Eastern Pad/Parcel at Riverfront Plaza; What do you think will go there?

[heights unknown]

And yes, construction costs are significantly up, but Gateway is not acting singularly or alone; they have two capital partners with them; remember that. I believe they won't have to go back to the City or anyone else for more capital/funding if the luxury brand demands more height, more hotel keys, bigger condo's, etc. That is all.

They could have 600 partners worth a trillion dollars, but if costs go up without a change to indicate greater returns, the returns will get worse and so the project will need to be re-examined.  Restructuring and potentially increasing floorplate size and reducing floor count is one way to reduce costs.   

Thanks Ned for your response. But think luxury hotel, larger condos, taller tower because of a slender parcel (I know, increased costs), but luxury hotel brands cannot and will not equate or justify fitting into or accepting a 17 story, reduced cost hotel brand IMO on a slender prime riverfront property. Yes, luxury brands normally require height on a pad that size. They will not accept what that rendering iterates which doesn't equate to luxury brand requirements. And, don't discount or minimize those capital partners. Moll/Gate said, in a round about interview 9 months ago, that rendering is just a place holder, and, before then they were not really going for a luxury brand, but later they were talking to luxury brands that wanted 170 hotel rooms or more and 70 condos, and luxury brands don't want small rooms or condos.

[Ned Plimpton]

I am familiar with one luxury hotel brand that is preparing to move into a 10 story building in DT Jax as we speak.

The height of the building is immaterial to a hotel operator as long as the guest room quality, amenities, and BOH facilities are adequate to deliver a guest experience commensurate with brand standards. 

[Ken_FSU]

Question: With office occupancy high, the lack of a market-appropriate convention center, and no sports & entertainment district to attract major events, what's driving demand for all this new hotel inventory downtown? It's been a minute since I worked with Visit Jacksonville, but I think the occupancy rates downtown averaged around 63%. Not terrible, but certainly not screaming for 500+ new rooms. Curious, why do we think developers are so bullish on hotel? Is it UF? The parks? Gateway's development? Who do we expect will be filling the rooms? Business/bleisure travelers? Families? Event attendees?

[Joey Mackey]

Ken, I think you are looking at the general hotel market too broadly. We both know there are currently zero luxury hotels in or near downtown Jax. The Four Seasons will be the first of its kind in the market. The Riverfront Plaza Hotel will probably be a direct competitor in the luxury hotel space. Sound like Ned knows of another direct competitor entering the market. The people filling these rooms are the same people who already come and visit here, but are forced to stay at the Hyatt/Double Tree/Marriot, or stay out by the beach. They would prefer to stay in a nicer hotel.
 

[MakeDTjaxGre@tAgain]

I like it. Certainly doesn't hurt our case as it relates to hosting another Super Bowl. Ideally we need a lot more high end/ luxury brands. Cities no longer bid on the Super Bowl, the league now approach cities about hosting. Simultaneously, we need a sports and entertainment district. I think more luxury rooms coming online and shovels in the ground within the coming years will definitely help our case. Wouldn't be surprised if we get another shot at 2030-2033. 2035 is too long.

@heights unknown mentioned recently in anther thread that Bryan Moll was speaking to Mike on mic 8 months ago about the riverfront plaza parcel, so I went back and reviewed. Ended up going to a really hole running across Matt C's most recent interview in which he said by June the Laura Street Trio should be making some announcements.

Moll and Weinstein have eluded to and made comments about hosting another Super Bowl. I think most of what we're seeing is quietly setting us up for that. Most of the hotels are going through renovations.

Interesting that RiversEdge is on the other side of the spectrum in which the hotel they are in contact with, sees it more risky. Yet we see proposals quite often. Also, we haven't heard not a peep about the Hard Rock hotel since the initial announcement. Likewise, we need more convention space.