A Closer Look At 220 Riverside

[simms3]

^^^Tabled.  Hines is off condos and on rentals, and they are no longer looking at Jacksonville.  Nobody has told me so, but I can guarantee it.

Hines multifamily business will be handled through Hines Global REIT Inc., which has five to 10 active sites earmarked for office developments that will probably be converted.

“Good office sites make good apartment sites,” Patton said.

Hines, with 63 U.S. offices, wants to develop luxury apartments in 15 to 20 U.S. markets, including Houston, Dallas, Austin and Washington, D.C.

All condo plans have been scrapped here, in Austin, in Charlotte, and just about everywhere.  I believe that land was also already sold or has been on the market or maybe off the market, but nothing is happening there.

[edjax]

Anything going on with this project?

[tufsu1]

I think there was a report last week that sai construction woul start by the end of the year

[officerk]

it is a beautiful concept and I think the location is good.. the concern I have is the cost - $1200 a month?? isn't that a lil bit high for an apartment in JAX? especially a 700 sq ft apartment? I know that it states that is the average cost - but still... that is what I paid for my uber awesome apartment in L.A. and to pay that kind of money JAX that had better be a billy badass apartment!  The cost of living and earnings are not on level with Los Angeles, can an apartment complex that is survive?  It will have to have some serious bells and whistles...

[jcjohnpaint]

I think it is interesting you mention this.  I have been looking for a new apartment in Riverside and DT.  What I am finding is you will pay about 500/ month more to locate DT/ intown from the southside.  There is no urban stock apts with amenities intown/ or very little.  I feel this is a reason the prices are higher and why people from the outside (such as myself) move to the southside and stay there.  What I don't understand is why developers don't build intown.  Everyone I meet from the NE wants to live intown, but settles for the southside for this reason?

[ben says]

it is a beautiful concept and I think the location is good.. the concern I have is the cost - $1200 a month?? isn't that a lil bit high for an apartment in JAX? especially a 700 sq ft apartment? I know that it states that is the average cost - but still... that is what I paid for my uber awesome apartment in L.A. and to pay that kind of money JAX that had better be a billy badass apartment!  The cost of living and earnings are not on level with Los Angeles, can an apartment complex that is survive?  It will have to have some serious bells and whistles...

Whether or not is survives will not be a product of the rent they are asking for. Look at 1661 Riverside. I don't think there's an apartment in there for less than ~$1,150. I think with one or two exceptions (corporate apartments unused, or periods between people moving in/out) the place is 100% rented.

[ben says]

I think it is interesting you mention this.  I have been looking for a new apartment in Riverside and DT.  What I am finding is you will pay about 500/ month more to locate DT/ intown from the southside.  There is no urban stock apts with amenities intown/ or very little.  I feel this is a reason the prices are higher and why people from the outside (such as myself) move to the southside and stay there.  What I don't understand is why developers don't build intown.  Everyone I meet from the NE wants to live intown, but settles for the southside for this reason?

Developers don't care what you "want", per se...they care about the profit margin. Somewhere along the line, the developers of 220 Riverside are thinking "we're about to make a pretty penny"....I doubt much time in the corporate board room is spent on the "wants" of their current Southside residents.

[Captain Zissou]

First, 1661 is condos, not apartments. 

Is it bad that a developer is trying to make a profit off of an apartment complex?  You try and make money at your job, they do the same.  Cheap land and fewer design restrictions were what started the Southside boom.  If nobody rented those units, the boom would have died off before it started.  The fact that people responded favorably to those initial developments is what has created the past 10 years in terms of the multi-family market in Jax.  Now, the market is more interested in living downtown, so the developers follow the trends.  In response to your comment, the developers really do care about what you want.  What you want makes them more money. 

[fieldafm]

Now, the market is more interested in living downtown, so the developers follow the trends.  In response to your comment, the developers really do care about what you want.  What you want makes them more money. 

+1

[duvaldude08]

it is a beautiful concept and I think the location is good.. the concern I have is the cost - $1200 a month?? isn't that a lil bit high for an apartment in JAX? especially a 700 sq ft apartment? I know that it states that is the average cost - but still... that is what I paid for my uber awesome apartment in L.A. and to pay that kind of money JAX that had better be a billy badass apartment!  The cost of living and earnings are not on level with Los Angeles, can an apartment complex that is survive?  It will have to have some serious bells and whistles...

I believe that is the price in general. Depending on the floor plan and how many bedroom, the prices will differ. I think the 1200.00 is the max. But beleive or not, people in Jax will pay that for rent. I know a few who will...

[edjax]

I think there was a report last week that sai construction woul start by the end of the year

Thanks for the update. I hope they do move forward as stated as drove by it the other day and still looked like a wasteland with the signature park to be surrounded by weeds and looking pretty typical Jax.

[jcjohnpaint]

All I am saying is that there is demand.  A strong demand, but most cities have southside type apts set in an urban setting.  Jax is one of the few that has so little urban living choices.  I do hope this project changes such patterns. 

[officerk]

A max of $1200 is one thing.. but the article said average of $1200.. that is a different bird.. if there are people that can fill it (afford it) that is great - I just know that Jacksonville is no Los Angeles and that is awful high for an apartment here.  The apartment that I had in L.A. had amenities galore for that price tag... as I said - it was my concern.. 

[thelakelander]

Without a heavy dose of public incentives you can't put up a structure like this and make it affordable or subsidized housing.  Nevertheless, ultimately the market will determine the price point but its pretty consistent with the price range of similar multifamily developments across the city.  Before the market went up in flames, 3bed/2baths in my condo development were running around $1,400/month when HOA fees were included.

[Dog Walker]

Saw a work crew doing soil borings at the site last week.  First step in the design and engineering process.