Jacksonville: 1,479 unit project coming downtown

[bobliocatt]

the demand for downtown residential living continues to boom!

JEA chooses Haskell to develop Southbank riverfront land

JEA officials today selected The Haskell Company to try to finalize a deal to develop land at the former Southside Generating Station, picking Haskell over The St. Joe Co. in a second round of bids.

Haskell and St. Joe had each submitted previous bids for most of the 42 acres along the St. Johns River, but the JEA board rejected both because neither approached a $27.5 million appraisal.

In those bids last year, St. Joe offered $6.5 million for the property, with some profits going to JEA. Haskell proposed paying $20 million, but required $12 million back from the city to pay for roads and a riverwalk.

On Thursday, St. Joe proposed paying about $6 million but giving JEA half of an estimated $37.5 million in profits. Haskell offered $25 million in cash upfront or $40 million over six years, without requiring city incentives. The two Jacksonville-based developers each had envisioned a mix of retail, housing, offices and parks on the riverfront property.

Each agreed to delay plans until the National Football League uses the property during Super Bowl XXXIX in February.

Asked what factors had changed since the last bid, Haskell Co. chairman Preston Haskell said: "We wanted to do the project. We like what is happening with other downtown projects."

He said the company would still make a bid for city incentives, but would not condition the deal upon receiving them.

The JEA board voted to enter talks to try to finalize a deal with Haskell but JEA CEO Walt Bussells told members during a special meeting Thursday they could alter course to talk with St. Joe if details cannot be agreed upon.

"We're in the ballpark now," Bussells said. "The most important thing in a real estate deal is to finalize the terms and conditions."

Bussells said he considered the $40 million deal over six years worth more than $30 million in today's dollars. It would be a better offer than the $25 million deal, but may be conditioned upon the developer's success.

Haskell officials said they will seek permit approvals for 1,479 multi-family residential units, 36,900 square feet of retail/restaurant space and 146,000 square feet of office space.

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The city lost an old power plant (already demolished), but stands to gain 1,400 residential units and almost 200,000sf of retail/office space in its place. It's good to see so many are interested in the concept of urban living in Jacksonville. There are rumors, that the Radisson Hotel (the building with the large parking lots on left of rendering) is considering redeveloping that site into a more urban oriented upscale hotel after the Super Bowl in February, as well.

[Spartan]

Thats great news! It seems like Jacksonville has been getting a new announcement or 2 every month.

[ResidentJaxAss]

Lakelander,

Do you think this project is going to stick? I hate to get excited about projects that never come to fruition like Laura Place.

[bobliocatt]

I'm pretty confident that this site will be developed. At this time its just too early to say when. As the super bowl comes closer, I'm sure we will get more info on it.

As far as Laura Place is concerned, I'm also confident those buildings will be redeveloped as well. There are several developers jumping at a chance to restore that prime downtown corner. The present developers just need to quickly decide if they can do it or not. Luckily, the city is now forcing their hand.

Out of all the highrise proposals so far, I'm truely believe at least 4 will start construction in the next couple of months. They are:

1. The Peninsula - already approved and sales are strong so far. Developers have already chosen a building contractor and construction is scheduled to begin Jan. 2005.

2. The Strand - already approved, developers have said construction will be under way this summer.

3. San Marco Place - already approved, and probably sold out by now. Developers say construction will start in August.

4. Fidelity National Financial - just as soon as the plans are drawn construction will begin on their office complex. They desperately need extra space ASAP.

I have a feeling these two will get underway by the end of the year also, although I can't verify it.

5. Former JEA Building - Money doesn't seem to be a problem with this guy and he's said he wants to start construction on his 31 story tower as soon as possible. They just need to finalize the contract.

6. Westin Hotel - if the hotel chain is picked to buy the site across from the Landing, they have already said they plan to start construction by the end of the year. Their plans seem to be solid, they have the money, the city said it would give incentives, they really want a Jax location, so they have the green light. Everyone is just waiting for the property owners to decide which developer to go with.

[ResidentJaxAss]

Thanx Lakelander, great work as usual.

P.S. Do you like the Gators?

[bobliocatt]

I've been a Hurricane's fan since the early 1980's. The Gators are one of those teams, I go when ever they don't play Miami. Now, FSU.....I hate them with a passion. My second favorite college football team, is who ever plays FSU each Saturday.

[ResidentJaxAss]

You like the Hurricanes!!!

You like the Hurricanes!!!

I used to have so much respect for you. LOL

I was born a Gator and I'll die one. FSU SUCKS!!!

Do you ever post on Grassy or CaneSport?

[Urban_Legend]

Downtown Discussion:

I hope the Westin gets the OK. That would provide alot of business for the Landing. I liked both designs for the generating station property, so I'm indifferent to which one they picked. I hope the Radisson will rebuild, so that the Haskell development will be more connected to the rest of the Southbank.

Football Discussion:

My cousin plays for the UM volleyball team and her boyfriend plays for the UM football team. (Chris Myers) So I'm a new UM fan. But my whole family is Gator fans, and I've been to their games. I don't really care for the Seminoles, but I'm planning on attending the FSU School of Music. I'm just trapped in a weird college football triangle. Anyways, that's just my two cents on the whole football discussion, lol

[bobliocatt]

You like the Hurricanes!!!

You like the Hurricanes!!!

I used to have so much respect for you. LOL

I was born a Gator and I'll die one. FSU SUCKS!!!

Do you ever post on Grassy or CaneSport?

Yes, I bleed Orange & Green (both Miami & FAMU), but I don't hate the Gators. Probably because I can't remember the last time Miami lost too them. Urban Legend, sorry you're being punished by attending FSU. Hopefully, both the canes and the gators, will kick FSU's butt this year.

[Urban_Legend]

I really don't care about the football that much. The music building is on the other side of the campus, nowhere near the stadium. And I'm not being punished yet; I still have to be accepted, lol!

[Brickell]

I attended both UF and FSU, but have been a life long UM sports fan. They're all the same really. Some just win a little more often than others.

FSU has a pretty decent music school. I think UM's is known more, but you can't go wrong with FSU.

[Urban_Legend]

UM also costs way more.... I know FSU was ranked in the Top Ten music schools in the country, and I'm sure UM was right up there with it. Now, what was this topic about? lol

[Brickell]

Yes, way way more.

I think it was some condo complex in Jacksonville.

It looks like a decent project, but maybe a little to sprawly.

[bobliocatt]

I think it was some condo complex in Jacksonville.

It looks like a decent project, but maybe a little to sprawly.

I think this is a pretty dense project that's laid out pretty well considering its location. From the site plan, I count at least 14 blocks of buildings interacting directly with the street, a grid pattern for the street layout, plus several small urban parks and an extension of the Southbank riverwalk.

The development is as well connected to the existing street grid as possible. On the south side the marsh looks like it will be preserved, which also adds to the character of the development. The problem is the existing large surface parking lots on the properties just west of the project and the suburban residential areas just south of the marsh. Hopefully, this project will start a domino effect that causes the owners of the adjacent properties to redevelop theirs.

[Brickell]

upon further review, I'll agree with you lakelander. my first impression was of an apartment complex in anywheresville with a gated entrance. You paint a much rosier pictures though. Will there be some retail and or public spaces?

[bobliocatt]

Yes, there will be 36,900sf of retail and 146,000sf of office space. It also looks like most of the residential units will consist of four story rowhouses or townhomes.

[Brickell]

Well if it's rowhouses, then woohoo.

I love them.

I wish Miami had more of them, but I don't think zoning regularions would allow many of them now a days.

[Urban_Legend]

There will be retail involved. I'm sure sidewalk cafes and small boutiques will line the streets. Also, I think that a new/rebuilt Riverwalk will be included in this project, just like in the Peninsula Condo project. That will make it more open to the public. I'm glad that this isn't an inclusive development, it's more open to the public. And as Lakelander said, hopefully the other properties will redevelop, finally unifying the Southbank into one large urban mass.

[wolfdawg54]

Just going back a little. I like both the Gators and the canes. Being a football player, I can pick out a good defense when I see it and miami's defensive line and backers are studs. The gator offense is usually good too. Back to the topic, I prefer the Haskell design.