King Street's commercial success leads to more residential infill

[thelakelander]

Nice....

Infill housing development under way in Riverside

New construction is breaking ground in one of Jacksonville’s historic neighborhoods.
Springfield Builders is building seven new homes in Riverside along Lydia and Downing streets, one block from the King Street entertainment district.

Davis had been building similar homes â€" new construction, but built to look historic â€" on infill sites in Springfield. He’s sold everything he built there, but said the Riverside deal was a much more attractive prospect.
“We love Springfield, but it doesn’t have the critical mass that Riverside-Avondale does,” he said. “King Street alone, it seems like a new restaurant opens every couple of months. There’s so much forward momentum I don’t see any way that’s going to reverse itself.”

full article: http://www.bizjournals.com/jacksonville/news/2013/05/31/infill-housing-development-under-way.html

[JeffreyS]

Very nice, I bet the King street success has spurred equal activity in the rehabbing of residential properties in the area.

[InnerCityPressure]

Very nice, I bet the King street success has spurred equal activity in the rehabbing of residential properties in the area.

It absolutely has.  My friends have been trying to buy a house around there for 7 months.  They have cash in hand and they can't buy a place.  Every rehab house for a reasonable price has multiple offers on the table.

[thelakelander]

Interesting. So we have a population who views King Street's resurgence as a positive and another who believes the proliferation of restaurant/entertainment uses within that corridor is a negative to the community.

[jason_contentdg]

I only wish they chose to design and build something that worked and related to the fabric of the historic neighborhood instead of trying to mimic the historic homes.

[thelakelander]

^I have to agree there.  I think it really sucks that many of us feel the need to copy styles of yesteryear instead of building for today.  50 years from now, it's not going to speak well of our era.

[Charles Hunter]

Interesting. So we have a population who views King Street's resurgence as a positive and another who believes the proliferation of restaurant/entertainment uses within that corridor is a negative to the community.

Maybe those that don't like the New King Street could sell to those who appreciate that sort of thing?  Naw, too simple.

[thelakelander]

That would be pretty cool. There's no telling how successful that area would get with a full supportive residential and commercial community fueling each other. However, things never tend to play out that easy.

[icarus]

Unfortunately, the very same people who decry the expansion of commercial activity are the very same who through membership in RAP and other organizations dictate the design elements expected of new construction and rehabs.

Like begets like. Brooklyn and the Core are the only real hope for something truly new and different in terms of architecture.

[Dog Walker]

All of Riverside/Avondale is seeing a huge upsurge in homes selling, apartments getting multiple offers when there are vacancies and older homes being bought out of foreclosure or estates and being rehabed and resold at much higher prices.  Apartment rental prices are going up and landlords are getting real picky about tenants too.

It has gotten real noticeable in the past six or eight months.

Lots of new interest in the area because of the street life and walkability.  The new developments in Brooklyn and the redevelopment at Fishweir are looking like better and better investments for their owners

[urbanlibertarian]

Has there been much gentrification of North Riverside or east Murray Hill yet?

[icarus]

Has there been much gentrification of North Riverside or east Murray Hill yet?

Somewhat, the trending values and rent are starting to foster a renewed interest.

[Tacachale]

I only wish they chose to design and build something that worked and related to the fabric of the historic neighborhood instead of trying to mimic the historic homes.

They're not my bag, but if it's what the buyers want, I say to each their own. So long as they fit the zoning and scale of the neighborhood, keeping street-facing doors, proper setbacks and whatnot, I'm not about to tell someone what to do with their own house. I do think that new construction can "fit" the neighborhood without just mimicking old styles though, if it's done right.

[MusicMan]

Quote :

" My friends have been trying to buy a house around there for 7 months.  They have cash in hand and they can't buy a place.  Every rehab house for a reasonable price has multiple offers on the table. "


Then they should get a new Realtor. My Investor friend closed on a brick bungalow on Dellwood in March, $47,000.
It was Fannie Mae HomePath and there was no one else bidding against him. Deals are still out there, but you have to move fast.