Downtown Construction Update - May 2007
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Great update. Its reassuring to see things moving along.
SMP's retail element should be well recieved. Should we expect some small "personal services" type tenants?
Is Chamblin's opening in Springfield? I thought they were the new "Uptown"?
All of the progress being made in the already working area of Jacksonville is great, but what about Main St. in Springfield?
I've lived in Jacksonville (in all areas with the exception of Springfield and Orange Park), for the past 15 years, and have heard a lot about the "revitalization" of the Springfield area. I researched houses online and found that the prices have increased, and thought that quite possibly this rehab worked. Then I visited the area yesterday. I have no idea how anyone could get financing to purchase a home there. What would the comparable property be on the appraisal, the condemned residence 2 houses down? Or are they taking a comparable based on projection?
I really do wish the best for the area because I am a lover of historic properties, but something more needs to be done. Planning is good, but where is the follow-through? For instance, the large retail and loft space at 8th and Pearl? Did I miss it? I saw all sorts of project plans on the internet, but I saw nothing of the sort. I did, however, see several oddly placed newly constructed buildings that looked as though they'd been built and nothing more was done with them...no renters, no retail, nothing. Very concerning. I'll say this, too. The houses are WAY overpriced! You can't price a home based on what you THINK is going to happen. I saw one property listed for $600,000. If I were spending money like that on a historic property, I'd buy in Avondale or Amelia Island! Two places which are safe for me to walk down the street at night.
Progress is much slower than it could be, because of the artifical over inflated asking prices for property along the corridor. Nevertheless, visible improvements will begin soon with the construction of 3rd & Main and the Main Street Streetscape-phase II. In the meantime, the area could benefit from stiffer code enforcement, encouraging current land and property owners to at least visually maintain their holdings.
Main Street Renaissance[b/]
http://www.metrojacksonville.com/content/view/422/79/
Regarding retail tenants at SMP, I've heard that a "high end" Italian restaurant (that's apparently not a chain!) could be in the works, and the possibility of a Starbucks. Futher, some sort of convenience retail where one could pick up a quart of milk. Dry cleaner possibility too.
Quote. I researched houses online and found that the prices have increased, and thought that quite possibly this rehab worked. Then I visited the area yesterday. I have no idea how anyone could get financing to purchase a home there. What would the comparable property be on the appraisal, the condemned residence 2 houses down? Or are they taking a comparable based on projection?
The comparables are the OTHER renovated houses. A comp is always based on properties of similiar condition, be they renovated or unrenovated.
QuoteFor instance, the large retail and loft space at 8th and Pearl? Did I miss it? I saw all sorts of project plans on the internet, but I saw nothing of the sort. I did, however, see several oddly placed newly constructed buildings that looked as though they'd been built and nothing more was done with them...no renters, no retail, nothing. Very concerning. I'll say this, too. The houses are WAY overpriced! You can't price a home based on what you THINK is going to happen. I saw one property listed for $600,000. If I were spending money like that on a historic property, I'd buy in Avondale or Amelia Island! Two places which are safe for me to walk down the street at night.
QuoteExpectations definitely play into the value of real estate, particularly in a transitional area. Homes have sold for over $500,000 in Springfield, so 600,000 isn't completely out of the ballpark, though certainly at the top of the market.
WILL THE RESTURANT AT DAVIS AND UNION EVER BE COMPLETED?
The downtown rumor mill says they're having problems getting a permit to serve alcohol, since their location is directly across the street from the LaVilla School of the Arts.
It's off topic, but did anyone go to the Players Downtown Experience this past Friday night? How was it? How was the crowd? Good things that should be repeated next year? Mistakes/lessons learned to apply to next year?
I went to the Players Downtown Experience Friday night. The crowd was very disappointing. There really was not much going on, except for the Landing Courtyard, which was pretty crowded. The music was good at the Landing and fireworks were spectaculor. There was ample room along the Riverwalk to see the fireworks, my friends from out of town who were here for the tournament said it was the best fireworks they have seen. Hopefully, more people will attend next year, if the City decides to do it again. I would say continue to market it and build the crowds. One last thing, find people who know how to bartend and serve drinks quickly. At the Experinece which was located in the Landing parking lot, the beer/alcohol servers had no clue. Definately do the fireworks again next year!
I agree with jd134. I was at the Twisted Martini Friday night and I've seen bigger crowds at the Landing. I will say though, if there's anything our city planners can do right, it's pull off a mean fireworks show.... :-
Amen to that! Ever since the superbowl the fireworks have been world class!
QuoteSMP tenant rumors
Written by Pavers, Monday, May 14, 2007 at 10:02:52 AM
Regarding retail tenants at SMP, I've heard that a "high end" Italian restaurant (that's apparently not a chain!) could be in the works, and the possibility of a Starbucks. Futher, some sort of convenience retail where one could pick up a quart of milk. Dry cleaner possibility too.
Sound like great fits for the area. You can't have too many restaraunts and some 'personal service' type establishments will help to limit the necessity to drive elsewhere.
Main Street Pocket Park going vertical? Hmmm....I wonder if it has something to do with an added skyscraper to go with it :o
With the budget cuts, they may be scaled back as well. For many years we didn't have fireworks except for 4th of July, then new mayors have increased the shows along with other downtown activities. The Mayor has a huge budget hole and every department, including Special Events (people who put on the fireworks) is being asked to cut that 10% number.
Regarding downtown development, does anyone else feel as if the Police Fire and Pension people are biting off more than they can swallow at once? The 3 building trio at Laura and Forsyth as well as the old Haverty's building and their hungry desire to purchase the old AOL facility, and who knows what else. Could they be turning down the road that landed Auchter into bankruptcy? The residential real estate market has gone from a 30-60 day timeframe to 180-270 day timeframe. Homes are not flying off the market. That could be a reason for the delay in getting projects completed.
The Pension Fund sold the Laura St Trio to Cameron Kuhn a few months ago.
Why does the City have to pay in an extra 45 million to the fund? Could that money be used elsewhere in the City???????????
Quote from: downtownparks on May 15, 2007, 09:33:07 AM
The Pension Fund sold the Laura St Trio to Cameron Kuhn a few months ago.
Quote from: mtraininjax on May 15, 2007, 10:37:58 PM
Why does the City have to pay in an extra 45 million to the fund? Could that money be used elsewhere in the City???????????
5 years ago. Didn't the fund just get the legislature to allow real estate holdings to go from 10% to 20% of the portfolio? With a resolution of support from the council?