Berkman Plaza 2

[Dog Walker]

It will never be finished, the developer already pulled out when the real estate market went south, and there is no market anymore that would support a condo building that size in that location. It will end up getting demolished.

I'm sure people said the same thing about the condos off Baymeadows...and they are under construction again...with prices north of $400k

I lived on Treasure Island during the 1970's.  There was a three building, high rise, ocean front condo development started right at the south tip.  The 1972 oil embargo and recession bankrupted the developer just after the concrete shells of the buildings were completed.  There were no walls, just pillars and floors as they were using the jackup method on construction.

They stood totally open to weather and wind and weather for over ten years and were used by thousands of laughing gulls as a nesting and roosting place.   Looked like something from an end of the world movie.

Sometime in the 1980's they were cleaned out and completed.  If they had been steel frame they would have rusted away in the salt air.

Berkman isn't ocean front however.

[Charles Hunter]

The framework of B2 could be fine.  But haven't they installed a lot of drywall?  I would imagine that would all have to be torn out. 

[downtownbrown]

interesting and very long chat.  Berkman 2 will be completed.  Action is happening on it now.  Mike Lyons just reported that the original contractor who won the lawsuit was not paid, and will foreclose.  After that he'll need to finish it to get his money back.  Long time coming...

[downtownbrown]

...and don't forget, Lamping said that if no one steps up, Khan will develop the Shipyards.  Isn't it obvious that B2 has to happen for everything to fall into place?

[Tacachale]

[citation needed]

And welcome to the forum, Downtown.

[JayBird]

interesting and very long chat.  Berkman 2 will be completed.  Action is happening on it now.  Mike Lyons just reported that the original contractor who won the lawsuit was not paid, and will foreclose.  After that he'll need to finish it to get his money back.  Long time coming...

Great to finally see some action. And yes, welcome to the boards.

[Stephen]

Great news

[downtownbrown]

Thanks.  Here's the link.

http://www.firstcoastnews.com/story/news/local/2014/02/07/city-fining-owners-berkman-plaza-2-downtown/5294119/ 

Lyons misses the obvious point, but it's all there between the lines.

[Tacachale]

^Well, that article doesn't say that they'll finish it, just that they'll take it.

[downtownbrown]

right, but they are building contractors, not speculators.  They could write down the loss of the judgement and call it a day, but instead they are foreclosing.  I could be wrong, but it makes sense to me.  Timing is good.

[Lunican]

Who says they will get their money back by finishing it? It might just land them in a bigger hole.

[downtownbrown]

Could be.  But that means they are on the hook for the carrying costs while they shop the property to someone else.  Whoever buys it, in that scenario, would then complete the project.  Why else would they buy it?  Why foreclose when you could just write down the loss?

[duvaldude08]

Atleast something is happening.

[downtownbrown]

Yes.  Now maybe the city will get around to fixing the hole in Liberty Street.  Two year anniversary coming up.

[downtownbrown]

http://www.news4jax.com/news/Shipyard-future/25163440

Does anyone think the Shipyards would be developed without the Berkman 2 along for the ride?