BOA leaving downtown Jacksonville?

[bobliocatt]

Rumors are flying that a Fortune 100 firm is considering locating a 500,000sf office campus, employing up to 5,000 workers to Tampa's $137 million planned Central Park Village. The company, rumored to be Bank of America, which currently has its Florida HQ in downtown Jacksonville, is also considering sites in Orlando, Miami & Jacksonville.

http://pqasb.pqarchiver.com/sptimes/886486...t+Tampa+project

[asonj23]

That doesn't sound good at all. Let's hope this doesn't progress farther than a rumor.

[Urban_Legend]

That's terrible. I hope that doesn't happen. I'd like to see more of the Southside offices relocate to downtown.

[RiversideGator]

Banks are a critical part of downtown and we need to keep that. But, why would they move the headquarters to Tampa though considering all of the experienced banking people here in Jax? Maybe the rumor is wrong and it is some other company. Also, B of A usually has their headquarters downtown. I think there is a thread about downtown B of A buildings on here somewhere.

[bobliocatt]

BOA's Florida headquarters was in downtown Tampa for years, before relocating to Jax. The Central Park Village development is being financed by BOA and the site is located in the NE section of downtown Tampa. So if it is true, they would be relocating back to downtown Tampa.

[vdogg]

BOA's Florida headquarters was in downtown Tampa for years, before relocating to Jax.  The Central Park Village development is being financed by BOA and the site is located in the NE section of downtown Tampa.  So if it is true, they would be relocating back to downtown Tampa.

<{POST_SNAPBACK}>

Why would they want to relocate back to Tampa anyway? Is there any strategic advantage to this?

[bobliocatt]

They may be looking to consolidate all of their offices on one site. Tampa is attractive because its centrally located in the state and its a decent sized financial center as well. It would also help Central Park Village, an urban project being financed by BOA themselves.

If this is true, the city needs to step up and find a way to keep them here. We have lots of space in downtown, for any financial company looking to expand or consolidate their offices. Especially in the form of an offic tower. I'm sure LandMar wouldn't mind them taking up 500,000sf at the Shipyards.

[jjoshjl]

What percentage of the BOA tower does BOA use. Or is it all of it.

I really really hope this is just a rumor. This will put a lot of cold water on downtown development if it is true.

[Captain Obvious]

Space is clearly not an issue. The office vacancy rate is around 20% (which is way better than the suburbs.) which should mean around 2+ million empty square feet. Wachovia has also been quietly abandoning downtown Jax for the past few years ... pulling out one department at a time. It wouldn't be surprising to see BofA do the same.

That's really the pink elephant in the corner for Downtown Jax. Politicians are touting "revitalization" like they have been for decades, but the office market is showing severe signs of decay. Sure, we are adding new residents and entertainment options, but the office workers are certainly fewer than in years past. Aren't we something like 10-20k fewer office workers than at downtown's peak?

Keep that in mind next time you hear someone complaining about Fidelity's incentives. It's such a mindblowing coup that we have any new office space U/C at all.

[FLORIDA SKYRISE ORDER]

Why would they want to relocate back to Tampa anyway? Is there any strategic advantage to this?

<{POST_SNAPBACK}>

Strategic, no. Financial and "good business decision," yes.

Let's face it, there is really NOTHING going on in Jax. All the action is in Central and South Florida. All of the notoriety, market/promotional exposure, and everything else is available in those areas; pretty quiet and too serene here in North Florida.

These probably are not the reasons why BOA is considering moving down south, but there has got to be some type of "business reason" influence that is agitating them to move. City Leaders had better get a move on to get them to stay if this rumor is true.

FLORIDA SKYRISE ORDER

What's next, the Jags moving?

[FLORIDA SKYRISE ORDER]

Space is clearly not an issue. The office vacancy rate is around 20% (which is way better than the suburbs.) which should mean around 2+ million empty square feet. Wachovia has also been quietly abandoning downtown Jax for the past few years ... pulling out one department at a time. It wouldn't be surprising to see BofA do the same.

That's really the pink elephant in the corner for Downtown Jax. Politicians are touting "revitalization" like they have been for decades, but the office market is showing severe signs of decay. Sure, we are adding new residents and entertainment options, but the office workers are certainly fewer than in years past. Aren't we something like 10-20k fewer office workers than at downtown's peak?

Keep that in mind next time you hear someone complaining about Fidelity's incentives. It's such a mindblowing coup that we have any new office space U/C at all.

<{POST_SNAPBACK}>

When I lived in Jax in 1995, there were 60,000+ Office Workers working downtown. You mean to tell me that number has dwindled? This is sad. That means big business is no longer existing/dwindling in downtown Jax.

FLORIDA SKYRISE ORDER

[bobliocatt]

From looking at the amount of cranes in the area, I must say I disagree. The pace of growth here is keeping up the Central Florida metros (I get down there at least once or twice a month) and when you break it down by population, may be outpacing them.

[RiversideGator]

Space is clearly not an issue. The office vacancy rate is around 20% (which is way better than the suburbs.) which should mean around 2+ million empty square feet. Wachovia has also been quietly abandoning downtown Jax for the past few years ... pulling out one department at a time. It wouldn't be surprising to see BofA do the same.

That's really the pink elephant in the corner for Downtown Jax. Politicians are touting "revitalization" like they have been for decades, but the office market is showing severe signs of decay. Sure, we are adding new residents and entertainment options, but the office workers are certainly fewer than in years past. Aren't we something like 10-20k fewer office workers than at downtown's peak?

We were really hurt by the banking consolidation. This is why I shredded my BOA VISA and am thinking of closing my Wachovia account and moving to a local bank. I urge all of y'all to do the same. I hate the big banks like BOA and Wachovia b/c they nickel and dime their customers in order to get bigger. And, I am not interested in glorifying Charlotte.

Let's face it, there is really NOTHING going on in Jax.

This is an absurd statement. There is a lot going on in Jax in terms of growth and business, just not as much in banking and insurance as there used to be unfortunately. We do need a new pro-active Mayor though to get more business downtown. It looks to me like the current Mayor's so-called business background being an advantage was a complete fiction as I suspected.

[bobliocatt]

Does anyone think Peyton will have an easy time getting re-elected if Cecil Field re-opens, bringing in 12,000 military jobs?

[RiversideGator]

I fully expect him to be reelected whether we get the Navy back in Cecil or not.

[bobliocatt]

^As a supporter of the urban core of Jacksonville.......

[bobliocatt]

I must admit, Central Park Village (4,000 units on 60 acres) looks like a great urban infill project. It is designed to connect Ybor City to the CBD. Btw, the rumored Headquarters site sits at the entrance to Ybor City and is a block away from Tampa's streetcar line. I'm pretty familiar with that area and if BOA is interested in moving to that location, I hate to say it, but I can see why.

Hopefully the Shipyards and Southside Generation Station plans will be as urban and intergrated into the existing landscape as this thing.

http://www.centralparktampa.com/The_Plan_in_Pictures.pdf

www.centralparktampa.com

[JaxNole]

I urge all of y'all to do the same. I hate the big banks like BOA and Wachovia b/c they nickel and dime their customers in order to get bigger. And, I am not interested in glorifying Charlotte.

<{POST_SNAPBACK}>

That's why I bank with the largest area credit union. I don't travel out of state very often and many times the fees, aside from using smeone else's terminal for a cash withdrawl, are nominal. I receive higher yields on various investment vehicles and can purchase a car with favorable terms for just a few months to a longer term.

[vicupstate]

I think that Peyton thinks he will be re-elected if Cecil reopens as a Navy base. After all it will be a few years AFTER the election before all those Westside folks start hearing those jets flying over.

HHMMM, losing thousands of good-paying banking jobs and replacing them with what I assume are low-paying Navy jobs. Sounds like a damn good reason to vote him out to me.

Do us a favor Peyton and Jeb, and spend that $250mm on getting a high-wage mega project to Cecil and keeping BOA in Jacksonville.

Momentum is stalling downtown and if BOA leaves, it will be a huge body blow to ax, DT and the Northbank in particular.

No, the BOA tower is not all BOA. But I'm sure a lot of law offices DT do work for them that might go to Tampa as well, if this rumor turns out to be true.

[Captain Obvious]

After all it will be a few years AFTER the election before all those Westside folks start hearing those jets flying over.

<{POST_SNAPBACK}>

Vic ... like I said in the Cecil post ... I don't want to start a big argument, because I might end up agreeing with you on Cecil ... but, dude ... The jets take off to the WEST. NO ONE LIVES THERE. It's all pine trees. I think there's a possibility that some people in a Clay county subdivision might be in the Southern flight path, but basically no one that the Jacksonville government cares about will be affected by noise. If I'm wrong, and the jets take off to the East, you'll have my thousand apologies - but I'm pretty sure.

Back on topic, sorta ...

I also bank at a local credit union. They have much better rates than Wachovia or BofA. I would suggest anyone go to a credit union, since many no longer really restrict membership.

And I also agree that Peyton thinks the Cecil issue will help overshadow economic losses like BofA, but I still hold out hope that someone can use the Courthouse fiasco to knock him off in the Rep primary.