Both the 13-story apartment tower adjacent to Aetna, and Vista Brooklyn (200 Riverside) are up for final approval tomorrow.
Both developers site approval as the final hurdle prior to breaking ground.
No timeline given on Aetna, but Vista Brooklyn hopes to break ground by end of year.
http://jacksonville.com/business/real-estate/2017-05-30/riverside-southbank-apartment-buildings-approval
Wow, I did not know 220's occupancy rate was at 96%. That's great news for the area! Does anyone know if The Brooklyn's numbers are similar?
Here is an article from last year that states the occupancy rate was over 90% when the property was sold.
http://www.bizjournals.com/jacksonville/news/2016/06/14/the-brooklyn-riverside-sells-for-58-million.html
It is a great news I suppose! They said it will be finished in less than two years which is probably a little optimistic, but we can wait. It will be worth it, probably. :)
Whats the word on this? Does the DDRB release minutes like other city council meetings? Or is it like a press release type deal?
Quote from: sanmarcomatt on June 02, 2017, 11:25:46 AM
both advance:
http://www.jaxdailyrecord.com/showstory.php?Story_id=549951
Yaass! So how many more steps to go?
Great news.
One of my Co-workers that lives out in BFE St. Johns county was commenting that downtown would be a lot better if there were more people living down there. I think he was surprised when I told him how many new developments had either turned dirt or were in the works. Hopefully the word starts to get out. I think the corridor down Kings Ave from the Southbank to Jackson Square is going to see big movement in the next few years now that the overland bridge project and the Atlantic Blvd exit are wrapping up.
So, does Baptist and Aetna have legitimate beef about parking for the apartments? Sounds like they were allowed decrease in spaces.
Quote from: Dapperdan on June 02, 2017, 04:24:10 PM
So, does Baptist and Aetna have legitimate beef about parking for the apartments? Sounds like they were allowed decrease in spaces.
It passed so I guess not.
Can someone list the members of the DDRB?
Quote from: MusicMan on June 03, 2017, 08:40:06 AM
Can someone list the members of the DDRB?
http://ccmayorboards.coj.net/boarddetail.asp?board=87&type=M
Don't shoot them music man if you get upset (LOL). Good news (I guess). Would have rather had that supertall built though instead of this apartment building, but, THIS is better than nothing.
Im very new to the development game. Can someone point me in the right direction or explain the step by step process of getting a project going. From what I can tell this is the process. Find a property for sale. Lets just say an empty lot. Come up with a site plan and design for the building. Make sure that the lot is zoned properly. If not, go to city council for a zoning change. Again, Im not sure if this is in the right order or I might be way off. Then meet with any historic overlay organizations (springfield preservation, RAP, etc.). Once that is done meet with city council for any type of tax incentives or grants for the project ( Barnett/Trio or Loft at Lavilla have gotten different types of tax incentives and/or grants). Then go to the DDRB for final approval of your site plans. After all of that, go to the city council for the final building permits.
I really enjoy learning from all of you. Thank you
Bueller....Bueller....... Anyone??
Before worrying about finding a property, you'd be better off figuring out what your development specialty and your desired market is and working on a proforma to make sure your numbers work in the market you wish to invest in. Assuming all that is in place, then you seek available parcels that work with your desired development specialty and financial situation. At this stage, you'll be doing some real conceptual site planning, if new or evaluating the physical conditions of the site, if it's an existing structure. If the site isn't zoned for your desired product, you'll need to attempt to rezone the property or find another one that already allows for your use. At this stage, it wouldn't hurt to also meet with your council representative and the planning department. If your proposal is in a historic district, you'll need to get a COA from the JHPC and during that process, it would do you well to get organizations like RAP or SPAR on your side. If you're downtown, the DDRB would need to approve your plan. If you're not in these areas, the process is much easier and less time consuming. Basically, if you have your site and financing in place, once your construction documents are ready, apply for your permits and once approved, break ground. If you're looking for tax incentives and public handouts, good luck. That's a pretty difficult, risky and time consuming set of items you're tossing on top of your development timeline. It would also suggest, your numbers don't work from a market rate perspective.
One more thing. I recommend you get your financing in order before you do anything!!
With cash your in great shape. If you have to borrow then you better have someone behind you and ready to go.
I just helped an attorney close on a small building and she went through SBA/VyStar. The financing and making everyone on that end of the project was by far the toughest part.
Thank you for your responses. Im not actually planning on building anything. I am just interested in development and want to wrap my head around the whole process. It is nice to look at all of the projects but I want to better understand all of the steps along the way.