A Closer Look At 220 Riverside

[I-10east]

^^^What makes you think that it will look different?

[Barnaby808]

looks pretty awesome! When does construction start? Wonder if people will go back to calling the area "Brooklyn".

[thelakelander]

Already under construction now.

[BackinJax05]

^I believe this project will be a wood frame structure.

The pest control companies are gonna LOVE this place! 

[simms3]

From an email this morning:

When H. Eric Bolton Jr., chairman and CEO of Mid-America Apartment Communities, looks at new supply of apartments across his markets, he also likes what he sees in the secondary markets.

“Within our large market segment of the portfolio, latest projections suggest a ratio of just over eight jobs to each new unit expected to be delivered next year, which is stronger than the last up-cycle we had over the 2004 to 2007 timeframe,” Bolton told investors in his firm's quarterly conference call. “Within our secondary market segment, the story is even better, with a job growth to new supply ratio projected to be just over 10-to-one in 2013.”

In large markets, Bolton said it's important to drill down into sub-market analysis in order to understand the threats presented by emerging new supply is likely to have at specific locations. He added in a number of the larger markets, new supply is more likely to create pressure on locations in more of the urban or core CBD submarkets.

“Within the secondary markets in general, we just don’t see much new permitting activity taking place and would expect that this segment of our portfolio is more likely to capture improving performance as compared to our large market segment towards the second half of next year,” he added.

As part of a strategy targeting sdecondary markets, Mid-America made its first move into the Kansas City, MO, market over the past year.

“As a consequence of our stepped-up efforts of recycling capital out of some lower margin older investments into higher margin newer investments it just so happens that a lot of our older properties are in some of our secondary and more tertiary markets, and so you’ll be seeing much more active recycling taking place in that particular component of the portfolio. Markets such as Kansas City, San Antonio, Charleston and Savannah, those are some of the secondary markets that we would like to continue to fill out.”

On the development side, Mid-America said it will be deploying capital in Little Rock,AR, Charleston, SC and Jacksonville, FL.

“You’re not going to see us do development in Dallas and Atlanta,” Bolton said. “We’ll let others do that... To the extent that we deploy capital for development, it will be a secondary market focus.”

[JeffreyS]

Sounds good but I don't really have a feel for what level of significance Mid-America brings.

[Jason]

^ Are they backing this project? or alluding to potential pending new development?

[simms3]

Wrong project I guess...they are a partner in the other multifamily deal going up next door.

[Spence]

http://www.youtube.com/v/5B36rrj1zc0

Wow
I wish we could do this to the old Southside JEA station and instead of what is planned for 220 Riverside

Jackson Square...is that permanent?
Again (may be the incorrect place for this question - but I've pissed of my brother and he will not answer me  - besides he is sleeping), WHERE DO SAN MARCO  residents pick up GROCERIES!?

[thelakelander]

Probably, the Winn-Dixie or Publix in Lakewood?

[Tacachale]

Probably, the Winn-Dixie or Publix in Lakewood?

Yep. Or hop over to the Riverside Publix if it's more convenient for you. Typically better beer selection there for instance.

[dougskiles]

Probably, the Winn-Dixie or Publix in Lakewood?

That and too much eating out.

[Dog Walker]

The closest Publix to San Marco is near the corner of Atlantic Blvd and University Blvd.  It has been enlarged and now takes up the entire plaza.

[Tacachale]

This talks about the Brooklyn projects. Anyone know more about the incentives mentioned at the end?

http://m.jacksonville.com/news/premium-news/2012-12-07/story/new-brooklyn-development-deal-advances-jacksonville-city-hall

[thelakelander]

The Hallmark incentives for 220 Riverside? $5 million in tax rebates over 20 years.

http://www.bizjournals.com/jacksonville/news/2012/07/24/mayor-brown-signs-off-on-220-riverside.html

The fact that the city financed incentives for that project as well has fueled comments by some critics.

“The idea behind incentives is it kick-starts development in an area,” said John Winkler, one of several people who spoke against the legislation at a public hearing last week. “Here we are sort of doubling the project and increasing the amount of redevelopment going on in Brooklyn.”

Isn't this the point of incentives?  Is Winkler against redevelopment in Brooklyn?