One12, Riverwatch under contract

[thelakelander]

DOWNTOWN -- Downtown buildings One12 and part of River Watch at City Centre are under contract to sell to a hotel development company.

Kuhn Cos. Senior Adviser David Dix declined to name the prospective buyer, but said that the company, which builds and operates several different brands and flags, is doing its due diligence on both properties and will choose one or the other. If the company goes with One12, it would likely be extended-stay lodging, and if it buys River Watch, it would likely be a four- or five-star, full-service hotel.

"The likelihood of it being condominiums in this market is almost zero," Dix said. "I don't want to perpetuate the tanking of the condo market," he said, but "it's a different market for condominiums."

The renovation of One12, at 112 W. Adams St., is moving forward in the meantime. One12 and River Watch are two of several historical redevelopment projects owned by Orlando-based Kuhn Cos.

If the hotelier does not buy One12, Kuhn will develop the 18-story building, formerly Barnett National Bank's headquarters, but not as originally planned, Dix said. The project once included more than 100 condos on the fourth through 18th floors starting at $200,000.

Nearby, River Watch includes the 23-story former SunTrust building and an adjoining lot at 76 Laura St. that Kuhn bought in 2005 for $42.5 million. The SunTrust building has office space for sale and lease, but construction of a 33-story mixed-use retail and residential high-rise planned for the adjoining site has been put on hold at least until the hotel development company makes its decision.

The lot has been divided and construction of a 1,056-space, 10- or 11-story parking garage that Kuhn will own is scheduled to start on the back half of the lot in October.

Kuhn's latest Downtown acquisition, The Laura Street Trio at 51 W. Forsyth St., comprises the historic Bisbee, Florida Life and Marble Bank buildings. Kuhn bought the buildings in March for $6.4 million and original plans for the trio included office condos, residential space and financial institutional space.

Local and national companies have approached the Kuhn Cos. wanting to make the Marble Bank their local headquarters, Dix said. Although no contracts have been signed, Kuhn is considering selling that building and is developing it so all three buildings can be sold separately. The trio will likely include office space for lease, Dix said.

Kuhn will still build a 599-space, L-shaped, 10-level parking garage on vacant land on the trio site.

full article: http://jacksonville.bizjournals.com/jacksonville/stories/2007/08/27/story1.html

[Jason]

This news is reassuring.  Thanksfully things are still moving forward and haven't tanked completely.

I'm suprised to hear that the Trio garage is expected to be 10 levels.  Hopefully it will at least include street level retail as originally planned and will fit in with the surrounding historic buildings.

[thelakelander]

It does.  Last year, George Moore mentioned the 10 level structure would contain about 20,000sf of retail or so.

[Jason]

So are the original plans still intact?  There are some renderings floating around that the Fund released.

[vicupstate]

Glad to hear this.  if the Hotel chooses the Riverwatch site, I hope it has some height to it.  That is the city's A#1 undeveloped site IMO.  It needs to be a good design and not be dwarfed by the surrounding buildings. 

I do hope that between the Barnett and the Laura Trio, that at LEAST ONE of the buildings is residential.

A renovated marble Bank building might be the first thing done, which would be fantastic.  That building could be absolutely incredible.       

[downtownparks]

Whats good is, he bought both locations for peanuts, so he can sell them at low enough prices to get some attention....

[thelakelander]

So are the original plans still intact?  There are some renderings floating around that the Fund released.

Kuhn has always had plans for a 10 level garage on that site, since it will serve as the main source of parking for One12 and the Trio.  The renderings floating around on the web were the Fund's.  That smaller garage died when Kuhn purchased the building.

[Jason]

Gotcha.

[Ocklawaha]

Just finish the Skyway into Fairfield/Stadium's, Riverside, San Marco and Edward Waters and jump back and watch the rest of these stalled projects come to life. TOD is not spelled B-U-S... The St. Johns, Vu and all the rest could be TOD's.  

Ocklawaha

[Jason]

I wouldn't call the Strand, Peninsula, and San Marco Place TODs but their existence could easily be linked to the skyway therefore making the "failing" (yet incomplete) skyway a benefit to downtown by spawning development along its line.

[thelakelander]

The Strand, Peninsula, San Marco Place and even the Kings Avenue Station projects are all TAD's (Transit Adjacent Developments).  They aren't exactly set up and designed around the skyway or mass transit, but they are adjacent to it.

[Ocklawaha]

TAD's! OMG! Don't teach JTA that term or they'll be claiming every phone booth between the Trout River and Mandarin is because of their super-bus plans!

Reality? Yes, Jason, the Skyway, could, should and MUST play into our future TOD development and we'll get a host of TAD's out of the deal too, IF we just move forward.

Ocklawaha