More inspiring news about Riverside residential development
QuoteHallmark Partners Inc. is planning to build a 16-story luxury condominium tower in the heart of Riverside.
The Jacksonville firm is under contract to acquire a 1.4-acre riverfront site at 500 Bishopgate Lane that is now the home of the Robin Shepherd Agency. That deal, an all-cash transaction, is scheduled to close Thursday, Hallmark Principal Bryan Weber said in an exclusive Business Journal interview.
The tower, named Beacon Riverside, will be 14 floors above two levels of parking and contain 55 units, most of which will range from 2,200 to 3,900 square feet. There will be four larger units on the 14th and 15th floors — two units per floor, 4,500 square feet each. The grand penthouse on the 16th floor will be 7,500 square feet.
full article: http://m.bizjournals.com/jacksonville/news/2013/08/13/exclusive-hallmark-partners-inc.html?ana=e_jac_rdup&s=newsletter&ed=2013-08-14&r=full (http://m.bizjournals.com/jacksonville/news/2013/08/13/exclusive-hallmark-partners-inc.html?ana=e_jac_rdup&s=newsletter&ed=2013-08-14&r=full)
I guess this is the development Stephendare hinted about a while back.
Here's the rendering of the failed Bishopgate project from 2006:
(http://www.metrojacksonville.com/photos/thumbs/lrg-6843-bishopsgate_final.jpg)
At the time, it was planned to be 19 stories with 80 units. Hallmark's version will be smaller. It will be interesting to see what the new design looks like.
So what are they tearing down to build this? And how about the other $1 million dollar condo buildings. Are they filling up or generally vacant on the south bank?.......in Riverside next to this site there is an old building is it full? ... I guess I'm trying to get a feel for the market I thought was over saturated with condos they can't sell. ........... Will the neighbors be up set like the ones down in south St Johns Ave where they are tearing down the Commander Apartments and that shopping center to build a building with 600 units?
^I believe that is the site of the Shepherd agency currently. The red brick building.
Wow that old 2006 rendering looks very ... Imposing
Overstreet, you really can't compare this to other condo developments. People who buy here will be able to walk to Cummer, RAM, a Fresh Market, the YMCA, Memorial Park, and Five Points. Its probably one of, if not the most desirable spot to put a waterfront, luxury high rise (not counting oceanfront). A lot of Baby Boomers want to downsize and not worry about maintaining yards. I'd imagine they are targeting existing residents of Riverside/ Avondale, Ortega, San Marco, and other high end communities in Jax, and probably counting on a few out of towners. Given the timelines they mentioned in the article, I wouldn't be surprised if they already have quite a bit of interested buyers lined up.
I believe this is also in the Urban Transition Area between Downtown and the historic district, so its quite a far cry from the Commander apartments, which are in an area of much lesser density and intensity.
Interesting article yesterday in the WSJ about Baby Boomers wanting to live in cool, urban neighborhoods.
http://online.wsj.com/article/SB10001424127887324136204578644080452044960.html
Quote from: CityLife on August 14, 2013, 09:38:32 AM
People who buy here will be able to walk to Cummer, RAM, a Fresh Market, the YMCA, Memorial Park, and Five Points. Its probably one of, if not the most desirable spot to put a waterfront, luxury high rise (not counting oceanfront).
Good point, hadn't even considered that. I too thought the prices were a little steep but those may be good factors to justify the investment.
QuoteHallmark will open a sales center at 806 Riverside Ave. in mid-September, Weber said, and begin selling units by Oct. 1. About 50 percent will have to be presold before the project will break ground.
Weber said the firm anticipates hitting that benchmark by the end of the year and commencing construction at the beginning of 2014.
http://www.bizjournals.com/jacksonville/news/2013/08/14/why-condos-why-riverside-inside.html?ana=e_jac_bn&u=wyeE7pDrVo+btc9XBvF5DE4JkCU&t=1376489664&page=3 (http://www.bizjournals.com/jacksonville/news/2013/08/14/why-condos-why-riverside-inside.html?ana=e_jac_bn&u=wyeE7pDrVo+btc9XBvF5DE4JkCU&t=1376489664&page=3)
Quote from: CityLife on August 14, 2013, 09:38:32 AM
Overstreet, you really can't compare this to other condo developments. People who buy here will be able to walk to Cummer, RAM, a Fresh Market, the YMCA, Memorial Park, and Five Points. Its probably one of, if not the most desirable spot to put a waterfront, luxury high rise (not counting oceanfront).
Actually you can compare it with other condos. Like the other towers that are on the waterfront along Lancaster Terrace. They may not be "new" but they can be had for a lot less than this price point and you can still walk to the same amenities you speak of. That said, I think the concepts look good- price just seems steep.
Leaving room for the future riverwalk?
Quote from: cline on August 14, 2013, 10:28:31 AM
Quote from: CityLife on August 14, 2013, 09:38:32 AM
Overstreet, you really can't compare this to other condo developments. People who buy here will be able to walk to Cummer, RAM, a Fresh Market, the YMCA, Memorial Park, and Five Points. Its probably one of, if not the most desirable spot to put a waterfront, luxury high rise (not counting oceanfront).
Actually you can compare it with other condos. Like the other towers that are on the waterfront along Lancaster Terrace. They may not be "new" but they can be had for a lot less than this price point and you can still walk to the same amenities you speak of. That said, I think the concepts look good- price just seems steep.
The buyers for an exclusive, high end place like this are a whole different market than places like those. These are likely the baby boomer types that currently have $750k plus homes, want to downsize and have a city place and beach place, or city place and mountain home. Or just have a no maintenance place and have the ability to travel. Plus, there are probably quite a few downtown executive types, lawyers, and doctors that would probably also be interested. Simms may call Jacksonville out for not being as wealthy as other big cities, but there are plenty of people in this town that can afford high end places like this.
^What's the occupancy rate for the towers on the Southbank? What about Villa Riva?
Quote from: cline on August 14, 2013, 11:06:50 AM
^What's the occupancy rate for the towers on the Southbank? What about Villa Riva?
That's a great question for Hallmark Partners....
The Southbank Towers aren't as desirable location wise as this and units aren't as large. Price points look comparable to Villa Riva, if not lower.
Actually CityLife I agree with you and this is only 55 units. I do caution that a development like this will not likely increase foot traffic or the urbanity of the area, but it's nice to see new development from the group that I've consistently called Jacksonville's true only hometown hero developer.
cline - villariva is full, and is the address for the city's elite who remain in the city.
I really hope this new development is not like villariva or the rendering above. I hope that because it is in Riverside/5 Points area it can be a little more modern and appeal to a younger, hipper person. Maybe successful singles (though the unit sizes suggest mansions in the sky unfortunately). Please no spray on stucco!!!!
Quote from: simms3 on August 14, 2013, 11:20:49 AM
cline - villariva is full, and is the address for the city's elite who remain in the city.
really...who knew?
Quote from: simms3 on August 14, 2013, 11:20:49 AM
cline - villariva is full, and is the address for the city's elite who remain in the city.
Tower of Power!
Look, I'm all in support of this thing. I'm just throwing some questions out there. I know HP knows what they're doing.
The big question is...will it have boat slips and will Noone be able to park his boat there for free?
Here's a good article from the JBJ with a little more insight into the project
http://www.bizjournals.com/jacksonville/news/2013/08/14/why-condos-why-riverside-inside.html
My favorite part
QuoteAnd there's likely more to come. Coley said Hallmark will continue to look to expand its multifamily footprint in Jacksonville, with Weber continuing to look for infill opportunities.
Quote from: thelakelander on August 14, 2013, 08:45:51 AM
I guess this is the development Stephendare hinted about a while back.
The bigger question is what was Stephen's source? He did a good job keeping information confidential while still piquing everyone's interest. Could the principal Coley of Hallmark be related to Stephen's friend Bella Coley who launched the Hempseed vodka last year?
http://www.metrojacksonville.com/article/2012-mar-jax-native-bella-coley-launches-hemp-seed-vodka
eh? I believe Bella also helps out with MetroJacksonville (with videos) if I'm reading correctly.
Quote from: tufsu1 on August 14, 2013, 11:23:41 AM
Quote from: simms3 on August 14, 2013, 11:20:49 AM
cline - villariva is full, and is the address for the city's elite who remain in the city.
really...who knew?
Love your constant sarcasm...actually I can't tell if that's sarcasm or a neutral inquisitive response. Given our online relationship, I'll go with sarcasm.
Quote from: simms3 on August 14, 2013, 12:02:41 PM
Quote from: thelakelander on August 14, 2013, 08:45:51 AM
I guess this is the development Stephendare hinted about a while back.
The bigger question is what was Stephen's source? He did a good job keeping information confidential while still piquing everyone's interest. Could the principal Coley of Hallmark be related to Stephen's friend Bella Coley who launched the Hempseed vodka last year?
http://www.metrojacksonville.com/article/2012-mar-jax-native-bella-coley-launches-hemp-seed-vodka
eh? I believe Bella also helps out with MetroJacksonville (with videos) if I'm reading correctly.
Bella is Stephen's sister.
^^Nice! It was worth a guess :)
Quote from: PeeJayEss on August 14, 2013, 10:45:47 AM
Leaving room for the future riverwalk?
With the first 2 floors being parking garage, I don't see why they couldn't leave a little space on the site for a riverwalk
That is exciting. I didnt know the land was for sale.
Coley is very excited, proud and enthusiastic about his new projects. He is going to have an apartment in 220 himself.
Awesome. Lots of talk (deservedly so) of many other neighborhoods improving and getting over that hump, but even Riverside still has lots of room for growth and is constantly improving.
Why is there a market for multifamily condos while the East San Marco project languishes with no light at the end of the tunnel??
Quote from: ProjectMaximus on August 15, 2013, 01:06:53 AM
Why is there a market for multifamily condos while the East San Marco project languishes with no light at the end of the tunnel??
My guess is that East San Marco's dilemma has something to do with how much they have invested in the land. Remember that they purchased this property at the peak of the market and still own it. Many of the projects we seem coming out of the ground today were purchased after the crash at reset values from the banks.
It will be interesting to watch the progress of this project. I didn't see any mention of the rezoning process. The property is zoned PUD.
^This property was already zoned and approved for a much larger tower back around 2006.
lots of people who do planning for a living in the City knew about this rumor. Simms3 - We will order the spray on Stucco now, as we know its coming. Should be great for Riverside, VR is full and it looks good, to me, as do the other buildings there along the Riverside point. Whatever is built, will be fine, the view is what is being sold.
Considering the very aggressive time table, shouldn't there be a rendering out there or soon to be available? Will this just be a shortened version of Bishopgate?? Another tower of power won't do much at the street level, but I'm glad they are willing to let the riverwalk pass by their property. Those other NIMBYs could take a lesson.
QuoteI'm glad they are willing to let the riverwalk pass by their property.
Have they actually stated they are willing to allow this? I hope they do.
Quote from: cline on August 15, 2013, 09:38:06 AM
QuoteI'm glad they are willing to let the riverwalk pass by their property.
Have they actually stated they are willing to allow this? I hope they do.
They're spearheading an effort to get Riverside a CID in place to fund projects like extending the riverwalk from Memorial park to the stadium. So unless they don't realize that would bring it right past ther project, then yes they are willing to let the riverwalk on their property.
The river walk really should go all the way to st Vincent's if you wanted it to extend to its logical conclusion.
Quote from: ChriswUfGator on August 16, 2013, 08:41:36 AM
The river walk really should go all the way to st Vincent's if you wanted it to extend to its logical conclusion.
Agreed. I think there would be significant obstacles though- especially since you'd have running in front of VillaRiva.
There's also a private residence, the villas of St John's and a hedge fund on the water. No way you're getting past those. With Wayne and Delores as the top dogs in the Tower of Power, you may be able to get some sort of accommodation for the riverwalk past there.
What about just sprucing up the walking paths on Riverside ave and River Blvd?? Currently the sidewalk of riverside ave is a death trap from dusk until dawn.
Is the private residence you're talking about the one that is directly next to VR where River Blvd turns north into Osceola?
Quote from: Captain Zissou on August 16, 2013, 09:01:21 AM
There's also a private residence, the villas of St John's and a hedge fund on the water. No way you're getting past those. With Wayne and Delores as the top dogs in the Tower of Power, you may be able to get some sort of accommodation for the riverwalk past there.
What about just sprucing up the walking paths on Riverside ave and River Blvd?? Currently the sidewalk of riverside ave is a death trap from dusk until dawn.
Just take it by eminent domain and pay the bill for a 5' strip of land, what're they going to do about it? That's actually a legitimate public purpose (for once). It could certainly be done.
Quote from: dougskiles on August 15, 2013, 05:42:17 AM
Quote from: ProjectMaximus on August 15, 2013, 01:06:53 AM
Why is there a market for multifamily condos while the East San Marco project languishes with no light at the end of the tunnel??
My guess is that East San Marco's dilemma has something to do with how much they have invested in the land. Remember that they purchased this property at the peak of the market and still own it. Many of the projects we seem coming out of the ground today were purchased after the crash at reset values from the banks.
It will be interesting to watch the progress of this project. I didn't see any mention of the rezoning process. The property is zoned PUD.
Yeah, that's what I've heard before. Since they've invested so much time and money, they'll wait til the project is not only feasible but lucrative as well.
Quote from: dougskiles on August 15, 2013, 05:42:17 AM
Quote from: ProjectMaximus on August 15, 2013, 01:06:53 AM
Why is there a market for multifamily condos while the East San Marco project languishes with no light at the end of the tunnel??
My guess is that East San Marco's dilemma has something to do with how much they have invested in the land. Remember that they purchased this property at the peak of the market and still own it. Many of the projects we seem coming out of the ground today were purchased after the crash at reset values from the banks.
It will be interesting to watch the progress of this project. I didn't see any mention of the rezoning process. The property is zoned PUD.
The bigger challenge with the East San Marco site is attracting a quality apartment developer who is interested in doing a relatively small number of rental units, and then when you layer in the relatively high level of architectural detail that was negotiated in the original project approval...well, you see where it stands now.
Quote from: Apache on August 16, 2013, 01:46:52 PM
Quote from: ChriswUfGator on August 16, 2013, 09:15:24 AM
Quote from: Captain Zissou on August 16, 2013, 09:01:21 AM
There's also a private residence, the villas of St John's and a hedge fund on the water. No way you're getting past those. With Wayne and Delores as the top dogs in the Tower of Power, you may be able to get some sort of accommodation for the riverwalk past there.
What about just sprucing up the walking paths on Riverside ave and River Blvd?? Currently the sidewalk of riverside ave is a death trap from dusk until dawn.
Just take it by eminent domain and pay the bill for a 5' strip of land, what're they going to do about it? That's actually a legitimate public purpose (for once). It could certainly be done.
You are against a municipality demolishing a person's private property but you are for a municipality seizing someones personal property?
Taking private property for public use, is different than simply destroying (and devaluing) someone's private property. The issue with Eminent Domain is when it is used (or misused rather) to take private property for
someone else's private use.
Quote from: Captain Zissou on August 16, 2013, 09:01:21 AM
There's also a private residence, the villas of St John's and a hedge fund on the water. No way you're getting past those. With Wayne and Delores as the top dogs in the Tower of Power, you may be able to get some sort of accommodation for the riverwalk past there.
What about just sprucing up the walking paths on Riverside ave and River Blvd?? Currently the sidewalk of riverside ave is a death trap from dusk until dawn.
That's a pretty decent solution that's been done in several places across the country. There's enough ROW width for a 12' wide multi use path that could link Memorial Park with St. Vincents.
Quote from: thelakelander on August 16, 2013, 06:33:15 PM
Quote from: Captain Zissou on August 16, 2013, 09:01:21 AM
There's also a private residence, the villas of St John's and a hedge fund on the water. No way you're getting past those. With Wayne and Delores as the top dogs in the Tower of Power, you may be able to get some sort of accommodation for the riverwalk past there.
What about just sprucing up the walking paths on Riverside ave and River Blvd?? Currently the sidewalk of riverside ave is a death trap from dusk until dawn.
That's a pretty decent solution that's been done in several places across the country. There's enough ROW width for a 12' wide multi use path that could link Memorial Park with St. Vincents.
That would be great to see here.
Quote from: vicupstate on August 16, 2013, 03:01:44 PM
Quote from: Apache on August 16, 2013, 01:46:52 PM
Quote from: ChriswUfGator on August 16, 2013, 09:15:24 AM
Quote from: Captain Zissou on August 16, 2013, 09:01:21 AM
There's also a private residence, the villas of St John's and a hedge fund on the water. No way you're getting past those. With Wayne and Delores as the top dogs in the Tower of Power, you may be able to get some sort of accommodation for the riverwalk past there.
What about just sprucing up the walking paths on Riverside ave and River Blvd?? Currently the sidewalk of riverside ave is a death trap from dusk until dawn.
Just take it by eminent domain and pay the bill for a 5' strip of land, what're they going to do about it? That's actually a legitimate public purpose (for once). It could certainly be done.
You are against a municipality demolishing a person's private property but you are for a municipality seizing someones personal property?
Taking private property for public use, is different than simply destroying (and devaluing) someone's private property. The issue with Eminent Domain is when it is used (or misused rather) to take private property for someone else's private use.
+1 exactly my thoughts.
JTA came on and didn't answer the tough questions.
1) $20M to serve just a few residential units? 600 is not a large number for that scope, and less than half are actually under construction with the remainder (as well as the other proposals like new Y building and the strip mall, which will be for people driving home to R-A/Ortega) still approved/proposed. Given the size of these projects, there is little room in Brooklyn for more, so once complete Brooklyn will be effectively built out for Jacksonville with a few hundred resi units and maybe a few thousand drive in employees over a square mile.
2) So there is a spur already there, so why is it $3.6M just to extend the track to the station? Concrete?
3) Why is there a $5M budget for command/control? What is this? Is this to integrate the new spur into the already complex and inefficient route mechanism of the system?
4) You mention extension - so will it be $20M every time we want to extend the system a block?
Sure big cities spend a billion dollars to put a new mile of subway in, and people have a fit over it, but projected ridership on SF's new spur and NYC's new line are very high.
SF Central Subway - light rail spur - $1.6B - 1.7 miles - 43,700 projected daily riders upon opening - $36,613/rider - $941M/mile
NYC Second Ave line - heavy rail line to be extended - $4.9B - 2 miles - 200,000 projected daily riders upon opening - $24,500/rider - $2.45B/mile
JTA Skyway extension - people mover - $20M - 0.25 miles - 1,250 projected daily riders upon opening - $16,000/rider - $80M/mile
So the numbers work this way, but remaining questions:
1) Why submit a grant to move just 1,250 people? We all know that other agencies submit more robust grants for plans to move more people.
2) Where do you get 1,250 people? Is it 600 proposed/UC units times average family size in area? Do you think all those units are going to have 1-2 people, single or married, who work downtown and so will hop on the Skyway?
3) If you're building $20M spur/station for those 600 units, why not build a light rail line for the thousands of units UC or recently built on the SS and connect SJTC?
4) Why are all of your numbers pretty round numbers? ($5M for this, $1M for that, etc). Do we have this stuff bidded out already?
5) Why not submit a grant application for something a little more meaty? The Skyway has so many limitations and for so long has been a transit joke and still is highly unpopular with taxpayers!
6) Lastly how do you calculate the reduction of over 400,000 vehicle miles driven in the urban core daily from increasing ridership by just 1,250 people? That doesn't make any sense to a civilian like me.
^^ shouldn't this be in the TIGER grant thread?
Would $20M get a streetcar from King street to the Landing?
^$50 million would.
Just build it on pilings just beyond the bulkhead. No property taken at all. This is how they built the one on the Southbank.
Quote from: Apache on August 17, 2013, 01:32:57 PM
Quote from: ChriswUfGator on August 17, 2013, 01:50:03 AM
Quote from: vicupstate on August 16, 2013, 03:01:44 PM
Quote from: Apache on August 16, 2013, 01:46:52 PM
Quote from: ChriswUfGator on August 16, 2013, 09:15:24 AM
Quote from: Captain Zissou on August 16, 2013, 09:01:21 AM
There's also a private residence, the villas of St John's and a hedge fund on the water. No way you're getting past those. With Wayne and Delores as the top dogs in the Tower of Power, you may be able to get some sort of accommodation for the riverwalk past there.
What about just sprucing up the walking paths on Riverside ave and River Blvd?? Currently the sidewalk of riverside ave is a death trap from dusk until dawn.
Just take it by eminent domain and pay the bill for a 5' strip of land, what're they going to do about it? That's actually a legitimate public purpose (for once). It could certainly be done.
You are against a municipality demolishing a person's private property but you are for a municipality seizing someones personal property?
Taking private property for public use, is different than simply destroying (and devaluing) someone's private property. The issue with Eminent Domain is when it is used (or misused rather) to take private property for someone else's private use.
+1 exactly my thoughts.
That's a want not a need in any sense. That idea would never fly without going to the highest level of litigation. There are a hundred places a citizen could access the river in Jax without commandeering someone's personal property. Good luck with that.
Eminent Domain was used to level LaVilla, was that a need? It has nothing to do with 'want and 'need'.
Every highway ever built was a 'want' before it was a need. BTW, I do consider RECREATION a public need, and so does the courts.
There are thousands of examples of eminent domain for public recreation, covering every state.
The only question would be how much would the city have to pay for the land, and is there the political WILL to do it. That later part being a big 'IF'. Rich people don't tend to have their land taken. They either get paid handsomely for it in a standard transaction, or the politicos back off.
Quote from: Apache on August 17, 2013, 01:32:57 PM
Quote from: ChriswUfGator on August 17, 2013, 01:50:03 AM
Quote from: vicupstate on August 16, 2013, 03:01:44 PM
Quote from: Apache on August 16, 2013, 01:46:52 PM
Quote from: ChriswUfGator on August 16, 2013, 09:15:24 AM
Quote from: Captain Zissou on August 16, 2013, 09:01:21 AM
There's also a private residence, the villas of St John's and a hedge fund on the water. No way you're getting past those. With Wayne and Delores as the top dogs in the Tower of Power, you may be able to get some sort of accommodation for the riverwalk past there.
What about just sprucing up the walking paths on Riverside ave and River Blvd?? Currently the sidewalk of riverside ave is a death trap from dusk until dawn.
Just take it by eminent domain and pay the bill for a 5' strip of land, what're they going to do about it? That's actually a legitimate public purpose (for once). It could certainly be done.
You are against a municipality demolishing a person's private property but you are for a municipality seizing someones personal property?
Taking private property for public use, is different than simply destroying (and devaluing) someone's private property. The issue with Eminent Domain is when it is used (or misused rather) to take private property for someone else's private use.
+1 exactly my thoughts.
That's a want not a need in any sense. That idea would never fly without going to the highest level of litigation. There are a hundred places a citizen could access the river in Jax without commandeering someone's personal property. Good luck with that.
Eminent domain has nothing to do with want vs. need, if the taking is for a valid public purpose then they're going to get it. A public thoroughfare like the riverwalk is a textbook public purpose. Assuming the notices were properly given, the trial is generally limited just to damages. This is very well settled law.
Anybody in Real Estate paying attention to what these folks are listing the condos for? They are being listed for between $350 and $400 a square foot. You can buy a Villa Riva Condo for close to $275 a square foot.
Are the Hallmark people living in fantasyland???
Should add some pizzaz to the neighborhood....This is great news if they sell
1. If you take by eminent domain you still have to pay for it. Although the amounts are often "robbery".
2. Condos? .......Seems odd since we have all those empty ones on the south bank and the national trend is for apartments.
I wasn't aware the ones on the Southbank were empty. Last I heard occupancy was pretty good. I know several people that live in them actually.
Quote from: Overstreet on December 05, 2013, 09:12:13 AM
2. Condos? .......Seems odd since we have all those empty ones on the south bank and the national trend is for apartments.
Ummm .... Where????
There should be zoning where all new highrise buildings must have street level pedestrian friendly restaurant and retail on the first floor.
Quote from: Stephen on December 05, 2013, 08:52:47 AM
Should add some pizzaz to the neighborhood....This is great news if they sell
The neighborhood isn't of the same mind as you.