IMAX coming to downtown? ...Maybe...

[gradco2004]

Source:

http://www.jacksonville.com/tu-online/stories/012008/bus_237963606.shtml


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The Florida Times-Union

January 20, 2008

He believes in development near transportation hubs




By David Bauerlein,
The Times-Union


Carlton Jones, president of The Renaissance Group in Jacksonville, is sold on developing near transit stations. He is part of the development team for projects by two downtown Skyway stations. He also is involved in putting together a development plan for Bay Street Station, which would be built by the Prime Osborn Convention Center Skyway station. Bay Street Station would bring a movie theater to downtown. Previously, Jones had a hand in redeveloping Gateway Town Center, which was the first Jacksonville shopping mall to invite construction of an on-site bus transfer station. Jones talked with the Times-Union at his office in Gateway Town Center.
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Reports released last week have shown weakened retail sales on a national basis. How does that affect Gateway?

I think our last six months of last year was probably the toughest in ownership because we were renovating, which caused disruption, and at the same time, we had a number of smaller tenants that really found it hard. The economy is a domino effect, and it did affect them. However, we have the lowest rent in town. Our rents are $15 a square foot less than any other shopping center, so we're affordable. We had some tenants who did extremely well over Christmas.

What do you see in 2008?

We're negotiating with four national tenants. I think by June, we'll be on the retail side, pretty much leased up. That's the goal. One of the prospective tenants is not in the market now.

How does transit fit into your vision for Gateway?

It's part of the future lifeblood of Gateway because as the price of gas goes up and Jacksonville moves farther out, taking a bus or a train or some type of public transportation is the key, and it's going to cross all economic (backgrounds). Before, we've always perceived the poor riding the bus. In many cities, that's not the case - Atlanta, Charlotte, all of your major markets on the East Coast.

There's been a lot of skepticism in Jacksonville about whether people will get out of their cars.

The key is to generate an activity hub around transit, something other than a bus stop. If you do that, people have the option of getting on and off. Eating, shopping - it's really just part of their daily journey. It then makes life a little more interesting to have a transfer point where you can get off, have dinner or go shopping, and get back on.

The Bay Street Station includes a plan for a movie theater.

We hope to announce it this month: a 12-screen theater and an IMAX. We're working out the business terms. We've had some architectural challenges because we have to build a 1,200-space parking garage, and we have an office user that we want to sign on before we finish the final design for the garage. We have one hotel group that's pretty much committed. Our theater group really wants to be in the ground this year, and our hotel.

Is this one of those deals that's going to need some kind of financial support from the city?

Our partners have struggled to make it work without any. Jacksonville does not have the parking demand for what they call market-rate parking, at $5 an hour. Our parking is at $1.25, $1.50 an hour. That's tough to pay for a garage that will cost in excess of $20,000 a space. But we're trying to work it so we don't have to ask for any (city assistance).

Your sons work with you. What's it like to have a business where it's multi-generational? Has it been a smooth transition?

Well, they probably would have kicked me out. But actually, it's been a good feeling. There's been an element of trust and I think they feel that I've given them the ability to make good decisions. I'm not a micro-manager. They both bring different talents so they don't really compete. One (Christopher) has more of a finance background, and Cory has more of marketing, big-picture.

Do see yourself retiring anytime soon and passing off the business?

I would hope we can work together as long as I'm physically able. This is a tough business. It's hard to look into the future. You do have the cycles of highs and lows with this industry. Actually, I think the best is yet to come in Jacksonville. This is a great location for a city. In our downtown, developers follow developers. We're probably going to jump-start it, and there will be a ton of other developers that will come in and really create that electricity that's needed.

david.bauerlein@jacksonville.com (904) 359-4581




This story can be found on Jacksonville.com at http://www.jacksonville.com/tu-online/stories/012008/bus_237963606.shtml.

[gradco2004]

Call me pessimistic, but I just don't see this happening in the timeline this guy has set forth. All I have to go on is previous delays

[Ocklawaha]

We sure need to sit down with him. The ideas of Gateway and a IN-HOUSE Skyway station on West Bay would do wonders for our "ride to no-where". Perhaps some developer pressure to finish one of the legs such as the Eastern extension, to park facilities would bring the City awake to complete the project in a modern Monorail way. Anybody have a connection?

Ocklawaha

[thelakelander]

Carlton Jones sees the JTA transit station at Gateway Town Center (background) as key to the center's future, especially as gas prices rise.

Sounds like he's been sold a bill of goods by JTA.  Don't expect Gateway to get a significant larger number of shoppers because JTA builds a bus station next door.  Is a little more complicated than that.

It's part of the future lifeblood of Gateway because as the price of gas goes up and Jacksonville moves farther out, taking a bus or a train or some type of public transportation is the key, and it's going to cross all economic (backgrounds). Before, we've always perceived the poor riding the bus. In many cities, that's not the case - Atlanta, Charlotte, all of your major markets on the East Coast.

Those cities are fighting to overcome the "bus stigma" as well.  However, their rail lines are pulling in the riders at a rapid pace.

Is this one of those deals that's going to need some kind of financial support from the city?

Our partners have struggled to make it work without any. Jacksonville does not have the parking demand for what they call market-rate parking, at $5 an hour. Our parking is at $1.25, $1.50 an hour. That's tough to pay for a garage that will cost in excess of $20,000 a space. But we're trying to work it so we don't have to ask for any (city assistance).

Instead of JTA building their own garage at the transportation center and this group building their own garage across the street, how about getting together and building a joint garage on Lee Street?  That would reduce the costs for both groups and leave more land for urban infill.

[thelakelander]

We sure need to sit down with him. The ideas of Gateway and a IN-HOUSE Skyway station on West Bay would do wonders for our "ride to no-where". Perhaps some developer pressure to finish one of the legs such as the Eastern extension, to park facilities would bring the City awake to complete the project in a modern Monorail way. Anybody have a connection?

Ocklawaha

Ock, this is the same developer who is building the "TOD" next to the FCCJ Station.  They are also a partner in the Kings Avenue Station project.  Here's a link to their website with contact information.

www.rendbg.com

As for the Skyway station off Bay, I think they could get away with having their building directly connect with it, providing riders with a weather free path (ex. Detroit peoplemover station at the RenCen) as opposed to going over it.