Good piece published in the Florida Times-Union about the on-going redevelopment of Springfield.
Rebirth of Jacksonville's oldest neighborhood continues at a fast clip, with plenty of commercial development and real estate growth: https://www.jacksonville.com/news/20191114/build-out-surging-in-springfield
Here are a few segments...
Coffey said colleagues in Miami thought she was "crazy" to relocate from her well-established office in South Florida to Springfield four years ago. She became the sole team member for Compass in Northeast Florida last year, after falling in love with the Springfield area and recognizing its potential as being like that of Miami before its boom.
"There were precursors. [Jacksonville Jaguars owner] Shad Khan's vision for downtown, historic buildings like the Laura Street Trio seeing new life, the Cowford Chophouse and now a dozen other new restaurants and breweries, the Phoenix Arts District ... you can see it coming together."
....
Indeed, the classic real estate adage "retail follows rooftops," while not always true, seems to be taking hold in Springfield. Eric Adler, managing director of Silver Street Capital, which focuses on undervalued residential and mixed-use properties in the Southeast and owns the building housing Southern Moss, said the area is going through "a surge of commercial real estate activity."
Interest has picked up dramatically over the past 24 months for Main Street storefronts in particular, he noted, with nearly a dozen new businesses opening in or moving to the area, including 1748 Bakehouse, Bobby K Boutique and Crispy's Springfield Gallery.
....
While prices remain attractive, things are changing fast, Coffey noted. After some cooling over the summer, prices in Springfield are picking up again. Renovated homes that would have sold for $120 a square foot not too long ago now command $170 a square foot.
"Two years ago, nothing sold here over $400,000, but now we're selling in the fives and sixes and sevens for single-family homes," she said. "There's a huge group of investors from out of town, South Florida, looking to buy, renovate and sell in Springfield. I would say 50 percent who are renovating now are not local. People in Jacksonville may think it's crazy, but someone in Miami thinks it's the hippest thing they ever heard."
I'm sure it's doing better than it has been but compared to the other historic neighborhoods it still seems to be lagging behind.
It's been a great run in Springfield, but there's acres of vacant lots on Main Street between 1st and 8th...... That being said I listed a cute renovated bungalow and had it under contract in 8 days at 95% of asking price. And some of the recent sales I've seen in the high $300,000's and $400,000 were really spectacular properties. They would have been at least $100,000 more in RAP.
I know that agent, and I like her, but I searched Single family SOLD north of $400,000 in the last 18 months and there are 7, none over $500,000......
Among my favorites: 236 W 6th Street at $442,500 and 335 W 6th Street at $396,500 (Listed at $403,000)
Quote from: acme54321 on November 18, 2019, 08:01:50 PM
I'm sure it's doing better than it has been but compared to the other historic neighborhoods it still seems to be lagging behind.
While Springfield is still lagging behind Riverside and San Marco in some respects, I think it has experienced more growth in a shorter period of time than either of them have. The rate of change is what is so crazy about Springfield. Five points didn't go from 5 businesses to 15 in less than two years like Main Street.
It seems to me the biggest thing holding back Springfield's commercial development is that fact that one or two people own most of the property along Main Street and are sitting on it. Once they start to sell or develop, Springfield has the potential for significant increases in residential density to support further commercial growth.
(https://www.jacksonville.com/storyimage/LK/20151006/NEWS/801254588/EP/1/2/EP-801254588.jpg)
There is a reason Springfield would appear to lag behind Riverside and San Marco in redevelopment. Unlike the other two neighborhoods, it was red lined along with nearby African-American communities for most of the Jim Crow era. Because of this, it also became the dumping ground social service facilities while the other two didn't. So it's likely 50 years behind in terms of playing on the same economic playing field. However, it may not actually lag behind.....it's just had more challenges to overcome and its revitalization process began at a much lower level than the other two communities.
QuoteTo ensure that these mortgages were not risky, the HOLC created color-coded "residential security maps" of 239 cities. The maps essentially highlighted the neighborhoods that were good investments versus neighborhoods that were poor investments. The "risky" neighborhoods were highlighted in red, including every one of the 239 cities' black neighborhoods.
We must remember that, because everyone was poor during the Great Depression, these maps did not reflect economic status. In fact, upscale black neighborhoods like LaVilla and Sugar Hill in Jacksonville, Fla., home to Duke Ellington, Ella Fitzgerald, and Zora Neale Hurston, were deemed "too risky," by the HOLC.
But instead of using these maps only for HOLC refinances, which would have been racist in and of itself, banks began using these maps for all home purchases and refinances. Again, with Jim Crow segregation in place, blacks couldn't simply move to the non-redlined, white neighborhoods. So, because of this, as generations of Americans lifted themselves out of poverty, black people could not take part in the primary driver of wealth, homeownership.
Redlining was outlawed in 1968 by the Fair Housing Act, but it still affects almost every economic aspect of black communities to this day.
https://www.theroot.com/redlining-the-origin-story-of-institutional-racism-1834308539
"Wait. Someone in the real estate profession was being less than truthful?"
Now you know SMM that the same can be said of those folks in the Financial Services Industry....... 8)
I wasn't interested in the specific numbers, but more so that so that (a) many out of town investors are doing the redevelopment work in the neighborhood, and (b) how investments -both finished & planned- in the general area have been a factor.
Quote from: sanmarcomatt on November 19, 2019, 11:56:47 AM
I did check out some listings though....might as well be called Flipfield! Good times for flippers and agents. I hope the buyers are doing their due diligence though.
I think Springflip is the proper parlance.
Quote from: thelakelander on November 19, 2019, 08:27:54 AM
(https://www.jacksonville.com/storyimage/LK/20151006/NEWS/801254588/EP/1/2/EP-801254588.jpg)
There is a reason Springfield would appear to lag behind Riverside and San Marco in redevelopment. Unlike the other two neighborhoods, it was red lined along with nearby African-American communities for most of the Jim Crow era. Because of this, it also became the dumping ground social service facilities while the other two didn't. So it's likely 50 years behind in terms of playing on the same economic playing field. However, it may not actually lag behind.....it's just had more challenges to overcome and its revitalization process began at a much lower level than the other two communities.
QuoteTo ensure that these mortgages were not risky, the HOLC created color-coded "residential security maps" of 239 cities. The maps essentially highlighted the neighborhoods that were good investments versus neighborhoods that were poor investments. The "risky" neighborhoods were highlighted in red, including every one of the 239 cities' black neighborhoods.
We must remember that, because everyone was poor during the Great Depression, these maps did not reflect economic status. In fact, upscale black neighborhoods like LaVilla and Sugar Hill in Jacksonville, Fla., home to Duke Ellington, Ella Fitzgerald, and Zora Neale Hurston, were deemed "too risky," by the HOLC.
But instead of using these maps only for HOLC refinances, which would have been racist in and of itself, banks began using these maps for all home purchases and refinances. Again, with Jim Crow segregation in place, blacks couldn't simply move to the non-redlined, white neighborhoods. So, because of this, as generations of Americans lifted themselves out of poverty, black people could not take part in the primary driver of wealth, homeownership.
Redlining was outlawed in 1968 by the Fair Housing Act, but it still affects almost every economic aspect of black communities to this day.
https://www.theroot.com/redlining-the-origin-story-of-institutional-racism-1834308539
Yea, I was going to say - no sh!t its behind the other successful historic neighborhoods in terms of redevelopment & overall health, as it was arguably considered "the worst" neighborhood in the entire city for a couple decades, and not too long ago. It doesn't have waterfront property or another healthy, successful neighborhood adjacent to it. It's sort of miracle it's become a relatively desirable place to live, considering.
Bill it's definitely moving in the right direction. I want you to know I'm trying to get a grocery store over there and it's still a challenge considering the "demographics". There's still a lot of poor people within a 2-3 mile radius of Main and 8th Street.
That being said I totally get that Miami investors love it.................it's cheap compared to South Florida!
Poor people will be within a 2-3 mile radius for years to come. That whole section of town has been discriminated against for well over a century and many of our current policies still don't do it any favors. Red lining, poor maintenance of public facilities, discriminatory zoning policies, brownfield sites, 1960s era expressways plowed all over the place, lack of preservation resources, best areas being blasted for urban renewal, public housing, poor political leadership over the years, poor public school situation dating back to Jim Crow and how DCPS handled desegregation, etc. the list goes on. Then many adjacent communities like the Eastside and Durkeeville, which date back to the 1869s, aren't going anywhere and are working to ensure they're long time residents aren't displaced in the same manner as LaVilla's and Brooklyn's residents. Because of all these systematic factors and more, this is an area where I can see the grocery situation being resolved with a non traditional solution because the demographics will be what they are for the foreseeable future.
Quote from: MusicMan on November 20, 2019, 08:18:05 AM
I want you to know I'm trying to get a grocery store over there and it's still a challenge considering the "demographics". There's still a lot of poor people within a 2-3 mile radius of Main and 8th Street.
I think this is years down the road but I wonder at some point if a Downtown store is built by someone (maybe not Publix) for Brooklyn and Springfield. Fresh Market is nice but not an every day grocery store. Brooklyn does have the Riverside Publix, but they're equidistant to downtown.
Lake, I'm trying to explain WHY there is no Grocery company willing to take root in Springfield. Talk to any investor/developer... they will tell you, re-gentrification of the heart of Springfield alone is not enough YET to get Publix to go into Main Street.
Of course. Springfield alone is less than 5,000 residents and that number falls with gentrification due to lower household sizes. When I did work for Publix anchored developments, it was said a store needed a market of 20,000 residents or so. To add to the gap, there is already a grocery store at State/Market/Union which eats into both Springfield and DT's grocery store dreams. Both will need to explore local opportunities and community oriented solutions instead of wishing for a popular chain to fill the void.
How do we balance things like increasing density in a historic area where people want to live? Seems like once Springfield is "full" of the single family developments that any denser multi-family development will begin to affect the surrounding areas; thereby pushing out the long term, poorer residents who would stand to benefit from some of the services brought in by higher density?
Quote from: itsfantastic1 on November 20, 2019, 01:13:21 PM
How do we balance things like increasing density in a historic area where people want to live? Seems like once Springfield is "full" of the single family developments that any denser multi-family development will begin to affect the surrounding areas; thereby pushing out the long term, poorer residents who would stand to benefit from some of the services brought in by higher density?
Springfield probably has another decade of relatively healthy development conditions until it would be "full". Lots & lots of vacant and underutilized land & properties that are waiting to be developed - much of it being sat on or slow played because of its owners priorities.
Quote from: itsfantastic1 on November 20, 2019, 01:13:21 PM
How do we balance things like increasing density in a historic area where people want to live? Seems like once Springfield is "full" of the single family developments that any denser multi-family development will begin to affect the surrounding areas; thereby pushing out the long term, poorer residents who would stand to benefit from some of the services brought in by higher density?
Long term, it would be nice to see some of the large vacant lots down Main Street could be multi-family apartments with retail below. There is plenty of property south of 7th to add some really cool development if the market could ever bare it there. The school district, for example, has no interest long term in the Mattie V property. The Catlin's property has no historically significant buildings and, long term, would be great for multi-family similar to what you see a block up.
I have spoken to local developers about building the mutli family you are describing. I want to be a part of it. But the folks building in San Marco and around the Town Center are a long way from building in Springfield. The local RE Brokers are all for it. But convincing a developer like Catalyst Development Partners (who I pitched it too) is an uphill climb. They are not there.................yet.
Quote from: FlaBoy on November 20, 2019, 05:12:56 PM
Long term, it would be nice to see some of the large vacant lots down Main Street could be multi-family apartments with retail below. There is plenty of property south of 7th to add some really cool development if the market could ever bare it there. The school district, for example, has no interest long term in the Mattie V property.
Do you know how many students are typically at Mattie V Rutherford on a typical day? I've heard that it is relatively few.
Everybody still remembers the Roller Coaster ride that Springfield took in the early 2000's from which it still has not recovered. If you can get in cheap, it makes sense, but I would not pay a premium myself. Another thing is that the city destroyed so many houses that could have been renovated. Now you can only build new on those lots, which is more expensive.
When I moved to Jax in 2003 Springfield was the next up and coming place to live. 16 years later it is still the next up and coming place to live. It is like watching molasses flow in winter.
Quote from: Kerry on November 21, 2019, 07:55:48 AM
When I moved to Jax in 2003 Springfield was the next up and coming place to live. 16 years later it is still the next up and coming place to live. It is like watching molasses flow in winter.
There may have been some sort of recession in there somewhere my dude.
Everyone knows the recession really did a number on Springfield. I think it could have been a lot worse, had some of the wrong people bought up the foreclosures and vacant lots. IMO it really didn't regress, it just had zero to nominal growth for a while, I lived down there for over 12 years, but had to move to south Florida for work. I'm finally back and just waiting for the right place to come available. I'm a little concerned about the future of the economy but its really not panic time until people start losing their jobs. Another recession could be disastrous for Springfield. We will see.
Quote from: Tacachale on November 21, 2019, 08:12:58 AM
Quote from: Kerry on November 21, 2019, 07:55:48 AM
When I moved to Jax in 2003 Springfield was the next up and coming place to live. 16 years later it is still the next up and coming place to live. It is like watching molasses flow in winter.
There may have been some sort of recession in there somewhere my dude.
The Great Recession lasted 2 years (2007 to 2009). I suspect the slow crawl has other contributing factors since the rest of Jacksonville continues to grow at a pretty good rate.
Home prices aren't just the only thing on the rise!
https://www.news4jax.com/news/2019/11/21/police-investigate-2nd-shooting-in-springfield-in-2-days/
Quote from: Kerry on November 21, 2019, 09:42:40 AM
Quote from: Tacachale on November 21, 2019, 08:12:58 AM
Quote from: Kerry on November 21, 2019, 07:55:48 AM
When I moved to Jax in 2003 Springfield was the next up and coming place to live. 16 years later it is still the next up and coming place to live. It is like watching molasses flow in winter.
There may have been some sort of recession in there somewhere my dude.
The Great Recession lasted 2 years (2007 to 2009). I suspect the slow crawl has other contributing factors since the rest of Jacksonville continues to grow at a pretty good rate.
I'm not going to get into the causes of Springfield's rapid or slow growth, but if you HONESTLY want people to believe that the effects of the Great Recession were only in that 3 year period, then holy hell broski.
I finally unloaded the condo I bought in 2004.....8 months ago.
Now you're probably going to say some bullcrap like, "I didn't say the effects weren't there," but your point is a giant Chiquita Truck sized load of bananas.
Man, I found myself agreeing with a few of your recent posts. Thanks for returning me back to earth.
Quote from: sanmarcomatt on November 21, 2019, 10:04:56 PM
Quote from: acme54321 on November 21, 2019, 09:17:39 PM
Home prices aren't just the only thing on the rise!
https://www.news4jax.com/news/2019/11/21/police-investigate-2nd-shooting-in-springfield-in-2-days/
Surge or is this The Purge?
8th Street: the street that revitalization & gentrification forgot.
There are five very specific spots that still host chronic criminal activity, and three of them are adjacent to 8th Street, including these two incidents.
Quote from: sanmarcomatt on November 21, 2019, 10:26:52 PM
Out of curiosity, do you see much of a police presence near the hotspots? Well, I mean prior to things like shootings.Not that I don't appreciate frequently walking by a cruiser parked on River Road, but wonder if the resources could be used elsewhere.
It's pretty common to see a JSO cruiser parked catty-corner to the convenience store at 8th/Liberty, which is the worst offender. I don't usually see much near the 8th/Hubbard or 1st/Liberty stores, which are the other two hot spots.