show.

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Skynyrd & Limp Biscuit perhaps. I'm going with 8. Other

A Super Bowl announcement would be just the kind of thing for a Rotary type forum. A corp. relo would be awesome, but if I could only make one true it would be Laura Place as well. I'm sorry it has been tied up without action because we've had so many investors come through since the rfp was chosen. We got ripped on this one and its going to cost much more now and become less and less feasible as an investment. When we look for a logo for the "But-for" rule (unused), it should be a rendering of those buildings. Right now it should be the logo for the Property Maintenance Code (unenforced). <_<

I should lighten up, its Friday. Have a great weekend everyone.

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By the way. The Farmers Market in Hemming is thriving again today. If you are interested in local original art there are a couple guys really pricing stuff to move. Two huge paintings they have are $200 a piece and it looks to me that the canvas is worth that much.

Perhaps some flowers for the Mrs.

Anyway, if you get a chance, its worth a visit today, runs from 10-2 in Hemming.

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More on the Telco Bldg purchase... The Business Journal out today also has a small article on this transaction.

Sold: the Telco Building

The Telco Building sold for $5.45 million.

by J. Brooks Terry

Staff Writer

Anticipating an increased interest for legal services near the new Duval County Courthouse, JAX Telecom Partners, LLC purchased the Jacksonville Telco Building for $5.45 million dollars Wednesday.

Located at 421 West Church St., commercial real estate firm Trammell Crow Company brokered the sale of the eight story, 218,000 square-foot building.

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Does anyone know where these buildings are located along East Adams? Is it the row of commercial spots next to London Bridge?

-----------------------------------------------------------------------------------------------------------------------------------

from the Jax Daily Record

"Petra Property Management is renovating three adjacent properties on E. Adams Street. Workers on site said the buildings would be overhauled inside and outside over the next two weeks. No word yet on any potential tenants."

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from Jax Daily Record

Cooking up a dream

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3a.png

Making good on a long-time dream, Adrianne Garner, Jackie Hogans and Georgina Robinson (not pictured) opened their own restaurant on East Adams Street this week. Jags Cafe is open for breakfast and lunch, serving assorted sandwiches and wings.

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The Peninsula: bottom to top

Details of The Peninsula at St. Johns Center project have been announced by the architects, Dorsky Hodgson + Partners.

The tower will be built on the Southbank between the Riverplace Tower parking garage and the Chart House with construction expected to start before the end of the year.

It will be the first high-rise condominium on the Southbank and the tallest residential building in the area.

The building will have a two-story lobby that will feature a salt-water aquarium, a coffee bar, cyber caf

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From Downtown This Week

Might be two big announcements coming fairly soon about Downtown. We hear that the BB&T bank is looking at taking a lot of space in the building that SunTrust is leaving, and that the YMCA will go into the building at Laura and Adams along with the Jacksonville Bank.

I would assume that if the YMCA item goes through, it would be a relocation for the Bank Of America Building location, not the Riverside Ave. location. Has there been any news on that, or has anyone heard anything further on them going into the 100 Laura building?

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A more positive article from the Firstcoastnews.com site:

National Media Gets The Chance to Tour Jacksonville

By Jamie Muro

First Coast News

JACKSONVILLE, FL -- A few weeks ago, the New York Times described Jacksonville as a city that "is a blur en route to Disney."

Not exactly the image Jacksonville is looking for seven months from the Super Bowl, but one that certainly can be improved upon.

Jacksonville, once again, has the chance to shine in front of the national media thanks to a few guys playing basketball over at the University of North Florida. At least one hundred media are on campus following the daily events of the US Olympic Basketball Team.

While the focus is of course, basketball, the Super Bowl Host Committee saw it as an opportunity to invite some folks out on a guided tour of the city to show what they have and show what they will be doing for one of the biggest weeks in city history.

The tour included short stops at the new arena and baseball field, and then caught a glimpse of $60-million worth of improvements at Alltel Stadium.

"It's beautiful, the downtown, I love the complex, it's beautiful," said Rhona Wise, sports director for the European Press Agency.

But while the tour impressed her, she still has some concerns, like where she is going to stay when February rolls around.

"From a media perspective, you guys don't have enough rooms to put people. There's not enough hotel space to put people."

The tour hit its crescendo with a yacht ride on the St. Johns River. It highlighted the NFL Experience, where cruise ships will be docked, and showed how waterways will be used during Super Bowl week.

"Until I came here, I didn't have any impression of Jacksonville. But you have the beaches, the rivers...it should be fun," said Freddy Weinberg, a journalist from Los Angeles.

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