Novare Targets Urban Jacksonville

[Metro Jacksonville]

Novare Targets Urban Jacksonville

Recently, the Novare Group announced plans to expand into the Jacksonville market in 2007, along with Houston and Phoenix.  Find out why Jacksonville and Novare may be a match made in urban oriented heaven.

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http://www.metrojacksonville.com/content/view/440

[Pavers]

Welcome to Jacksonville, Novare.  I do wonder though whether Novare will be able to enter the market with another high-rise condo building given what appears to be a less than optimal (to put it mildly) environment for large residential projects like the Shipyards and St. John.  Is there any scoop on sales for these high-rises coming along?  How about for Kuhn's River Center building?  

[downtownparks]

The problem is with Projects like the shipyards is, people who are willing to, or even WANT to move downtown cant afford high end.  A company like Novare will allow the younger crowd to buy into downtown and not  cost them 400K for a 1 bedroom loft...

[thelakelander]

Yes, that's where Novare separates itself from the typical urban highrise condo developer.  They've found a way to successfully make a profit off of offering urban living at a price point, far below the Shipyards & St. Johns of the world.  Hopefully, their introduction will spur additional development, at lower price levels, as well.

[vicupstate]

Shipyards is targeted to a higher end buyer.  The river frontage, the boat slips, the extensive amenities are gearign to an older and wealthier clientele.  They have 180 reservations on the 334 or so units.  Not bad for a project that is completely on paper at this point.  Better still, considering the current market.  Of course that number may change once pricing and the contract details are released which should be pretty soon.

Supposedly the St. John is doing better during 2007 than it was doing in 2006, but they haven't released any numbers, so it's difficult to say how it's really doing.  

Novare targets a young professional crowd that are often buying their first home.   For instance, the Avenue in Charlotte is predominately 1 BR units, and those have sold out long ago.  Some of the 2 BR units in that building are still available.

Novare is more of a competitor to Cameron Kuhn.  They both primarily hit that same market. Riverwatch is in a stellar location, so it will be really interesting to see where Novare lands.  

[Michael-Lee]

This is great news. Their projects look great. I love the one in Nashville.

[Colin Williams]

Which one of these projects has the soonest projected "move in" date?

[thelakelander]

Who knows for sure?  They'll have to achieve a certain level of presells before getting the go ahead to proceed with actual permitting and construction.  Once construction begins on a on a high rise, it could take anywhere between 18 months to 3 years before a project is completed.  So I'd say, regardless of whether its Novare, Riverwatch, the Shipyards or the St. John, you're looking at move in dates around 2009-2010.

[JJ]

"The company is known to only build in thriving retail centers or areas it bets will soon take off."

It won't be at the stadium. It won't be in La Villa. Where? Riverside Ave? The suburbs?

[vicupstate]

with the Southbank being the next most likely, IMO.  Riverside Avenue is a possibility though. Novare doesn't build in the suburbs.

[Jason]

I'd put it right next to the proposed Riverwatch Tower.  Both would be residential and within walking distance of the Landing, Skyway, Times Union Center, etc.  Plus that lot is primed to be the site of Jacksonville's new tallest, IMO.  An iconic tower in that location would look spectacular against the current skyline.

Here is the lot I'm talking about.  Its the empty lot just to the north of the Omni.





Here is what the Riverwatch Tower should look like.





And here is what an iconic tower could do to the skyline.

[JJ]

That would be nice near the Landing. I was joking about the suburbs...I hope.

[Jerome Howard]

BRING IT ON!!! We need you, Navare! 8)

[Lunican]

I'm definitely interested to know if they have a site yet, and where.

[Seraphs]

Is there any new news on Novare's coming into the Jax market?