A Look Inside: The Churchwell Lofts

[avonjax]

Love them and love the exposed ceiling.

[Seraphs]

Awesome views, Beautiful lofts, the only thing missing is me!

[thelakelander]

dropped ceiling in a loft?

I guess I used the wrong term.  More like a replica of the original tin ceilings.

[comncense]

Ahhh... If only I could afford to 200k 

[TREE4309]

dropped ceiling in a loft?

I guess I used the wrong term.  More like a replica of the original tin ceilings.

You scared me for a minute!

[I-10east]

I agree wit' avonjax; You gotta go wit' the exposed ceiling. Hey Lake, make a facsimile of this thread on skyscrapercity. Jax may not have "twenty tower cranes" DT, but projects like this one help us catch up a lil'. Anyone one out there have 200 grand that I can borrow?

[James]

what makes this the "first authentic loft condiminium development"?  Aren't there other lofts downtown?  Is this different in some way?

[thelakelander]

I can't think of any other authentic loft condominium development downtown that has been completed.  The Knight & Metropolitan lofts are rental and all the others, like 1951 Market, are in other neighborhoods.  Can anyone name another loft condo development downtown?

[TREE4309]

I guess one could argue that Home Street Lofts fit the bill, but they're technically in San Marco and their industrial style is much different than Churchwell.

[thelakelander]

Although on the extreme Southbank, Home Street Lofts would qualify.  So perhaps Churchwell would be the first on the Northbank.  This is something that's pretty shocking considering the number of older structures we still have standing.

[comncense]

Hmm I still wonder about the average age range of people that would live in a place like that. Personally I would love to if I had the money but I just don't see that many people in their mid 20's / early 30's paying that much money to live there. Especially considering it would be like making an investment on downtown with the hopes that Bay Street takes off like we've been promised it would.

[thelakelander]

For a "market rate" loft in downtown, I assume one would have to be willing to forgo many of the features offered in the Churchwell project (ex. the square footage, stainless steel appliances,  granite countertops, etc.).  The Churchwell project is definately luxury, so it probably appeals to the same crowd that can afford a spot at the Home Street Lofts.  If you're looking for lower price levels, try 1951 Market in Springfield.

[comncense]

No, what I'm saying is that if I'm paying for 200k to live anywhere, I would hope that the area would justify that amount of money. Right now we have no idea what the city plans on doing with the old courthouse. Definitely have no idea as to if Bay Street with ever turn into an entertainment district at all either. Maybe people don't buy residences with those types of things in mind, but that's what would go through my head in consideration of buying aside from the fact that the actual place is really nice.

[Clem1029]

For a "market rate" loft in downtown, I assume one would have to be willing to forgo many of the features offered in the Churchwell project (ex. the square footage, stainless steel appliances,  granite countertops, etc.).  The Churchwell project is definately luxury, so it probably appeals to the same crowd that can afford a spot at the Home Street Lofts.  If you're looking for lower price levels, try 1951 Market in Springfield.

Fair enough, but I think this thread begs a question as to what we want to expect for the downtown/urban renewal market.  To me, as someone that is currently single (soon to be married), young (under 30), with a solid paying job (albeit not located downtown), I look at the prices for what these lofts offer and I simply laugh at the prices. As I'm currently looking for a house to purchase, I did a little math...for some of the reasonably priced houses on the market right now, it would take me at least 8 years of living downtown (and not commuting) minimum to make up the price difference, for almost 3 times the living space (comparison - $225,000, 5/3.5 house, 2358 sqft, location on Southside).

Something like this should scream at someone like me as a place I want to buy into. But as priced, it's WAY outside of reasonability. I have to wonder how many of the "encouraged" redevelopment projects mentioned (or at least compared to) on this site are outside of a reasonable consideration.

I'm not nearly an expert on the "urban redevelopment" subject...but it strikes me that if we want a successful urban redevelopment, it has to be at least reasonably economically comparable to inner ring suburban living. It strikes me that there's plenty of "luxury" development happening downtown...but we're seriously missing redevelopment that's accessible to the non-luxury class. I might be nuts, but I think that's where the initial redevelopment success will be seen...

...either that, or I'm seriously misinterpreting the collective "wish I could afford that" opinion expressed on this thread.

[tufsu1]

No, what I'm saying is that if I'm paying for 200k to live anywhere, I would hope that the area would justify that amount of money. Right now we have no idea what the city plans on doing with the old courthouse. Definitely have no idea as to if Bay Street with ever turn into an entertainment district at all either. Maybe people don't buy residences with those types of things in mind, but that's what would go through my head in consideration of buying aside from the fact that the actual place is really nice.

$200,000 was considered cheap 2 years ago!

example, I had an 1100sf townhouse in South Tampa that I bought for $75,000 in 2001....it was a steal at that price given the neighborhood potential...I sold 4 years later for $175,000....then bought another TH down the street for $260,000....and sold it for $330,000 less than 18 months later when I moved here.

So in April 2006 I plopped $265k down on a townhouse at Parks @ Cathedral in downtown....while that was by far the most expensive unit in the complex, I thought it was a good deal for an 1800sf end unit with a view of the syline....It seems to me that if downtown did take off and urban living became cool here in Jax, my townhome could be worth $400-$500k.

So when you look at it that way, the prices at Churchwell Lofts may not be that bad....also, keep in mind the costs that went into rehabbing the building.