Independent Square

fsujax · February 10, 2011, 07:49:48 PM

Rumors continue to swirl that Wells Fargo will take over the Modis space and more and the naming rights to the building.

http://www.bizjournals.com/jacksonville/news/2011/02/10/modis-building-enters-special-servicing.html?ed=2011-02-10&s=article_du&ana=e_du_pub

ChriswUfGator · February 10, 2011, 08:28:57 PM

Lol, FSU, that's really stretching the positive spin a little dontcha think...

What the article actually says is that Wachovia, the building's lender, has transferred the building's mortgage to an outside default specialist because they expect that losing another 1/5th of the occupied space in this market with Modis' pullout is probably going to send the building into foreclosure.

I hope they get another tenant lined up, for their sake...

simms3 · February 10, 2011, 09:20:02 PM

Ha^^^Sounds like a microcosm of what is happening with the Bank of America Plaza in Atlanta (tallest office building in the SE). The current owner is about to default on its mortgage on the building which still has a balance of $363M. Wells is the primary lender for this company as well, and the reasoning for the default is also because of downsizing in the building and a plummet in rents

coredumped · February 12, 2011, 11:17:24 PM

Well something is going on, either that or there's a giant "m" on someones car:

Dog Walker · February 13, 2011, 11:07:22 AM

Wasn't Odis the barber in Mayberry?

Ocklawaha · February 13, 2011, 01:08:23 PM

I'm holding out for a big purple "OCKLAWAHA" up there.

OCKLAWAHA

Traveller · February 13, 2011, 01:36:05 PM

"Odis! My man!"

Timkin · February 13, 2011, 03:37:58 PM

Quote from: Ocklawaha on February 13, 2011, 01:08:23 PM
I'm holding out for a big purple "OCKLAWAHA" up there.

OCKLAWAHA

Id rather see that Purple "Ocklawaha" on the Annie Lytle Transit Terminal....Inspired by one Ocklawaha !!!

coredumped · February 13, 2011, 04:08:29 PM

Has anyone seen the other side? I didn't get a chance to see if it's changed too.

reednavy · February 13, 2011, 04:55:33 PM

Quote from: coredumped on February 13, 2011, 04:08:29 PM
Has anyone seen the other side? I didn't get a chance to see if it's changed too.

While no longer in Jax, I know that I read the river facing signange will come down in a few months, after the north face is removed.

duvaldude08 · February 13, 2011, 07:36:38 PM

Well after reading the article, it seems as if they already have a replacement tenant so there is no dicussion needed on this one. The replacement teanet will more than likely put their name on the building. End of story.

Steve · February 13, 2011, 09:08:54 PM

I have a couple friends in commercial real estate - they believe that Wells Fargo is the tenant referenced in the Business Journal article. The net affect on downtown though will be negative, because I believe their plan is to consolidate the folks on both sides of the river (Riverplace and Enterprise Center) into Independent Square.

thelakelander · February 13, 2011, 09:21:05 PM

Sucks for the Enterprise Cafe....

coredumped · February 13, 2011, 09:21:34 PM

Interesting. Hopefully Riverplace won't sit empty for too long

Calling it "Wells Fargo Tower" will take some getting use to!

Timkin · February 13, 2011, 09:54:27 PM

Hopefully. I want to be optimistic and hope and pray that economics will greatly improve..