JEA Southbank deal....dead

[thelakelander]

The clock just struck midnight for JEA......

Deal on old JEA site falls through

The JEA and Cowford Riverfront LLC officially ended negotiations for the sale of a 42-acre site on the Southbank without a deal being struck.

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Cowford had proposed to buy the site for $40 million and develop 2,000 homes, a 300-room hotel, 215,000 square feet of office space, and 350,000 square feet of retail space on the site.

Now that their bid to buy the property has fallen through, JEA officials say that they'll try to market the site for development.

http://jacksonville.com/tu-online/stories/060507/bus_174965957.shtml

[thelakelander]

Maybe, JEA should go ahead and put in a gridded street layout, reserve space for an urban park area and then sell the lots off individually?  Given the market and the price of land, its much easier to have multiple entities developing peices of the site, as opposed to one.  For example, a Novare-type company would be more interested in purchasing a block of urban land, as opposed to 40 acres.

[Lunican]

That would definitely complicate the deal for JEA, but I guess it would be better than nothing.

They may not mind waiting 20 years to sell it all at once though.