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ianzepp

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The UC project still hasn't broke ground. It appers as only two buildings are yet to be demolished (the same two houses that many residents hoped to save due to their historic significance). One tenant of the existing commercial buildings has refused to shorten its lease. That tenant is eveyone's favorite, Maui Teriyaki. The developer has now supposedly planned to build around the establishment for the time being. Should be interesting, beings it's a tight site to begin with.

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  • 1 month later...

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As an update, last week the University Corners developer asked the city for almost double the tax incentives (from around $30 million to well above $50 million). The developer cited increased construction costs as the main reason for the increase in required incentives. The city voted Monday night to not provide the extra money. As of now, the size of the project may have to be scaled down. I'll withhold my opinion for now until I get all the facts straight.

Here are the Gainesville Sun articles:

http://gainesville.com/apps/pbcs.dll/artic...D=7321752879742

http://gainesville.com/apps/pbcs.dll/artic...160326/1078/APS

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For $30-50 Million why doesn't the city just build the whole thing itself? This developer is loopy. Imagine what Gainesville could do with $30-50 Million in Tax revenues... widen some roads, build some parks, add a few more bus routes, spruce up more space downtown... I'll be following this.

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TaureanJ,

That's exactly how I feel about the issue, and most of the local community feels the same way. I really want to see this project happen, but the city as a whole cannot afford to give up that much future income. A large city like Jax or Tampa could possibly afford to do so, but not Gainesville. Hell, a significant portion of Gainesville's land area is tax-exempt (University of Florida - around 2000 acres within the city limits). Personally, I'd like to see a similar architectural design scaled-down to six stories instead of eight.

I'll keep you posted the best I can.

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^ I don't understand that argument. If the project doesn't get built, they won't get the $30-$50 million either. So it's not a matter of affording it. They'll probably get <$100k per year from the current comercial tenants, if that. Certainly nothing from the church.

While the city wants to be savy, and only give out the absolute minimum in tax breaks required to get the project built ... I simply don't buy the concept that Gainesville "can't afford" to "give" the project taxes that won't even be generated without the project itself.

But yeah, I agree with the city holding off on new tax breaks. I don't mind tax breaks in general, but I think the UC project is overpriced for the market, and the developer is probably trying to find a way to make the numbers work.

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  • 2 weeks later...
  • 3 weeks later...

They are about to get sued ... which will tie up the project for months, if not years, if not kill it forever. The current retail tenants apparently claim that their leases only allow the developer to build over and around them? It sounded really convoluted in the paper. Either the tenants or the developers are real idiots. This is just crazy.

"The lease prohibits University Corners from demolishing the Gator Plaza, as the developer plans, he said.

"They are only allowed to build above and around us," Marzke said. "They can't demolish the building. They say they can, so it'll be up to a judge to decide."

Michael Conroy, project manager of University Corners, said they would like to start the project at the beginning of 2006, but it depends on the three disputing tenants, financial issues and negotiations with the city."

http://www.alligator.org/pt2/050922corners.php

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TaureanJ,

No picture is needed. The structure is a hunk of crap, although it does house a Gainesville staple restaurant, Maui Teriyaki. Maui Teriyaki is one of the tenants holding out. The owners claim Maui will go out of business if they have to move. That is very doubtful. They already have another successful existing store on the west side of town, and Maui would do great wherever they decide to move in Gainesville. It is a very popular restaurant with the university community.

The owners openly claim that big business is trying to drive them out, but truthfully, if I am not mistaken, Maui changed ownership within the past 2 or 3 years. So the current owners cannot speak as if they have been vested in the community for decades. (If you can

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Rock2UF,

I absolutely agree with you. In light of the fact that they have a thriving location across town, have they made any efforts to temporary relocate while the new complex is under construction and possibly negotiate a way to be the ground floor tenant in the new building. That would be the most rational, and socially responsible thing to do.

If they keep it up, I'd start a boycott against this restaurant if I were in Gainesville.

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TaureanJ,

Actually, the developer has given the current tenants first dibs on ground floor space in the new building. But, rent will be significantly higher, and the parking situation will change. In fact, the parking situation is what is now holding up the project. The developer has recently said the he will provide no free parking in the new project, not even for those customers who purchase food/items from the property. This is a big change for many of the current tenants (mainly restaurants). In support of Maui, few college students will pay to park just to grab fast food. But, I would venture to say that 75% or more of Maui's business comes from foot/bicycle traffic.

As mentioned in a previous post, Maui would be successful in many other locations in town. The owners of Maui shouldn't be suprised this is happening. The property is way too valuable for its current use.

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Then again... where in anyone's downtown can you park for free these days.

Although this is very true, University Corners is no where near downtown. However, the vast majority of retail and food business in the new complex will be foot traffic from the University. I'm not clear if the paid parking is only for the retail space, but if hotel and office users will have to pay, they are going to run into some major problems.

Also, you can't really fault the retail users for wanting to keep their low rent payments and trying to avoid interupting their businesses for 2 or 3 years. That is alot of lost revenue. Not to mention that the new complex won't likely increase their revenue or profit. If anything it will hurt it because of the increased competition from the massive food court they are planning.

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So this project is "No where near downtown". Where is it in refernce to the campus?

Here is a quick (don't laugh) map showing the location of the UC project to downtown Gainesville. The project is about 10-12 blocks west of downtown. I guess "nowhere near downtown" is relative. I used to walk this distance to go to bars, etc. It's a fairly short walk. Eventually the area between UF and downtown will fill in with more density.

post-2326-1129355884_thumb.jpg

post-2326-1129355884_thumb.jpg

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  • 2 weeks later...

I wanted to chime in here with a quick update on our status (disclaimer: I am one of the sales agents on this project).

The city commission recently approved a change to the tax code, allowing any projects of a certain size to qualify for a 30 year reduction period instead of a 15 year reduction. University Corners will now reapply for the 30 year reduction under the new rules.

Also, one of the common misunderstandings is that this tax money is going to the developer directly. It's not; instead it is used as "equity" in a sense and claimed by the bank financing the project. If this project were not built, or built at a substantially smaller size, the tax money would be greatly reduced. The estimated value of this project to the Gainesville area over the next 30 to 50 years is over a billion ($1,000,000,000) dollars.

Keep in mind the facade, waterfalls, landscaping, and all other site improvements benefit the community as a whole. The developer could just put up a cheap stucco, concrete and glass building, but that wouldn't be as attractive to the city and community.

Secondly, we have been working to select specific units for our existing customer base, and will reopen the project to the public in 30-60 days.

Also, a sales office is now open in the old church at the corner of University and 14th Street. Elevations, building plans, floorplans and prices are available in our office.

Finally, this development is helping to spur the redevelopment of the entire College Park area, which has badly needed some improvements for a while.

You can find out more information on University Corners (and other team projects) at our team site here:

http://www.investgainesville.com/

Current news and information is also available online.

Ian Zepp, REALTOR, CSP

Bosshardt Realty Services, Inc.

(designation and broker information required by law. :)

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