More infill housing underway in Jax's urban core

[Metro Jacksonville]

More infill housing underway in Jax's urban core



Momentum in the densification of Jacksonville's urban core picks up steam as more projects continue to break ground. Quietly, construction is now underway on two multifamily infill developments, adding a combined 233 apartment units in the inner city.

Read More: http://www.metrojacksonville.com/article/2017-oct-more-infill-housing-underway-in-jaxs-urban-core

[jaxjaguar]

Trying to view the full article on my phone, but I keep getting redirected to a malicious Walmart gift card webpage

[thelakelander]

Thanks for letting me know. I'll take a look at what's going on.

[Captain Zissou]

So if you add the apartments on Homes street, we're looking at between 600-700 more residents in the inner core.  I'm concerned about Broadstone River House and would love to see 200 Riverside break ground.  How close are we to the magic 10,000 people number?

[Captain Zissou]

So if you add the apartments on Homes street, we're looking at between 600-700 more residents in the inner core.  I'm concerned about Broadstone River House and would love to see 200 Riverside break ground.  How close are we to the magic 10,000 people number?

Why are you concerned about Broadstone?

Somebody said work has stopped.

[acme54321]

Broadstone seems to be the slowest construction project of all time.  There are always a couple of guys there doing work but it never seems much more than that.  They started framing a week ago or so?  When I was on the riverwalk yesterday around 2:00 there was a guy driving a boom lift around and I heard one nailgun a few times.   Usually when a project is in framing there are multiple crews and it sounds like WW3 with all of the nailers running.   It seems like there are never more than 10 people on site and I drive by multiple times a week. 

The whole project has been consistent.....  ly slow.

[fieldafm]

Broadstone seems to be the slowest construction project of all time.  There are always a couple of guys there doing work but it never seems much more than that.  They started framing a week ago or so?  When I was on the riverwalk yesterday around 2:00 there was a guy driving a boom lift around and I heard one nailgun a few times.   Usually when a project is in framing there are multiple crews and it sounds like WW3 with all of the nailers running.   It seems like there are never more than 10 people on site and I drive by multiple times a week. 

The whole project has been consistent.....  ly slow.

That's really more of a microcosm of the labor market in Jax right now. General contractors are having a hard time with reliable subs... particularly on multifamily construction. There are really only 4 GC's doing multifamily in Jacksonville right now, and most of their labor pool is in areas like Atlanta, Nashville, Miami... where work is plentiful.

[acme54321]

I don't know about all of that, they're pumping out multifamily stuff all over the Southside and SJTC

[fieldafm]

Jacksonville lags behind many Sunbelt cities in multifamily housing starts. Labor supply is low, forcing labor costs to rise.  The construction labor pool has been a problem in Jacksonville (and nationwide) for a few years now.

[Jim]

I don't know about all of that, they're pumping out multifamily stuff all over the Southside and SJTC

Correct.  Broadstone's slowness is unique unto itself right now.  Southside and SJTC area are not having that problem at all.  Neither are the La Villa projects. Nor Bartram Park and St Johns County projects.

And a lot more is about to start.

[acme54321]

To be fair when they started this project I think the DDRB presentation had something like completion in Fall 2018.  I thought that sounded crazy because that was like 30 months of construction.  I guess they have a plan because at that's where they're heading.

I still don't buy the labor shortage excuse though, but whatever.

[fieldafm]

To be fair when they started this project I think the DDRB presentation had something like completion in Fall 2018.  I thought that sounded crazy because that was like 30 months of construction.  I guess they have a plan because at that's where they're heading.

I still don't buy the labor shortage excuse though, but whatever.

My comments on labor supply/price of labor are based on my professional experience in this area and looking at proformas for multifamily and mixed-use construction projects day in and day out.

Construction costs, based largely on a surge in labor prices, are an issue in today's market. It's why you see proposed mixed-use projects such as 200 Riverside in Brooklyn have to add five new floors' worth of units in order to be able to generate enough rent to make their project financially feasible.

There is a limit on gleaning much from anecdotal observations comparing construction of a garden-style apartment with surface parking on a greenfield suburban site, versus building an apartment complex with structured parking on a waterfront, urban site that includes bulkhead work, environmental remediation and whose work was halted by flooding issues caused by a hurricane. That's not exactly comparing apples to apples.

[jaxnyc79]

Just read a Times-Union article on a new proposed residential project in LaVilla by Vestcor.  Apparently, the projects thus far have been "affordable housing" units, and the new proposal will have a mix of "affordable housing" and "workforce housing."  Affordable housing is apparently for the poor, and workforce housing are for people earning up to 140% of the area's median income. 

The new development will require millions in city incentives (forgiveness of property tax on value appreciation).  Is Jax incentivizing a vast new urban neighborhood of the projects?  What might this area look like in 10 years?  How much is too much?  Or is any type of development better than vacant lots?

[Jim]

Just read a Times-Union article on a new proposed residential project in LaVilla by Vestcor.  Apparently, the projects thus far have been "affordable housing" units, and the new proposal will have a mix of "affordable housing" and "workforce housing."  Affordable housing is apparently for the poor, and workforce housing are for people earning up to 140% of the area's median income. 

The new development will require millions in city incentives (forgiveness of property tax on value appreciation).  Is Jax incentivizing a vast new urban neighborhood of the projects?  What might this area look like in 10 years?  How much is too much?  Or is any type of development better than vacant lots?

Anything is better than vacant lots but prudent use of the land is still far preferable.  These piece meal projects are nice but I really wish something more cohesive and integrated would have been planned instead.

This is that second project on the same block as the Lofts of La Villa.  Size and scope are comparable (130 units project 1 and 132 units in project 2) but there doesn't seem to be much known about ground floor retail or how the two projects will mesh together.

[thelakelander]

Kudos to Vestcor. I don't see a problem. The Northbank is no where close to being a viable market for urban infill. I personally believe it would not hurt to be more aggressive on the incentive front. Especially when it comes to restoration of existing structures. As for when the time comes to stop giving incentives, that won't arrive until DT becomes a competitive market rate option with the burbs for private sector development and investment.