QuoteLaw firms hurried to snap up surrounding space years ago, but delays have dwindled buyer buzz
By David Bauerlein
The new Duval County Courthouse will be the biggest building to hit downtown's core since the Bank of America Tower opened in 1990.
But so far, it hasn't spun off private development in the surrounding area where abandoned buildings, makeshift parking lots, concrete slabs left behind by previous demolition and chain link fences stand in stark contrast to the majestic columns of the seven-story building.
If the courthouse is a $350 million diamond, the area around it is the rough.
Property owners say they've been fielding more calls in recent months from law firms and restaurants interested in space near the courthouse, slated to open in summer 2012. But nothing is on the drawing board for construction of new office buildings, a reversal from several years ago when law firms were buying property near the courthouse and hiring architects.
The years-long delays in getting construction under way sapped the early interest, said Sam Easton, president of Easton, Sanderson and Company, a Jacksonville commercial real estate firm.
"I think the big splash part has gone," he said.
full article: http://jacksonville.com/news/metro/2010-12-05/story/will-jacksonvilles-shiny-new-courthouse-lure-developers-jurys-still-out
Well, everything was torn down so anyone wanting to open a restaurant would have a build it from the ground up instead of simply renting a space.
Restaurants are basically limited to two parking garages and the old bakery at Broad & Adams. Everything else has fallen victim to the wrecking ball.
The article didn't say either way, so, my question is, did those who bought property early already sell? If not, are they just biding their time until closer to the Courthouse completion?
My guess is some have probably lost their property and others aren't doing anything, due there being no demand or financing for their once proposed projects. You have to open the door when opportunity knocks, we didn't and opportunity left. With all the empty office space in the Northbank and within walking distance of the courthouse site, there really is no real need for a new large building to house attorneys. However, I'm sure those retail spaces in the garages will fill up with sandwich shops, etc. in two years.
While inevitably some attorneys will always want to be near the courthouse, I am thinking fewer of them need be today due to the internet, electronic filings, and video conferencing. A lot has changed just in the last 5 years. I haven't observed much private sector development pursuing the Federal Courthouse or City Hall either.
With the economy off, there also appears to be less legal activity other than foreclosures and slip and fall claimants looking to make a fast buck since they can't make it through work. The courthouse might attract the bail bonds crowd - that should do wonders for downtown development. ;D
I still say a high rise would have served downtown development better than this sprawling urban-style monster we have now. Another missed opportunity for the City due to poor visioning.
Interesting.
There should be plenty of space in the AT&T Tower for anyone that needs office space near the courthouse.
Quote from: Lunican on December 06, 2010, 10:54:02 AM
There should be plenty of space in the AT&T Tower for anyone that needs office space near the courthouse.
+1
It might stimulate a couple small restaurants or something, but as far as actual business goes, downtown's office towers are largely vacant, and because it is generally much cheaper to lease existing space than to build from scratch, the current glut of office space would need to be filled before building more space will be an attractive proposition.
My lawyer buddy is concentrating on making payroll and having some left for his check. Seems his business has fallen off too.
Just because a Lawyer has offices near that new white elephant does not mean they will make ends meet or payroll! Proximity to the courthouse is no guarantee of much of anything and I would have to ask, just how many sandwich shops can that area support? Something more in tune with what actually needs to be there, clothing or dollar stores or even furniture might be a better long term fit! JTA should reposition their Transportation Center in that area instead of building from scratch.....long term lease that is! I mean how many lawyers can that area sustain......plus the support services?
QuoteBut so far, it hasn't spun off private development in the surrounding area
Does it ever? Every project promoted in the last ten years has made this same claim, but does the promised development ever materialize?
QuoteMy lawyer buddy is concentrating on making payroll and having some left for his check. Seems his business has fallen off too.
Firms with big construction and real estate practices are hurting, no doubt about it. But those with family, divorce, and estate continue to truck along. Being a Navy town does nothing to slow down the divorce rate. :-\
Quote from: finehoe on December 06, 2010, 01:59:07 PM
Does it ever? Every project promoted in the last ten years has made this same claim, but does the promised development ever materialize?
Those are good questions. What businesses flocked to be near the new US Courthouse? Many of the surrounding blocks still look like they're... "anchored"... by the good ol' abandoned Robert Meyer.
Quote from: finehoe on December 06, 2010, 01:59:07 PM
QuoteBut so far, it hasn't spun off private development in the surrounding area
Does it ever? Every project promoted in the last ten years has made this same claim, but does the promised development ever materialize?
It's outside of DT and I don't know if they promoted that they would attract spin off development, but it appears Riverside Square has. How viable would projects like Chelsea Lofts and 1661 Riverside be without it?