DIA proposal would spur high-rise construction

[thelakelander]

A proposal aimed at stimulating construction of high-rise residential and hospitality projects Downtown will undergo at least a month of incubation after the Downtown Investment Authority board deferred a vote on it March 20.

At its monthly meeting, the board considered a resolution that would adjust the DIA's formula for calculating the return on investment of incentives for high-rise projects.

The proposal, Resolution 2024-03-06, is designed to encourage developers to build concrete-and-steel towers that would support DIA goals to promote resilience, high density and residential development.

Currently, the DIA's multifamily incentive programs do not distinguish between high-rises and cheaper forms of construction, such as the so-called "podium" variety which generally consists of four or five wood-framed floors built on one- or two-story concrete bases.

Full article: https://www.jaxdailyrecord.com/news/2024/mar/21/dia-proposal-would-spur-high-rise-construction/

[marcuscnelson]

Wow, heights unknown really won!

I guess this must be intended to expand what incentives can be offered for higher density projects.

[UrbanistInExile]

It's exponentially more expensive to build high rise, and the decision to do so isn't really supported by the current rent rates in Jacksonville. Once you go above 85' tall, you have to switch from using any wood structure for any floors to concrete & steel for all floors per fire and building codes.

[CityLife]

It's exponentially more expensive to build high rise, and the decision to do so isn't really supported by the current rent rates in Jacksonville. Once you go above 85' tall, you have to switch from using any wood structure for any floors to concrete & steel for all floors per fire and building codes.

Agreed. High rises tend to be luxury condos as well, due to the economics you mentioned. Developers generally make up for the added cost of going vertical by charging premium prices for higher floor condos (penthouses). Some recent ones I've worked on have cost anywhere from 2-4x more for top floor verses bottom units. Perhaps the DIA's incentives can make up the cost gap needed to go more vertical, but typically you have to have a deep well of luxury buyers, and especially ones that can pay big money for penthouses for high rises to make sense. I suppose the DIA's incentives could be substantial enough to make a for rent project financially viable. No harm in trying.

[Jax_Developer]

They need to focus in on the incentive packages. Makes no sense to subsidize apartments on the Southbank or Brooklyn and have it be 5 over 1/2's at the same rate as building a 20-story tower.

I still think the Central Core needs more intense incentives to get the ball going there. Assemblage is a lot harder, and it's currently a suck on all the positive motion in almost every direction. Need to find a way to not increase the total incentives but modify where they are being used.

[heights unknown]

Here here. 

[Florida Power And Light]

I have a friend who has lived on the South Bank part time for some years.One of the first "Pioneeers".
Moving out!...dissapointed about Jacksonville. Sociology.And San Marco future development.
He has an out- his neighbor would like to buy his place,to expand.