Quote(https://photos.moderncities.com/Cities/Jacksonville/Development/San-Marco-East-Development-Projects/i-VjKTrvN/0/808639c6/L/ESM%20-%20San%20Marco%20Crossing2-L.jpg)
Newly rebranded "San Marco East," the long blighted commercial corridor just south of downtown Jacksonville where Kings Avenue, Atlantic Boulevard and Philips Highway intersect with Interstate 95 is in the midst of a major rebirth. Here are five projects that will dramatically change the scenery of a strip once known as the Miracle Mile.
Read More: https://www.thejaxsonmag.com/article/five-developments-headed-to-san-marco-east/
Tax havens involve foreign investors. Who are the foreigners investing along the north end of the hooker highway?
Quote from: bl8jaxnative on November 20, 2019, 09:39:15 AM
Tax havens involve foreign investors. Who are the foreigners investing along the north end of the hooker highway?
Opportunity zones provide tax breaks to people investing in designated areas. Is there a better term for that?
More information on opportunity zones specific to this area:
QuoteChance Partners' San Marco Crossing multifamily apartment project is in an Opportunity Zone.
Chance Partners demolished the former Southside Assembly of God building and will break ground on the project Sept. 26. The site is along Kings Avenue between Olevia Street and Mitchell Avenue, east of San Marco.
The project was funded with a combination of private investors who were familiar with Rosen and Chance Partners, as well as EJF Capital, an Arlington, Virginia-based institutional fund manager, which has a branch dedicated to Opportunity Zone funding.
"We got in front of a deal that made a lot of sense," Rosen said. "It was already entitled. The economics were really good. It was in a transitional neighborhood, but it also made a lot of sense for what's happening in the Southbank in San Marco."
To invest in a property within an Opportunity Zone, investors must first set up a Qualified Opportunity Fund. Taxes on those funds can be deferred until 2026 or when the funds are used for development, whichever comes first.
https://www.jaxdailyrecord.com/article/opportunity-zones-can-offer-rewards-for-developers
Really hope these projects all come to fruition. I grew up in the area and most of it has been in dire need of improvement for decades.
I think that raises the question of where does this East San Marco end and begin? Atlantic to Emerson? In between I95 + railroad?
Quote from: bl8jaxnative on September 04, 2020, 09:55:38 AM
I think that raises the question of where does this East San Marco end and begin? Atlantic to Emerson? In between I95 + railroad?
Just branding/marketing. Slap "San Marco" on it, and the uninformed won't know the difference. Not dissimilar to how "Riverside" is all over Brooklyn.
Oh my. We're gonna gentrify those hourly motels right outta there.
Anyone know what's going on with the bearded pig construction?The whole design has changed based on the renderings and now they're excavating a major part of the back property for some reason?
I don't see any changes? The facade work hasn't begun.
Assume that the excavation work is probably a combination of remediation, retention and sewer hookup/grease trap all required to serve the site.
Well if the picture on the renderings is from the back of the property then I guess the front of the property is going to have a solid concrete block wall. And they are digging a massive hole in the back almost as wide as the property. And anyone can assume all kinds of things about water and sewer and if that is what it is, so be it.
Quote from: slyle on September 15, 2020, 02:24:12 PM
Well if the picture on the renderings is from the back of the property then I guess the front of the property is going to have a solid concrete block wall. And they are digging a massive hole in the back almost as wide as the property. And anyone can assume all kinds of things about water and sewer and if that is what it is, so be it.
The image referenced in this article is from the perspective of if you were standing at the back of the property (with the storage unit to your back). The front door opens to the parking lot to the rear of the property. Kings Ave is the roadway you see 'behind' the building in that image.
That's what I just surmised up above. And the street side will be a solid concrete block wall on the front except for one door, apparently
I saw a zoning notice sign posted at the corner of St. Augustine Road and Boulder St. and did some digging. It looks like Ram Partners, a development firm in Atlanta, owns 5 parcels between Fleet St and St. Augustine and is looking to rezone to PUD. Sounds like more multi-family in the up-and-coming "East San Marco?"
Quote from: JBTripper on September 16, 2020, 10:59:41 AM
I saw a zoning notice sign posted at the corner of St. Augustine Road and Boulder St. and did some digging. It looks like Ram Partners, a development firm in Atlanta, owns 5 parcels between Fleet St and St. Augustine and is looking to rezone to PUD. Sounds like more multi-family in the up-and-coming "East San Marco?"
Not multifamily, the application says:
"The request is to permit outside storage for a building trades contractor and other similar uses on the subject property. This PUD application is a companion to a pending application for small-scale land use amendment (L-5448-20C) for that portion of the property located in the Low Density Residential (LDR) land use designation."
Quote from: JBTripper on September 16, 2020, 10:59:41 AM
I saw a zoning notice sign posted at the corner of St. Augustine Road and Boulder St. and did some digging. It looks like Ram Partners, a development firm in Atlanta, owns 5 parcels between Fleet St and St. Augustine and is looking to rezone to PUD. Sounds like more multi-family in the up-and-coming "East San Marco?"
What's the ordinance #?
The only rezonings I am aware of in that general area is for a used car dealership near the existing GT Leasing auto yard, and for a Briggs Equipment (construction equipment) dealership going into the old O'Steen Volvo dealership property.
I got you, Mike!
Ord. 2020-514
Chance partners bought the land (from themselves) for San Marco Promenade Phase 2. Now that they are nearing the finish line for the Barlow and the Exchange, this may get off the ground. Phase 1 doesn't look like it has full occupancy, but there are a number of cars in the parking lot each night. I hope they do well.
Musicman, I found it here: https://www.jaxdailyrecord.com/article/top-commercial-sales-of-the-week-89 Not sure if it was listed on the MLS prior to the sale from one corporate entity to the other.
It was not.
In time I believe all of the new apartments either finished or proposed in greater San Marco will fill up.
Still wondering about the large parcel on Hendricks and 95 where the Baptist building used to be. They paid $6 million for it and have not done any follow up except the demo.
Quote from: MusicMan on February 04, 2021, 03:39:36 PM
It was not.
In time I believe all of the new apartments either finished or proposed in greater San Marco will fill up.
Still wondering about the large parcel on Hendricks and 95 where the Baptist building used to be. They paid $6 million for it and have not done any follow up except the demo.
I was wondering about that too the other day. IIRC I think they did say they didn't plan to do anything with it for a while at some point, so maybe we'll see some action this year. Maybe, lol.
I feel like the rule of thumb was that a new apartment complex like Promenade takes a couple years to fill up unless the developer / owner is very, very aggressive with getting it leased.
If this East San Marco marketing takes off, before we know it the Magnusson hotel will be touting that for it's location rather than "downtown"
Apparently Chance has a broken ground on phase two of the San Marco Promenade development. To be called Eastborough. That's going to make 1000+ new units opeing along that corridor in five years. I will be curious to see if this does anything for the rest of that strip of Atlantic, especially the block on the south side between the tracks and Dailys. And if we could get rid of those two sleaze motels...
https://www.jaxdailyrecord.com/photo-gallery/the-exchange-and-barlow-now-leasing-in-san-marco
Those hotels are heaven compared to a place like this
https://www.google.com/maps/place/J+R+Grocery/@30.2997833,-8.6418333,20.71z/data=!4m5!3m4!1s0x88e5b6515f1998a9:0x327ad0b72f307d26!8m2!3d30.2998182!4d-81.6416794
Quote from: acme54321 on August 27, 2021, 08:37:43 PM
And if we could get rid of those two sleaze motels...
I believe the same family owns both. They've changed their business model a bit. They used to allow monthly rentals, now the longest they do is weekly. Jay, part of the family ownership, understands the changing landscape, nice guy.
Quote from: fsu813 on August 28, 2021, 05:29:33 PM
Quote from: acme54321 on August 27, 2021, 08:37:43 PM
And if we could get rid of those two sleaze motels...
I believe the same family owns both. They've changed their business model a bit. They used to allow monthly rentals, now the longest they do is weekly. Jay, part of the family ownership, understands the changing landscape, nice guy.
That's good to know. They do seem to have cleaned up a little bit over the last few years. They seemed to had a bunch of business from the construction crews that were working on the overland bridge and that seemed like it gave them a little boost. Still see some sketch though every now and then.
Quote from: bl8jaxnative on August 28, 2021, 04:20:27 PM
Those hotels are heaven compared to a place like this
https://www.google.com/maps/place/J+R+Grocery/@30.2997833,-8.6418333,20.71z/data=!4m5!3m4!1s0x88e5b6515f1998a9:0x327ad0b72f307d26!8m2!3d30.2998182!4d-81.6416794
Well, yeah. I saw one of the guys at the used tire store right there chase a crack head across the road with a tire iron a couple of weeks ago. Duuuuuuvalll?