Jacksonville Development News

[Sunstorm]

Good news about the Lerner! Lets hope the developer goes thru with his plans, and soon

Bad news about the Barnett. I hope everything gets straightend out right away.

Also sad to hear about "River City Band's" troubles.

[Lakelander]

Contract on former JEA headquarters in dispute

24 January 2004

Two Jacksonville developers say they have a contract to buy JEA's former downtown headquarters.

JEA, however, says it has accepted only one contract -- the one with $100,000 more in the sale price.

Local partners Syed S. Hussain and Khalid Sindhu signed a contract Thursday to buy the 18-story building on Duval Street for $4.1 million, JEA spokesman Ron Whittington said.

That offer trumped the $4 million offer Trinity Realty Partners made when they apparently beat out another company in front of a JEA real estate committee last week.

But when Hussain and Sindhu saw published reports about the sale, they dialed up JEA with a better offer.

"The bottom line is to get the best price for the JEA and the ratepayers," Whittington said.

Whittington said JEA never signed a contract accepting Trinity's offer, but Trinity chief executive officer Park Beeler said the deal was in writing.

"I'm hopeful this will get straightened out," said Beeler, who declined to further comment.

Because JEA has accepted and signed the contract with Hussain and Sindhu, it's too late for anyone else to make a bid, Whittington said.

Hussain and Sindhu paid a $100,000 deposit and now have four months to conduct environmental inspections and another month to close on the sale.

Sindhu said they plan to put doctors' offices and law offices in most of the building, with an upscale restaurant on the top floor, some retail on the fourth floor and a bank on one of the lower floors. They plan to put $40 million into the project and hope to have it finished in a year, Sindhu said.

The office building, vacant since 1987, will be in a prime location come 2007. The building is one block from the planned Duval County Courthouse, scheduled to open in three years, and across the street from the new federal courthouse.

JEA moved into the building in 1976 when Independent Life moved to what is now the Modis building across from The Jacksonville Landing.

[Lakelander]

Bay Street & Downtown Nightlife update

Nightclub, theater group in the works for The Warehouse

27 January 2004


The Warehouse, a four-story historic building under redevelopment at 315 E. Bay St. downtown, might house a top floor nightclub and a third-floor theater group.

Owner Julia Suddath-Ranne said Monday the upscale nightclub would feature jazz or blues. She declined to identify the owners, but said it was a new venture.

The club chose to lease the entire 5,000-square-foot top floor "for the view," she said. "They are about ready to sign a letter of commitment," she said.

Suddath-Ranne said the theater group, which she declined to identify, would lease the third floor.

If those leases are signed, almost half of the 97-year-old, 20,500-square-foot building would be leased, which Ranne said would be "phenomenal."

She said that Bay Street Warehousing LLC, which owns the building, had estimated the building would be 20 percent leased the first year.

The city approved $365,950 from the Historic Preservation Trust Fund to pay for some of the renovations of the former Hutchinson-Suddath Building.

Auld & White Constructors Inc. and the Rink Reynolds Diamond Fisher Wilson architectural firm are working on the $1.29 million project. She said renovations should be completed May 1 and the nightclub and theater could open by mid-May.

Suddath-Ranne said her group wants a medium-price restaurant on the first floor and another entertainment venue on the second. While Bay Street Warehousing intended to develop office-lofts, she said entertainment groups approached the group.

[Sunstorm]

^I hope the restaurant and nightclub are both a success.^

[Style™]

Originally posted by Lakelander


While Bay Street Warehousing intended to develop office-lofts, she said entertainment groups approached the group.

That right there shows that there is lots of demand for entertainment!

[JFDinJax]

DDA: no library bridge

Daily Record
01/29/2004

by Bradley Parsons
Staff Writer



The Downtown Development Authority board will recommend against building a pedestrian bridge connecting the Main Library to its parking garage.
DDA managing director Al Battle asked the board to draft a statement, discouraging the bridge’s construction. Following a series of meetings with mayor’s office representatives, Battle said he concluded the bridge was out of step with downtown’s master plan and zoning overlay, both of which encourage pedestrian traffic.
“We have to look at the fact that the location of the St. James Building (City Hall) and the library was chosen to bring back pedestrian traffic to the area around Hemming Plaza,” said Battle. “People walking the sidewalks encourages retail, adds life to the streets and is an important component, moving us toward a 24–hour downtown.”
The Library Board recommended the $250,000 bridge in November as an accommodation for disabled library users. Downtown business leaders have lobbied City Hall against the bridge for weeks, fearing the bridge will divert pedestrian traffic away from downtown sidewalks and businesses.
Mayor John Peyton will make the final decision on whether or not to use the bridge to connect the library to its 600–car garage after receiving more input from the disabled community.
“The mayor has not made a decision on the library pedestrian bridge and will not until he hears from the disabled community next week,” said mayor’s office spokesperson Heather Murphy.
The idea for a bridge was discussed and rejected by the DDA’s Design and Review Committee and the building’s designer, said Battle. Opposition there was driven by the fundamentals of urban design strategy, he said. For the City’s master plan to work, Battle said planners must adhere consistently to those strategies.
“I understand the special concerns of the disabled community, but the facilities are all accessible, and we need to abide by the documents we live and breathe by,” said Battle, referring to the master plan and zoning overlay.
Board member and DRC member Denise Watson said the DRC typically uses the master plan as its foundation to judge the appropriateness of proposed designs. She said the bridge would, “fly in the the face of what we’ve tried to accomplish so far, using the master plan.”
Watson also suggested the bridge could establish a precedent. Board member and Auchter company vice president David Auchter seconded her concern.
“We want to be very careful about setting a precedent for connecting parking garages to buildings downtown,” said Auchter. “If we’re going to make our decision based strictly on what’s right for downtown, there’s clear support for the viewpoint that building a bridge won’t work.
“I can’t imagine how it would make sense for us [the DDA board] to support this.”
In addition to swelling the pedestrian crowd around Hemming Plaza, Auchter said scuttling the bridge would save the City $250,000 in construction costs.
“We’d see substantial savings if they don’t have to install a third, elevated entry with security,” he said.
Watson cited Dallas as an example of covered pedestrian walkways causing urban design headaches. On a recent leadership conference, several Jacksonville representatives listened to Dallas planners complain about a series of underground tunnels that keep walkers off the streets.
Library spokesperson Stacie Bucher said the Library Board has not been a part of the mayoral staff discussions about the bridge. She said the board wanted to provide the bridge as an option to people leaving the garage.
“It’s not the only option, but they wanted people to at least have the option to use the walkway,” said Bucher. “They still felt that some people would choose to use the street.”


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


This is good to hear! I hope the mayor is more swayed by this than the "disabled community."

[Sunstorm]

^Good news. I hope that bridge doesn't get built, either. There are alternatives for the disabled besides building that bridge.

[Lakelander]

Bay Street Update - Dyal-Upchurch Building

29 January 04

Bay Street Gallery site would also house eatery


Dyal-Upchurch Building owner Gary Husk is working with the city to develop the prospective Bay Street Gallery and the Six East restaurant at the 6 E. Bay St. building.

Husk said that Scott Riley, an owner of the Stellers Inc. gallery in San Marco, and other partners would develop Bay Street Gallery and a shop and a complementary organization, Bay Street Editions. The group would occupy the 7,200-square-foot second floor of the six-story historic building.

Chef and caterer Liz Grenamyer proposes to open and operate the Six East restaurant on the first floor, although the dining operation would be to the left of the front door rather than in the former restaurant space to the right, Husk said.

Pending city assistance, Husk said that the gallery would open about mid-summer and Six East would open by October or November. Husk is managing member of East Bay Street LLC, which owns the Dyal-Upchurch Building.

The Husk Jennings Galloway + Robinson branding, advertising and public relations firm occupies the top floor and will use a lobby and conference center on the ground floor opposite the restaurant.

Husk said the gallery and restaurant want to take advantage of incentives provided by the Bay Street Town Center program operated by the city. "Both are thinking, 'If I am going to be a pioneer, it would certainly help,'"Husk said.

Husk said that partners of both the gallery and the restaurant signed letters of intent to lease space in the building pending the city incentives.

Al Battle, Downtown Development Authority managing director, said Wednesday that he was talking with the developers, who seek assistance through the facade, forgivable loan and development loan components of the town center program.

"They're definitely the types of businesses we want in that area," Battle said. "These are local firms that are upscale."

Battle did not discuss the amount of the requested incentives, but said "we'd like to be as prudent as possible."

The gallery and restaurant are among several operations that have opened or want to set up shop in the Bay Street Town Center area. The Eclate jazz club opened at 331 E. Bay St. and a nightclub and a theater group are interested in The Warehouse building at 315 E. Bay St.

Information at the DDA shows the potential Bay Street Gallery would employ three full-time workers and four part-timers. Six East would employ a chef, 10 full-time workers and 30 part-timers.

Husk said that the gallery would also include a shop similar to a museum store that would offer items generally in the $25 to $150 and up range. Bay Street Editions would be housed with the gallery and would produce artists' limited edition prints, he said.

Also, the art would be featured in Grenamyer's restaurant, Husk said. He said that Six East would lease about 4,200 square feet and estimates it would seat 135 to 145 patrons.

Husk's group bought the six-floor, 46,000-square-foot Dyal-Upchurch Building, built in 1901-02, in 1998. Husk has been renovating the building.

About a year ago, City Council approved $339,708 from the city Downtown Historic Preservation and Revitalization Trust Fund to help. The approval represented about 20 percent of the $1.72 million renovation cost.

If the gallery and restaurant lease space, Husk said the building will have one floor -- the fourth -- remaining for lease.
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As expected, business owners are now starting to flock to the "Bay Street Town Center". Now would probably be a good time to take "before shot" pics of that area before its a construction zone. I think Bay Street will be a great success that will happen pretty quickly, but I wonder if the streetscape will be completed by Super Bowl time, considering the city hasn't even started on it yet.

[Captain Obvious]

i agree ... we should have a thread about the bay street town center. i'll get on that right now.

i have several "before" shots that i can post; however, i'm not entirely sure that the streetscape will be altered much. no major construction is planned, just rennovation.

i'm not aware that they've planned to have landscaping done within the year. that might have been a "superbowl promise" the city let fade away.

[Sunstorm]

Great news about the Dyal-Upchurch (one of my fave oldies downtown). I'm absolutely giddy about all of the renovation work, and leasing of downtown Jax's old buildings!

[Lakelander]

Two new restaurants coming to Adams Street. W.A. Knight now 100% full

Moon River Pizza coming downtown

3 Feburary 04

Moon River Pizza, a popular Nassau County-based restaurant, signed a lease Monday afternoon with Langton Associates, thus becoming them the second commercial tenant in the W.A. Knight Building on West Adams Street.
Dan and Andy Bottorff, brothers and business partners, are expected to begin renovating the 2,500 square-foot space right away.
Knight building owner and Langton Associates controlling partner Mike Langton said he had been negotiating with Moon River for several months.
“It took some time before we had a signed contract,” said Langton, “but we were willing to be patient while they worked with their contractor and addressed some of the issues they were having.”
According to Langton, Moon River’s downtown venture has been budgeted at approximately $150,000 and additional funding from the City will likely be sought.
“We’re just extremely pleased to have a contract with them,” said Langton. “Our building is totally occupied now and that, in many ways, validates all the work we put into the W.A. Knight Building.
“It’s the realization of a dream that many people said would never come true; a downtown residential building with active first floor retail.”
Moon River has set a tentative early May opening, likely coinciding with the opening of the Knight building’s other retail tenant, Ieyasu, a Japanese restaurant.
Dan Bottorff, who will manage the Jacksonville store, said Moon River will likely be open weekdays until 6 p.m. and on Saturday.
“One of the biggest drivers for us was that we really wanted to be a part of the revitalization of downtown,” said Bottorff. “We’re excited about coming to Jacksonville and we can’t wait to open.”

[Sunshineboy]

Any projects that are on the rush to be completed before SuperBowl?

Any other projects besides the temporary entertaintment area?

[Lakelander]

Any projects that are on the rush to be completed before SuperBowl?

Any other projects besides the temporary entertaintment area?

The ones that have been mentioned as targeting some phase of their completion before the super bowl include:

1.) Bay Street Town Center - an entertainment district, similar to Orange Avenue (Orlando) or Ybor (Tampa) along Bay Street. The city is giving incentives to restuarants, developers, clubs, etc. to locate here. Whatever street level vacanies that are left by the Super Bowl, will be filled with temporary entertaiment uses. check out the Bay Street Town Center thread for more info.

2.) Northbank Riverwalk - an extension of the northbank riverwalk, from I-95 (Five Points) to Metropolitan Park (across the street from the Stadium. This seems to be on schedule.

3.) The Jacksonville Landing (phase 1) - this will include the complete exterior renovation and opening up the center of the existing retail center to the street. Right now the developer is still waiting on the city to approve of giving incentives. Although nothing has started yet, I expect this to be completed by S.B. time, since the Landing is one of the centerpieces for downtown.

4.) The Barnett - This is the restoration of the 19 story former Barnett bank building into an 89 unit boutique Hotel, loft apartments, and an upscale restuarant and bank on street level. I think this has been delayed temporarily to work out contract issues, but the developer still plans to have the hotel & restaurant portion open by the S.B.

5.) The Carlington - This is the renovation of the 13 story Roosevelt hotel into apartments and street level retail. Its already under construction ans is scheduled to be complete in Jan. 2005.

6.) The Shipyards (phase 1) - this phase includes 3- 6 story buildings housing 90-100 residential units and street retail, a marina, riverwalk, and an addition to Metropolitan Park. Its under construction, but no buildings are out of the ground yet, although I did see a crane on the site Sunday. Personally, I'll be shocked if its completely finished by the S.B.

7.) Bridge Lighting - The Main Street & Hart Bridges will have special lights installed similar to the Acosta Bridge.

These are the projects (that I can think of right now), that developers have mentioned being completed in time for the Super Bowl. The Library will be finished by then, but that project isn't related to the S.B. There will also be several cranes in the skyline for the Courthouse, San Marco Place, The Strand, Shipyards(if not completed by S.B.), Fidelity Financial, & the former JEA Building conversion.

In my opinion, the most important downtown projects that need to be in place, by the super bowl are the Bay Street Town Center, The Landing, & to a lesser degree, The Barnett (hotel portion).

[JFDinJax]

Warning.... a rant.... starting..... NOW:

As per the 2 new restaurants moving to the W.A. Knight Building, I wonder if in spite of the Bay Street Town Center, another area could flourish instead, like Adams Street. To me, if ANY stretch of a street should be dubbed the "town center" it's Adams, from Julia St to Main St. (I would say Hemming Plaza, if by some act of God, the city opened up the bottom floor of the St. James Bldg for retail). Adams doesn't have the parking lots East Bay St does, and it's already been a hotspot for development, albeit adaptive reuse rather than new construction. 11 E, the Carlington, the W.A. Knight Bldg, the Barnett Bldg, Laura Place, and the Lerner Building. PLUS, it's more toward the heart of the CBD, has access to the Skyway, etc. It's more of a town CENTER than E. Bay Street. What has Bay seen so far? Berkman Plaza.

I mean, it will be great once the old courthouse is gone, and the Shipyards projects are completed, and something is done with the City Hall Annex, but until then, I don't see the big deal. Why THERE instead of Adams? E. Bay was little more than warehouses for most of Jax's history. W. Adams is a remnant of the bustling urban center of the city since the '20s, and would be much better suited for downtown's new entertainment drag, IMO... not to mention, a street that's much more worth being proud of!

[/rant]

[Lakelander]

^You have a point. Personally, I think that stretch of Adams Street will become another hub of entertainment options, especially when projects like the Barnett, Carlington, Laura Place and the Courthouse are complete. However, I don't see a problem with trying to make Bay Street more vibrant between the heart of downtown and the Stadium district. By enhancing Bay Street in time for the Super Bowl, Downtown will have possibly 4 vibrant areas (Landing, Bay St., Adams/Hemming Plaza, Southbank-Strand/San Marco Place) relatively soon. To me, the more the merrier.

[Lakelander]

Alltel Stadium fields due for sprucing

04 February 2004


DDA committee to look at plans for 'Entertainment Zone' on south end.


By SARAH SKIDMORE
The Times-Union

As part of overall renovations to Alltel Stadium, the former practice fields south of the stadium may become an entertainment area for sports enthusiasts, according to plans filed with the city.

The Haskell Co. project will be presented at the Downtown Development Authority Design Review Committee meeting today. The Haskell representative for the project did not return a phone call Tuesday seeking details.

According to the project description given to the city, the fields just south of the stadium will become a new "Entertainment Zone." The project has previously been estimated at about $5 million and is part of Alltel's overall $47 million renovation.

The public record filing gives more detail about the pavilion. For example, the area will offer several permanent features, such as a stage for music and entertainment as well as tailgate tents with televisions and parking spaces at the tent. There will be permanent restroom and service buildings. The space will also host temporary corporate tents for pre- and post-game activities. And NFL fans can participate in interactive games nearby.

Haskell plans also indicate appropriate lighting, sidewalks and fencing for the area.

The city owns the land, but it is unclear when construction may begin.

Jaguars main office personnel referred calls to SMG, the city's sports and entertainment management company, but representatives there were out of town and unavailable to comment.

Alltel has improved and expanded to host a Super Bowl, adding new sports bars, elevators and permanent seating. Super Bowl Host Committee spokeswoman Heather Surface said the "spectator plaza" is slated for the area.

[Lakelander]

Now we're on the clock: It's 1 year and counting


Developers face a time crunch as they try to get downtown projects ready for our prime-time show.


6 February 04

By CHRISTOPHER CALNAN
The Times-Union


Houston did it. San Diego and New Orleans have done it several times.

Now, one year to the date of Super Bowl XXXIX, Jacksonville is faced with the task of rolling out the welcome mat for hundreds of thousands of guests and millions more virtual visitors through televisions around the world.

The clock is ticking, just as it did for Houston when it completed several major projects -- just in time for the event.

"If there's ever an incentive to move the civic agenda along, the Super Bowl gives a pretty good reason to do that," said Bob Eury, executive director of the Houston Downtown Management District.

Eury, also the president of Central Houston Inc., a non-profit organization that advocates for Houston's downtown area, likened the Super Bowl to a coming-out party for his city. Although many of Houston's projects were bandied about for years, the game provided a deadline and the impetus to finally get them done.

"The Super Bowl alone would not be the reason why a project happens," he said. "It's just too short of a party to make it worth your while. Quite frankly, I think civic pride takes over -- company is coming."

In Jacksonville, some developers plan to get out the best china for the mega-event. Some are struggling to meet the deadline. For others still, it's business as usual.


A tight schedule

For Mark Farrell, president of the Vestcor Cos., converting the former Roosevelt Hotel into the 100-apartment building called The Carlington in time for the Super Bowl, is more of a community obligation than business deal.

"I don't think we're planning for it to be a financial windfall," he said. "We just want it to be completed out of a sense of pride for the city. This is another beautiful building that people can come around and see."

Farrell said workers are on a tight schedule, but he expects completion in January 2005.

Four months ago, developer Mike Langton tossed real and phony dollar bills out a third-floor window of the old Barnett Bank to announce his plan to convert the downtown building into a hotel, apartments and restaurant in time for the Super Bowl.

Now, the project is stalled because Langton is negotiating with the city for money to start it. Langton wants an $11 million low-interest loan and a $1 million grant from the Historic Trust Fund.

He said he still has time to build a street-level restaurant there in time for the game.

Langton said his project got caught in the transition between two city administrations and he has yet to reach an agreement with officials on what incentives they'll offer for the renovation.

The deteriorating 18-story building won't reflect well on the city, he said.

"Downtown needs to shine," Langton said. "The more downtown is renovated, obviously the better we're going to look. If a building is sitting there abandoned and boarded up, it's going to be an eyesore for our city."

Langton, owner of LB Jax Development LLC, said it may be possible to build the restaurant -- if construction can start by early summer.


A missed deadline

Along the St. Johns River, one of the largest developments in the city's history, The Shipyards project, has pushed back its schedule. The residential portion won't be ready; the marina will be, said Ham Traylor, president of The TriLegacy Group.


Two years ago, he said the condos could be ready four months before the game, if sales goals were reached. Traylor said 47 of The Shipyards' condominiums were reserved when they were initially marketed, but just 35 resulted in binding contracts.

The project is now scheduled for completion in June or July 2005 -- missing the Super Bowl deadline, Traylor said.

"It's a mixed blessing," he said. "It would have been great to show off what your lifestyle would have been like in such a big event. But it's been a minor headache from the planning standpoint."

TriLegacy takes a longer view of the Super Bowl and sees value in the city making a good impression instead of the company using it for marketing. As a result, making sure things run smoothly could ensure that the game returns to Jacksonville and pay future dividends, Traylor said.

"All we do is make sure Jacksonville shows well," he said, "and we do well in the process."


Running out of time

At another riverfront project viewed as a centerpiece for Jacksonville's Super Bowl hospitality, Toney Sleiman, owner of The Jacksonville Landing, scuttled plans to build a 120-slip marina at the Water Street site in time for the game. But he expects to go ahead with adding more retail space and a $19.2 million parking garage to the site that's always popular with visitors.

Sleiman also plans to tear down part of the Landing's front to create an open plaza to the St. Johns River from Laura Street and change the exterior to give it a Mediterranean look.

But he needs firm up plans by next month for construction to be completed in time for the Super Bowl -- and Sleiman said he is still negotiating with city officials on an incentive package for the $59 million project.

Sleiman said he enjoys the challenge presented by the game's deadline.

"Pressure on me is good," he said. "It's exciting to have that pressure on me. I don't make money until it gets done, so the faster it gets done the better it is for me."

Mayor John Peyton said last week he was unsure about the status of the negotiations.

"I suspect it will all come to a head pretty soon," he said. "It will all have to be on a fast track if we're going to do some of these" improvements.

Is Peyton confident about the Landing's improvements being done in time?

"I wouldn't say confident, I'll say optimistic," he said.

Across the St. Johns River, three major projects are planned, but their timing isn't tied the Super Bowl.


Good sign: incompletion


On the Southbank, construction of a 20-story residential building called San Marco Place, between Riverplace Boulevard and Flagler Avenue, should start this year. But it's not scheduled to be completed until late 2005 or early 2006, developer Jay Southerland said.

Construction of The Strand at St. Johns Center, a $50 million 30-story, riverfront apartment building, will begin by the Super Bowl, but will be far from completion.

Developer Granvil Tracy, president of North Miami Beach-based American Land Ventures Inc., expects construction of the 295-unit building to start by June, but it also won't be completed until late 2005 or early 2006.

Tracy plans to begin marketing his second project, an adjacent 36-story, 256-condominium tower called The Peninsula, in March.

Despite the seeming disregard for the game, Tracy said the Super Bowl can have a peripheral effect on projects like his by letting possible relocating corporations know there are plenty of housing options in Jacksonville.

"When they see housing is available in the downtown area, it's important," he said.
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What will, may be and will not be ready for the Super Bowl


What may be ready: The Jacksonville Landing

Type: Restaurants and retail
Location: Water Street
Cost: $59 million
Deadline: Undetermined, pending city incentives

Developer Toney Sleiman plans to build a 960-car parking garage between the Landing and the Times-Union Center, and tear down part of the Landing's front to create an open plaza to the St. Johns River from Laura Street.



What will not be ready: Barnett Bank

Type: 80 hotel rooms, 75 apartments
Location: West Adams Street
Cost: $25 million
Deadline: Undetermined

Renovation plans for the deteriorating 18-story building include a restaurant and 80-room hotel topped by 75 loft-styled apartments.



What will be ready: Bay Street Town Center

Type: Mixed-use revitalization
Location: Downtown
Cost: Undetermined
Deadline: Undetermined

The estimated $30 million plan to give a facelift to a four-block downtown area along Bay Street between Liberty and Main streets would include sidewalks, streets and landscaping. The stretch would run between the 966-room Adam's Mark hotel and Berkman Plaza.



The Shipyards marina

Type: Condominiums and marina
Location: Bay Street
Cost: $1.2 million (marina only)
Deadline: Early fall

The $860 million Shipyards project, on 45 acres of downtown riverfront property, was already in its initial stages long before Jacksonville was selected as a Super Bowl site. Part of the project, a $1.2 million 66-slip marina, is scheduled for completion in the late summer, early fall.

Another part, a $45 million, 99-condominium complex, was initially expected to be completed late this year. But slower sales have stretched that date six months, said Ham Traylor, president of the developer, The TriLegacy Group. Forty-seven of the condos, selling for $455,000 to $1.3 million, were reserved when they were initially marketed, but just 35 resulted in binding contracts, he said. The project is now scheduled for completion in June or July 2005.



The Carlington

Type: 100 apartments
Location: West Adams Street
Cost: $27 million
Deadline: January 2005

The 78-year-old former Roosevelt Hotel is getting a $27 million renovation that will include 100 loft-styled apartments, 15,000 square feet of retail space and a 250-space parking garage topped with a swimming pool. Farrell said workers are on a tight schedule and he expects completion in January 2005.


The Strand at St. Johns Center

Type: 295 apartments
Location: Southbank
Cost: $50 million
Deadline: Early 2006

The Strand at St. Johns Center, a $50 million 30-story, a Southbank riverfront apartment building, will begin by the Super Bowl, but will be far from completion. The developer expects construction of the 295-unit building to start by June, but not be completed until late 2005 or early 2006.



San Marco Place

Type: Retail and 128 condominiums
Location: Southbank
Cost: $45 million
Deadline: Early 2006

Riverplace Properties plan features a 20-story residential building between Riverplace Boulevard and Flagler Avenue, across from the Radisson Riverwalk Hotel and Conference Center. The project, called San Marco Place, will feature retail stores topped by 128 condominiums.

[Lakelander]

This low key purchase has a good chance to add to the densification of the Southbank.
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9 February 04

Aetna building changes hands

Investors paid $39 million for Southbank tower


Another skyline building has changed hands in downtown Jacksonville.

Less than a month after investors bought 1 Enterprise Center on the Northbank, a South Florida group completed the acquisition of 841 Prudential Drive, also known as The Aetna Building, on the Southbank.

Renaissance Realty Associates of Palm City and Krook Douglas Development of Boynton Beach announced Saturday that they led a group of private investors that paid $39 million for the 22-story building.

Renaissance President Harold Dodt and Krook Douglas executive Jeffrey Douglas said in a written statement that it was their first office property in Jacksonville, adding to other Florida acquisitions such as the Motorola facility in Palm Beach County and 124 acres of commercial real estate in St. Lucie County.

The investors bought the Aetna building from OAIC Jacksonville LLC, which acquired the property in 1998 from Prudential Insurance Co. Duval County property records show that 841 Prudential Drive carries a market value of almost $31 million.

Building General Manager Betsy Reichert said Sunday that OAIC, which is part of Ocwen Financial Corp. of West Palm Beach, hadn't put the building on the market and that Dodt and Douglas targeted it for purchase.

"This was not by accident. This was by design," Reichert said of the new owners' interest. "These were clearly people with an interest in our community."

Dodt and Douglas couldn't be reached for comment Sunday afternoon.

Reichert said the investors are considering further development at the 13-acre site, including the possibility of condos or office space on land along the St. Johns River and perhaps even a small retail project along Prudential Drive.

"They're investigating a lot of different avenues," she said.

She said they "very much believe in residential [development] in downtown Jacksonville."

Reichert said the office tower also would be renovated. She said the building has 515,000 square feet of usable office space that can be leased, and that 160,000 square feet of it on the upper floors, from the ninth to the 19th, is available.

Reichert has worked at the building since the Ocwen purchase in 1998 and is general manager with the Grubb & Ellis firm that managed the property. She said she will remain with the new group and, as of March 1, will be vice president of property management with SSGP of Florida.

Downtown Development Authority Managing Director Al Battle said in January that he met in October with a lawyer representing a group of potential buyers and that he expected a "pretty imminent" sale. He didn't know the name of the group, but said they were considering condos or office space at the site.

Battle said the lawyer hadn't asked for specific city incentives but asked what had been done with other projects downtown.

Reichert said the property also includes a parking garage.

The 841jax.com Web site reports that the building was designed in 1954 by the Kemp Bunch and Jackson architectural firm. Reichert said KBJ Architects again is working on the property with the new owners. The building was completed in 1955, according to archived Times-Union reports.

Originally the Prudential Building, it housed the Prudential Insurance Co. of America South Central Home Office. It also accommodated Flagship Bank, clothing and retail stores and the original River Club on the 19th floor, the Web site shows. The River Club now operates on the 34th and 35th floors of the Modis Building on the Northbank.

Prudential sold the tower to Ocwen for $36 million. Aetna then bought Prudential HealthCare Inc. a year later, in 1999, and Aetna US Healthcare remained the anchor tenant. In 2000, Aetna signed a seven-year lease with Ocwen.

The Aetna building deal follows the January sale of 1 Enterprise Center, also called the Wachovia Building, at 225 W. Water St. downtown. Harbor Group International LLC announced then that an affiliate and a New York investor paid $45.25 million to buy the 22-story building and a 10-story parking garage.

Another sale downtown also could take place any day. Capital Partners, which owns the Modis Building, intends to buy the neighboring 23-story Humana Center and rename it for SunTrust, which will become its anchor tenant.

[JFDinJax]

Great! I never thought there'd be the possibility of a residential project on that side of the Acosta Bridge, with the Baptist hospital and Aetna taking up most of the land. I hope they extend the riverwalk across the railroad tracks along with any projects at that site.

[Captain Obvious]

let's see if they allow hotlinking ...



I'm interested to see which site they are considering for the residential expansion. I think the surface lot to the LEFT is actually owned by the hospital (indeed, isn't there a building being built on it right now?).

However, the surface lot on the right seem's problematic too. it is very close to the acosta bridge, making noise and shadows a huge problem. with the railroad bridge there is also terrible connectivity.