Business Journal contents

[vicupstate]

Fidelity execs get $55mm in stock dividends. CEO Bill Foley says that may speed up plans for the land next to the Fidelity headquarters.

Foley says the hotel and restaurant part of the project were on hold because of the cost, but that will likely heat up now that he has the additional funds.

Other items:

There is an article on Lerner lofts, to be called 20 West Adams. There will be 17 units on the top five floors. The rents range from $1k-$2k and will be New York-style (exposed pipes, beams, etc). The article mainly discusses the need for affordability downtown. As usual with the BJJ, not much new info.

The AvMed and SteinMart buildings on the Southbank are for sale. A REIT in Jackson MS is looking at them.

[vicupstate]

In today's edition there are lots of "Looking Forward to 2005" articles. As usual, they just re-hash what is already known.

There is a picture of the new tenant's digs in the Elks building. It looks pretty cool.

The editorial did make a good pitch for more affordable housing downtown. Specifically, it says that even reasonably successful people will have a problem paying big-city prices for a loft, when the downtown experience is not yet at the comparable level.

[vicupstate]

The issue out today has several Super Bowl related articles particular about the parties (Playboy, SI,etc). There is a large article on the new mall on the Northside. Personally I think the Northside is hugely underserved. The first phase will open in 2006 with full completion by 2010 of all phases. I predict that the entire development will be completed by 2008 at the latest, possibly sooner.

[bobliocatt]

The Northside is currently under served, as far as retail and entertainment is concerned. That's why now is the best time for downtown to take advantage of some of the things not offered on the Northside, like a mega-plex movie theater.

Because, the rapidly growing Northside won't sit unnoticed for long.

[vicupstate]

The Northside is currently under served, as far as retail and entertainment is concerned.  That's why now is the best time for downtown to take advantage of some of the things not offered on the Northside, like a mega-plex movie theater.

Because, the rapidly growing Northside won't sit unnoticed for long.

<{POST_SNAPBACK}>

I believe the Northside project does include a theater complex.

[vicupstate]

Mostly Super Bowl stuff in today's edition. The Chamber reports a Michigan company that had not previously considered Jacksonville, has inquired about the city based on the Chamber's pre-SB mailings. Detroit (host of the next SB) and Houston (the last SB host) officials were qouted as being impressed with the Jax Chamber's efforts.

Also...

17 Burger Kings franchise locations in Jax were purchased back by the Corporate office. Prices ranged from 633,000 to 1,953,000. The highest price was for the location at 210 E. State Street which includes a vacant lot. That location also fronts on Market and Union Street, and perhaps Newnan too. No real information on what significance this might have, but the article alludes to the high price being indicative of the strong downtown market.

[Urban_Legend]

^That is a crazy price. I wish that whole Burger King/Winn-Dixie area could get redone.

[vicupstate]

In today's edition, lots of SB stuff, including a long article on Weaver.

There is a cover article on the Ford Assembly Plant next to the Matthews bridge. It is being used as a RV campground for the game. The owners also have a For Sale sign on it. They have gotten an inquiry from a Philly resident. No doubt they will get a few more calls by Monday. They cleaned the site up a bit as well.

Jaxport is no longer in talks with the owners for this site since the Dames Point Bridge is a little low for the new larger ships.

The Plaza at Berkman had a banner week in sales last week. Four units closed, three of which were priced at $540,000 or higher. Those three were on floors 8,14 & 16. The fourth unit was on the second floor and sold for 217,428. Most likely that one has "jail views" not river views.

[wolfdawg54]

In today's edition, lots of SB stuff, including a long article on Weaver. 

There is a cover article on the Ford Assembly Plant next to the Matthews bridge.  It is being used as a RV campground for the game.  The owners also have a For Sale sign on it.  They have gotten an inquiry from a Philly resident.  No doubt they will get a few more calls by Monday. They cleaned the site up a bit as well. 

<{POST_SNAPBACK}>

The Ford assembly plant should be incorporated in the enertainment areas because it is at a prime location. They need to find something to do there.

[93sportie]

Massive interstate project to start Tuesday

Construction of a new interchange project for Interstates 10 and 95 will begin Tuesday. The project, estimated to cost $206 million, is scheduled to be completed in 2010. It will be the biggest highway project the Florida Department of Transportation has undertaken in Jacksonville, according to DOT officials.

The $149 million construction bid was won by Archer Western Contractors. Additional costs included $10 million for design, $20 million for construction administration and $26.8 million to buy 42 acres of land.

The interchange will be rebuilt from I-95 at Adams Street to I-10 west of Stockton Street. It will involve the construction of 17 bridges and 21 ramps adding up to about 25 lane miles. The highest ramp of the three-level interchange will be 60 feet above the ground.

A new interchange at I-95 and Forest Street will provide a new entrance to Downtown via Park Street and Riverside Avenue. The on and off ramps at McCoy's Creek Boulevard will be closed, as will the off ramp from I-95 to Margaret Street.

Lane closures and detours will be done only between 10 p.m. and 5 a.m. to minimize traffic disruption.

A scheduled completion of 2010,lets see,that should be done around 2012

[vicupstate]

In today's edition, lots of SB stuff, including a long article on Weaver. 

There is a cover article on the Ford Assembly Plant next to the Matthews bridge.  It is being used as a RV campground for the game.  The owners also have a For Sale sign on it.  They have gotten an inquiry from a Philly resident.  No doubt they will get a few more calls by Monday. They cleaned the site up a bit as well. 

<{POST_SNAPBACK}>

In today's BJJ, (2/11), the owners of the Ford Assembly plant said they got six leads for buyers of the property. Tony Sleiman also said he got 2-3 offers a few months back for The Landing.

Lots of articles on SB aftermath. Cover article on how to keep the "party" going downtown ie Bay St. Owners of the Warehouse building on Bay St. said nightclub was planned for the first and second floors.

[93sportie]

"Owners of the Warehouse building on Bay St. said nightclub was planned for the first and second floors."

I really like what they did to this building inside and out and was really hoping that they would try to make a go there.Though the interior was not quite finished,I really was impressed with the old bare brick walls and the large wooden sash windows that overlooked Bay.

[vicupstate]

Convention Center issue is promenient. Editorial and two articles.

The good news: Jack Diamond says Rink Design has three significant hotel clients ready to enter the downtown market.

The Bad News: The Prime Osborn Cenetr is so small, that Jax is in danger of losing some of the conventions it already has. A five-day Fire/Rescue convention has maxed out space in the center (even using offices for exhibit space), and is looking elsewhere for conventions down the road. Jax ranks 206th in the country for convention space, right there with Bismarck ND.

It time to get moving on this issue, according to the editorial, AND I AGREE 1,000%

Also.....

The SB seems to have had a major impact on sales at the Plaza at Berkman. In the 25-30 weeks that I have tracked their sales, they have averaged 1-2 closings a week. Two weeks ago they closed 4 in one week. This week they closed 9! In addition to those nine, one of the townhouses sold also. The THs are owned by a different company and have been slower to sell. Also, SRG had three closings in Springfield, a good week for them as well. Three of the six "Villa in San Marco" units closed last week as well.

Also, the total number of sales for Duval County was about 2-3 times the recent average.

[Urban_Legend]

It's great to see all those urban units being sold!

[wolfdawg54]

Yes really need a better, and bigger convention center. I think that the convention center should be more important than some of the other things going on with the city. Also, great news about Rink design and the sales increase. That is good that Jacksonville is starting to feel the extra, good effects from the Super Bowl.

[JaxNole]

Three significant hotel clients? I'm smiling just thinking about it.

[vicupstate]

Three significant hotel clients?  I'm smiling just thinking about it.

<{POST_SNAPBACK}>

One of them is probably the San Marco Riverwalk Hotel, which we already knew was out there. Also, all three may not materialize. Nonetheless, it is good news.

[bobliocatt]

I'm sure the three hotel chains are probably Westin, Marriott & Sheraton. Westin has been looking for a while and probably will end up being the hotel planned for San Marco Riverwalk, this summer. Marriott originally had a deal to by the Adams Mark, but it fell through when the city refused to give incentive money to renovate the hotel. Then there's been rumors going around the forums, that Sheraton will be taking over the Adams Mark.

[scongro]

This is exactly why we need a new convention center. We can't build hotels just for the super bowl, we need people to stay there around the year.

[RiversideGator]

I think Mayor Peyton and Delaney before him have dropped the ball on the convention center issue. All they have to do is expand the existing center (dont reinvent the wheel by building a new one elsewhere) and we will have a sustained demand for more hotel rooms. The convention center itself is a money loser for the city, but the ancillary developments (i.e. hotels and restaurants) and increased tax revenue more than make up for the cost. Expand Now!

[vicupstate]

Not much in the issue today. Review of major recent commercial RE deals. A house(?) at 1626 N. Liberty in Springfield closed for $420,000. SRG and The Plaza at Berkman closed on three apiece last week.

[93sportie]

Yes that is a house and it is huge.It sits on a double,maybe a triple lot also.I remember walking thru it while they were working on it.I wondered what they were asking.

[vicupstate]

Not much in today's issue. A big article on the new I-10/I-95 intersection, but thta's about it.

[vicupstate]

The big item in today's issue is an article on a pending settlement between the city and Humana, regarding Humana's contract to provide parking to the city in a garage that Humana had promised to build.

A draft of the settlement is expected next week. The article states "other present and potential property owners will look to the Humana settlement as a final hurdle to quickening the pace of Downtown redevelopment". Mark Rimmer, with DVI stated that plans for several parcels of land can move forward once the settlement is in place.

Tony Sleiman, owner of The Landing, must approve the final Humana deal as well. One of Peyton's aides theorizes that Humana will transfer some combination of property and money to the city.

Personally, I had forgotten all about the garage deal. Sounds like great news.

[bobliocatt]

This deal is probably the thing holding up the proposed Westin Hotel site, considering thats where the garage was supposed to be.