Riverfront Jacksonville: $1.1 billion Master Plan

[jaxoNOLE]

So it sounds like they're starting over with Spandrel.

https://www.jaxdailyrecord.com/article/dia-could-start-over-on-the-ford-on-bay-site-redevelopment

Downtown Investment Authority CEO Lori Boyer said Aug. 6 she will recommend the agency's board put The Ford on Bay property back on the market as the project's developer seeks changes to its proposal.

A DIA board committee could vote as soon as Aug. 13 to terminate the agency's tentative agreement with New York City-based Spandrel Development Partners LLC, according to meeting agenda documents released Aug. 6.

I spoke with Jake Gordon a few weeks ago, and he gave a very unsatisfying answer as to why the DIA was dragging its feet on responding to Southeast's proposal. Essentially a whole thing about plans being interrupted and how would you feel if someone wanted to build your house for you, or whatever.

From the same article:

Boyer said COVID-19 shutdowns in March 2020 temporarily halted Spandrel's access to capital markets and the company had delays in financing the project.

The DIA and Spandrel resumed ongoing negotiations about April 2020, according to Boyer.

So you can blame one month of delays on COVID; what is the excuse for the lack of progress during the other ~16 months? Not to mention the head-in-the sand approach to the Hyatt situation.

[marcuscnelson]

Get fucked Spandrel. You screwed around long enough on what was an average proposal at best for a prime site.

I'd be bold enough to say that it's a decent proposal, but only in the absence of any others. Now that we know there are alternatives, alternatives backed by the likes of Goldman Sachs, that actually work with Hyatt and substantially improve on the profile of the property, we owe it to the future to pick those alternatives. Spandrel's proposal, as acceptable as it is, could go basically anywhere else on the riverfront or even off it.

[heights unknown]

Get fucked Spandrel. You screwed around long enough on what was an average proposal at best for a prime site.

I'd be bold enough to say that it's a decent proposal, but only in the absence of any others. Now that we know there are alternatives, alternatives backed by the likes of Goldman Sachs, that actually work with Hyatt and substantially improve on the profile of the property, we owe it to the future to pick those alternatives. Spandrel's proposal, as acceptable as it is, could go basically anywhere else on the riverfront or even off it.

I agree; we owe it to the future to pick ONE of those alternatives if there are several; pick, round up, compare, select, approve.

[tufsu1]

I've got full faith that Southeast can pull this off over the course of a decade. And I also don't hold the Trio delay against them. Barnett was way more expensive than originally planned and I don't blame them for going back for a revised incentives package. Bigger issue here is obviously whether the city is willing to borrow over half a billion dollars from Goldman Sachs to see the plan through.

I have zero confidence in Southeast to deliver even half what they proposed. Forget the Trio - they couldn't even build a parking garage!

[fieldafm]

Now that we know there are alternatives, alternatives backed by the likes of Goldman Sachs

Except that its not.  Goldman's involvement would be to finance the public bonds for the infrastructure needed for this grand 'plan'. 

GS isn't financing spec office buildings in DT Jacksonville.

[MusicMan]

Take note: Jacksonville Florida, the hottest city in North America that no one wants a part of.

[heights unknown]

Take note: Jacksonville Florida, the hottest city in North America that no one wants a part of.

And don't forget, one of the largest in the U.S.A....that no one wants a part of (and that's strange).

[fieldafm]

Take note: Jacksonville Florida, the hottest city in North America that no one wants a part of.

Also not true.  There is plenty of money coming into Jacksonville.

It can be equally true that this Riverfront Jacksonville PR push is mostly just that... pretty renderings designed to make people think that all this financing is lined up on all these pieces of properties that the development team doesn't even own.

[MusicMan]

OK I'm just thinking of the CBD...which still has too many vacant lots and empty buildings , plus waterfront parcels waiting on ___________.

[fieldafm]

After doing this for over 20 years, I am absolutely convinced that politics and poor public policy are the root causes of why Downtown's Northbank struggles. 

[MusicMan]

Was in Dade County over the weekend and visited Wynwood.  They're taking forgotten areas down there and electrifying them. It was so cool. Had forgotten what urban renewal was all about.

[ralpho37]

MusicMan... Yep, it's downright depressing traveling to other cities around the country and then remembering how dead it is here.

[jaxoNOLE]

With the Ford on Bay going back out to bid (posted more on that in its dedicated thread https://www.metrojacksonville.com/forum/index.php/topic,35873.270.html), it will be interesting to see if Southeast participates in the DIA process by bidding on that site to fit in with their vision -- or is it "all or nothing"? I would think abstaining from any part of the new bid would effectively kill any life their master plan had.

[jaxlongtimer]

Bill Gates takes control of Four Seasons Hotels.  Now, Khan can talk billionaire-to-billionaire!  And, every room can feature Microsoft products .  Maybe Khan can get Microsoft to build out a division here while he is at it.

Bill Gates will take control of the Four Seasons hotel chain after his investment firm agreed to acquire a stake from Saudi Prince Alwaleed bin Talal's Kingdom Holding Co., in a bet that luxury travel will rebound from a pandemic-induced slump.

....Gates's Cascade Investment will pay $2.2 billion in cash to boost its stake in Four Seasons Holdings to 71.25% from 47.5%, according to a statement Wednesday....

...The chain now manages 121 hotels and resorts, and 46 residential properties, and has more than 50 projects under development, according to the statement....

https://www.seattletimes.com/business/bill-gatess-firm-buys-part-of-saudi-princes-four-seasons-stake/

[heights unknown]

Whatever.