State Rd 9B

[tufsu1]

As the ramp would alleviate congestion on US 1 for those going to Flagler Center, I have no problem with it if the developers pay for it

[stjr]

As the ramp would alleviate congestion on US 1 for those going to Flagler Center, I have no problem with it if the developers pay for it

That's a big "if" since we haven't seen anything on it posted here or elsewhere.  Further, this just fuels the idea that 9B is really being built to only serve special interests like this.  What it amounts to is a "shortcut" from JTB/Beaches to their property instead of going to I-95. Maybe Fortress Investment Group, the private equity group in the middle of all this with tens of billions (that's more than FDOT has right now ) should pay for most or all of 9B.  A cold day in hell, I am sure.

We don't spend a fraction of money like this on mass transit serving ALL or MOST of Jax or for the education of our kids but can cough it up from a cash strapped state for Wall Streeters with billions.  Just remember where your tax dollars really go. 

Fortress bought Florida East Coast Railroad and co-manages it with its other railroad, Rail America.   Following the FEC transactions, Fortress spun off Flagler Development from FEC and now operates it as a REIT under their control.  Thus, another big benefit of this ramp is that it dumps traffic into Flagler OVER FEC tracks thus making it less likely its trains hold up Flagler's "customers" at the grade crossing off U.S. 1, or worse, hit them at said crossing as they rush to work.   Bottom line: Fortress is behind all this.  Follow the money.

History of Flagler Development:

BIRTH OF A LEGACY
1881:     Henry Flagler, an American tycoon and original business partner with John D. Rockefeller in Standard Oil, traveled to Florida in the winter of 1881 on his honeymoon. He found St. Augustine to be a charming city and recognized Florida’s potential to attract out-of-state visitors.

1885:     He returned to St. Augustine in 1885 and began construction on the Ponce de León Hotel. The project sparked his vision to transform Florida’s eastern coastline into an “American Riviera.”

1894:     By 1894, Henry Flagler developed the Royal Poinciana Hotel in Palm Beach and later, The Breakers in Palm Beach. Mr. Flagler was simultaneously building bridges and laying new railway lines to connect his properties and attract vacationers from the northeast. This ambitious railway system eventually grew into what is known today as Florida East Coast Railway, our sister company.

Henry Flagler continued to lay tracks for Florida’s future â€" and our company’s â€" and constructed more upscale hotels throughout Florida, with names such as the Royal Palm in Miami and the Casa Marina in Key West.

1913:     Upon his death in 1913, he had invested roughly $50 million in the state, including rail tracks that stretched all the way to Key West, leaving behind a legacy that would grow for many years to come.

WE ARE THE LEGACY

1960s:   Gran Central Corporation was formed to manage the more than 20,000 acres of land that was owned and managed by Florida East Coast Industries. By the end of the 80's, the commercial real estate company had constructed one million square feet of office and warehouse space.

2000:     Gran Central continued to grow into a major player in Florida’s real estate industry, with more than 55 buildings/warehouses and approximately 19,000 acres of land, primarily in Jacksonville, Orlando, and Fort Lauderdale. In 2000, the company was renamed Flagler Development Company.

2006:     Fast forward through decades of tremendous growth and the unique achievements in the commercial real estate arena of two dominant companies. In 2006, Flagler Development Company and Codina Group of Coral Gables â€" South Florida’s leading commercial real estate development firm at the time â€" came together to create an unrivaled combination of prime land holdings, Class-A properties, vast capital resources and market knowledge.

2007:     In 2007, the Company’s well-positioned assets, reputation and team of seasoned real estate executives prompted Fortress Investment Group, LLC to invest, repositioning the company as a private real estate investment trust (REIT).

THEN. NOW. TOMORROW.

Today, Flagler is Florida’s leading, full-service commercial real estate company. Flagler’s relationship-based philosophy, unparalleled local market expertise, and team-focused values enabled the company to transform into the diversified powerhouse it is today â€" a commercial real estate investment, development, construction, brokerage, and
property management firm.

Honored repeatedly for its industry innovations and civic achievements, Flagler has most recently been recognized by NAIOP as the “Developer of the Year” in South, Central and North Florida markets. The company is an acknowledged pioneer in the development of state-of-the-art Florida facilities for industry leaders including Ryder, FedEx, Office Depot, an Bacardi U.S.A, among many others.

From Rail America:

Wesley R. Edens

Wesley R. Edens was appointed to our board in 2007. He is the Co-Chairman of the board of Fortress, was the Chief Executive Officer of Fortress until August 2009 and has been a member of the Management Committee of Fortress since co-founding Fortress in 1998. Mr. Edens is responsible for Fortress’s private equity and publicly traded alternative investment businesses. He is Chairman of the board of directors of each of Aircastle Limited, Brookdale Senior Living Inc., Eurocastle Investment Limited, GateHouse Media, Inc., Newcastle Investment Corp. and Seacastle Inc. and a director of GAGFAH S.A. and Penn National Gaming Inc. Mr. Edens was Chief Executive Officer of Global Signal Inc. from February 2004 to April 2006 and Chairman of the board of directors from October 2002 to January 2007. Mr. Edens serves in various capacities in the following three registered investment companies: Chairman, Chief Executive Officer and Trustee of Fortress Registered Investment Trust and Fortress Investment Trust II and Chief Executive Officer of RIC Coinvestment Fund LP. Prior to forming Fortress, Mr. Edens was a partner and managing director of BlackRock Financial Management Inc., where he headed BlackRock Asset Investors, a private equity fund. In addition, Mr. Edens was formerly a partner and managing director of Lehman Brothers. Mr. Edens received a B.S. in Finance from Oregon State University.

Joseph P. Adams, Jr.

Joseph P. Adams, Jr. was appointed to our board in 2007. He is a Managing Director at Fortress within the Private Equity Group and Deputy Chairman of Aircastle Limited and Seacastle Inc. Previously, Mr. Adams was a partner at Brera Capital Partners and at Donaldson, Lufkin & Jenrette where he was in the transportation industry group. In 2002, Mr. Adams served as the first Executive Director of the Air Transportation Stabilization Board. Mr. Adams received a BS in Engineering from the University of Cincinnati and an MBA from Harvard Business School.  

From Press Release announcing FEC acquisition by Fortress:

Florida East Coast Industries to Be Acquired By Funds Managed By Fortress Investment Group LLC in an All-Cash Transaction Valued at $3.5 Billion

JACKSONVILLE, Fla., May 8, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- Florida East Coast Industries, Inc. (NYSE: FLA) ("FECI") announced that it has entered into a definitive merger agreement with certain private equity funds managed by affiliates of Fortress Investment Group LLC ("Fortress") under which Fortress will acquire FECI. Florida East Coast Industries will pay a special dividend of $21.50 per share in cash and in the merger shareholders will receive $62.50 in cash for each share of FECI common stock they hold. The combined dividend and merger consideration equal $84.00 per share and represent a 13.3% premium to the NYSE closing price of $74.13 on May 7, 2007 and a 31% premium to the average closing price over the last 60 trading days. The total value of the transaction, including FECI's existing debt and the special dividend, is approximately $3.5 billion.

Adolfo Henriques, Chairman, President and Chief Executive Officer of FECI, stated, "Our focus has always been about maximizing shareholder value. The value created by this transaction is a direct result of our employees' dedication, commitment and hard work over many years. We look forward to working together with Fortress to continue to build our businesses.".....

About Florida East Coast Industries, Inc.

Florida East Coast Industries, Inc., headquartered in Jacksonville, FL, conducts operations through two distinct businesses, Flagler Development Group (Flagler), its commercial real estate operation, and Florida East Coast Railway, L.L.C. (FECR). Flagler owns, develops, leases and holds in joint ventures, approximately 8.6 million square feet of Class-A office and industrial space, as well as an additional 1,916,000 square feet under construction. Flagler space consists of Class-A office and industrial properties, primarily in Jacksonville, Orlando and South Florida counties of Palm Beach, Broward and Miami-Dade. In addition, Flagler provides construction, consulting, third party brokerage and property management (includes Flagler's wholly-owned portfolio, as well as approximately 10.5 million square feet for third parties) services and owns 846 acres of entitled land in Florida, which is available for development of up to an additional 15.9 million square feet and Flagler owns approximately 3,089 acres of other Florida properties. FECR is a regional freight railroad that operates 351 miles of mainline track from Jacksonville to Miami and provides intermodal drayage services at terminals located in Atlanta, Jacksonville, Ft. Pierce, Ft. Lauderdale and Miami. For more information, visit the Company's website at http://www.feci.com.

About Fortress Investment Group LLC

Fortress Investment Group LLC is a leading global alternative asset manager with approximately $35.1 billion in assets under management as of December 31, 2006. Fortress manages private equity funds, hedge funds and publicly traded alternative investment vehicles. The private equity funds total approximately $19.9 billion of the firm's assets under management. Fortress was founded in 1998, is headquartered in New York and has affiliates with offices in Dallas, San Diego, Toronto, London, Rome, Frankfurt and Sydney.

[CS Foltz]

Just as I pointed out long ago when the 9B subject first came up..............taxpayers will get to pay for a road that will allow developers to get into gear and start developing! If and that is a big if, Fortress Investment Group wishes to pay for it, thats one thing, but if FDOT is paying for it (taxpayer money once again) that is something else! I get really irritated with the same old sh** time after time! Note that there is no rail integration nor is the prospect even considered................really good job with all of the concrete............hope they use Gate!

[tufsu1]

CS...this ramp leads provides access to a development that's already been approved and open for construction for many years....note the Citi complex, other offices, and Baptist Hospital South that have already been built....just think of how many jobs are in that business park already.

that is a far cry from something that allows "developers to get into gear and start developing"!

[buckethead]

True, but stjr makes some very salient points in his post, then backs them up with some compelling documentation.

I'm not a wall street hater, but I certainly don't want our tax dollars being used to give their execs easier access to Town Center.

Other board members (fellow posters) with planning experience seem to be a bit more in favor of the project, But stjr's post is not unfounded.

[reednavy]

CS...this ramp leads provides access to a development that's already been approved and open for construction for many years....note the Citi complex, other offices, and Baptist Hospital South that have already been built....just think of how many jobs are in that business park already.

that is a far cry from something that allows "developers to get into gear and start developing"!

but is it fully developed yet? no

[CS Foltz]

tufsu..........all the plans in the world have nothing to do with much of anything in this situation! Correct me if I am wrong but there is no road into that area as we speak..........right? So that means it has to go in to allow all of the grandiose plans to take effect........right? I won't pay for it and would vote against it being built if all that it is .................just an artery to build off of and still no provision for rail of anykind! Just more concrete again and am familiar with that area! I have no problem if Fortress wishes to fund it themselves but taxpayer money being used I have problems with!

[tufsu1]

Correct me if I am wrong but there is no road into that area as we speak..........right?

actually there are several...some come off St. Augustine Road (just east of I-95) and also Gran Bay Pkwy off US 1....just take a look on Google Maps!

[stjr]

Correct me if I am wrong but there is no road into that area as we speak..........right?

actually there are several...some come off St. Augustine Road (just east of I-95) and also Gran Bay Pkwy off US 1....just take a look on Google Maps!

St. Augustine Road and FEC RR crossed Gran Bay Prkwy don't compare to the gold plated status of having an interstate ramp carrying traffic from half the city dumping into the middle of your development.  This is a developer's "pot of gold at the end of a rainbow".  Don't forget it's being delivered by the same road department that doesn't have enough money to finish the I-95 and JTB interchange fully, substituting an expensive patch.

Still waiting for Tufsu to confirm who is paying for this?  And why we shouldn't think that this isn't a prime example of why 9B is really being built.

[St. Auggie]

Just so I am clear though, if this off/on ramp gets built, even if it is only for this HUGE development, wont that increase the property values and there for property taxes paid to the city?  Wont this also help create jobs for the area?  Dont you want more consolidation, meaning having office parks rather than spreading all the offices all over the place? This just bolsters your future arguments that a rail station here makes sense.  But they have to build it first.  Arent there some good things in here? Yep, some folks are getting special treatment here, its obvious.  Guess what there are somethings in here that are going to help you.  I know you are all on the sprawl bandwagon, but the infastructure is already in place for this development.  Its not going anywhere, you might as well help it get going and make it have a positive impact. 

[cline]

Still waiting for Tufsu to confirm who is paying for this?  And why we shouldn't think that this isn't a prime example of why 9B is really being built.

The first part of 9B is an ARRA (stimulus) funded project.  This project has been in the TPO TIP as a priority for years now- its not new.  Perhaps you should have attended the TPO meetings when they were discussing these project priorities.  Or better yet, talked to some of the local officials who serve on the TPO Board and ultimately approve this list.

[tufsu1]

to add on to what Cline said, the I-95/JTB interchange is also a priority project.....however, it is still in the PD&E stage, which is why they can only do the "smaller improvement" right now.

Also of note is that SR 9B is part of the FDOT Strategic Intermodal System (SIS), which gives facililties priority for fundng....I-95 is also on the SIS but JTB is not....and, as of now, the interchange project will not be funded using SIS money.

[copperfiend]

Might as well see what those ramps will lead into:

This map has not changed much in the five years or so since Citicards moved it's Jacksonville office to Flagler. Those tracts of land for office use have been empty.

[Ocklawaha]

Dirt is moving at 9-B and Philips Highway...  A LOT of dirt in fact!

OCKLAWAHA

[CS Foltz]

Gentlemen............I am just a lowly taxpayer and  not privy to all of the projects slated, discussed or planned for this or any other region. Like I stated before, if Fortress wishes to pay for the 9B extension or enhancement, I have no problem with that! I have a problem when taxpayer monies is used to enhance or direct traffic to what is looking like a high dollar developement, jobs notwith standing! Glad to see Flagler will get the benefits, so let them pay for it out of their pockets. State or Federal Funds come from mine and your pockets and do nothing to enhance my world..........just adds more concrete..........whoppee! No rail planned either and the FEC tracks are not far away.......whats the deal, too good for them?