Rumors continue to swirl that Wells Fargo will take over the Modis space and more and the naming rights to the building.
http://www.bizjournals.com/jacksonville/news/2011/02/10/modis-building-enters-special-servicing.html?ed=2011-02-10&s=article_du&ana=e_du_pub
Lol, FSU, that's really stretching the positive spin a little dontcha think...
What the article actually says is that Wachovia, the building's lender, has transferred the building's mortgage to an outside default specialist because they expect that losing another 1/5th of the occupied space in this market with Modis' pullout is probably going to send the building into foreclosure.
I hope they get another tenant lined up, for their sake...
Ha^^^Sounds like a microcosm of what is happening with the Bank of America Plaza in Atlanta (tallest office building in the SE). The current owner is about to default on its mortgage on the building which still has a balance of $363M. Wells is the primary lender for this company as well, and the reasoning for the default is also because of downsizing in the building and a plummet in rents
Well something is going on, either that or there's a giant "m" on someones car:
(http://i.imgur.com/BocyY.jpg)
Wasn't Odis the barber in Mayberry?
I'm holding out for a big purple "OCKLAWAHA" up there.
OCKLAWAHA
"Odis! My man!"
Quote from: Ocklawaha on February 13, 2011, 01:08:23 PM
I'm holding out for a big purple "OCKLAWAHA" up there.
OCKLAWAHA
Id rather see that Purple "Ocklawaha" on the Annie Lytle Transit Terminal....Inspired by one Ocklawaha !!! :)
Has anyone seen the other side? I didn't get a chance to see if it's changed too.
Quote from: coredumped on February 13, 2011, 04:08:29 PM
Has anyone seen the other side? I didn't get a chance to see if it's changed too.
While no longer in Jax, I know that I read the river facing signange will come down in a few months, after the north face is removed.
Well after reading the article, it seems as if they already have a replacement tenant so there is no dicussion needed on this one. The replacement teanet will more than likely put their name on the building. End of story. 8)
I have a couple friends in commercial real estate - they believe that Wells Fargo is the tenant referenced in the Business Journal article. The net affect on downtown though will be negative, because I believe their plan is to consolidate the folks on both sides of the river (Riverplace and Enterprise Center) into Independent Square.
Sucks for the Enterprise Cafe....
Interesting. Hopefully Riverplace won't sit empty for too long :( Calling it "Wells Fargo Tower" will take some getting use to!
Hopefully. I want to be optimistic and hope and pray that economics will greatly improve..
Quote from: Steve on February 13, 2011, 09:08:54 PM
I have a couple friends in commercial real estate - they believe that Wells Fargo is the tenant referenced in the Business Journal article. The net affect on downtown though will be negative, because I believe their plan is to consolidate the folks on both sides of the river (Riverplace and Enterprise Center) into Independent Square.
I would submit that the effect on downtown as a whole would be a wash (unless they are downsizing too)....but it should be a positive for the northbank, as folks will be moving across the river.
Quote from: Dog Walker on February 13, 2011, 11:07:22 AM
Wasn't Odis the barber in Mayberry?
Otis was the town drunk. Sweeney Floyd was the barber.
Quote from: tufsu1 on February 14, 2011, 07:59:00 AM
Quote from: Steve on February 13, 2011, 09:08:54 PM
I have a couple friends in commercial real estate - they believe that Wells Fargo is the tenant referenced in the Business Journal article. The net affect on downtown though will be negative, because I believe their plan is to consolidate the folks on both sides of the river (Riverplace and Enterprise Center) into Independent Square.
I would submit that the effect on downtown as a whole would be a wash (unless they are downsizing too)....but it should be a positive for the northbank, as folks will be moving across the river.
I have a question about this. What benefit do these people bring downtown other than more people being in the area? Are they able to leave the building for lunch and support local merchants? Or are they like many companies - restricted to half an hour or 45 minutes for lunch? That's barely enough time to leave the building and walk over to the landing.
Just curious.... My mom worked downtown in the Humana building years ago and I remember her saying she got there in the morning and was there 'til she left in the evening. And she was a manager, not part of the rank-and-file...
when I worked downtown, I could do much more w/ my 1-hour lunch break than I can in the suburbs...for example, stop in at Chamblin's bookstore, grab a sandwich there (or at Subway), and eat in the park on a nice day like today.
Quote from: tufsu1 on February 14, 2011, 04:13:40 PM
when I worked downtown, I could do much more w/ my 1-hour lunch break than I can in the suburbs...for example, stop in at Chamblin's bookstore, grab a sandwich there (or at Subway), and eat in the park on a nice day like today.
Is that the norm, though? We have 30 minutes here for lunch, which is enough time to run to the company cafe, get something, eat and come back to our desk. And we're in a professional environment. How is it downtown, for the firms that are still there? Are outside food-related businesses able to flourish?
Maybe it doesn't make a big difference. I just wonder.
Typically Downtown on a beautiful day at lunch time is actually quite busy. So lots of office workers do make it outside to enjoy the city. I know I do!
QuoteI have a question about this. What benefit do these people bring downtown other than more people being in the area? Are they able to leave the building for lunch and support local merchants?
I completely understand your concern and it is valid. However, I work downtown and go out to eat almost every day. I have a more relaxed schedule, but I do see a good lunch line in most cafes between noon and 1 PM.
...and so yes, the more people that work downtown the merrier.
Each and every person counts, even if they are just day-workers. The lunchtime places depend on these workers and more workers may lead to more restaurants and retail and some (fingers crossed) may even decide to stay open past business hours.
While more residential is the best option, more daytime traffic is nothing to sneeze at. DT could benefit from each and evey single person.
I had lunch downtown today (sadly a rarity since my office is on the southside)....saw lines at every food establishment near the new courthouse...plenty of people go out to eat for lunch.
I work in the Northbank and can get a lot more done down here during my lunch hour than when I worked in the burbs. There are a ton of places to eat during the day within a three block radius and I can get inside them just as fast you can to your car from the door of Walmart.
Quote from: Steve on February 13, 2011, 09:08:54 PM
I have a couple friends in commercial real estate - they believe that Wells Fargo is the tenant referenced in the Business Journal article. The net affect on downtown though will be negative, because I believe their plan is to consolidate the folks on both sides of the river (Riverplace and Enterprise Center) into Independent Square.
I dont feel it will be negative. It wont really change anything. I think that it would be a smart move to have everything consilidated in one building versus being spread out all over downtown. CSX is kind of doing the same thing. They are moving their people out of the At&T building into the 550 building right behind the headquarters.
Quote from: coredumped on February 13, 2011, 04:08:29 PM
Has anyone seen the other side? I didn't get a chance to see if it's changed too.
The river-facing side is currently unchanged.
Quote from: Bativac on February 14, 2011, 05:39:27 PM
Is that the norm, though? We have 30 minutes here for lunch, which is enough time to run to the company cafe, get something, eat and come back to our desk. And we're in a professional environment. How is it downtown, for the firms that are still there? Are outside food-related businesses able to flourish?
Maybe it doesn't make a big difference. I just wonder.
The company cafe? Sounds like your employer is running the old truck system.