Urban Construction Update - December 2012

[John P]

are single family houses being included in these updates now?

[ben says]

are single family houses being included in these updates now?

Whoever took the pictures probably assumed, like most people, that it was multi-family, ergo, warranted a spot on the construction update.

[PeeJayEss]

are single family houses being included in these updates now?

Whoever took the pictures probably assumed, like most people, that it was multi-family, ergo, warranted a spot on the construction update.

That said, new home construction in these neighborhoods is pretty rare and, because of that, notable. Plus, its the "urban construction update" not the "urban only commercial construction update."

[thelakelander]

I figured it was single family. However, it was so massive and unique, I snapped a shot anyway.

[Captain Zissou]

I figured it was single family. However, it was so massive and unique, I snapped a shot anyway.

If you'd like to see a big house, check out the one going in on River Road.  It's not as Urban, but it is the largest house to be built in San Marco in a decade or more.  The CSX CEO's house was a huge one, but it is not as big as this.

[thelakelander]

Salty Fig opens on December 30th:

The Salty Fig is expected to open Dec. 30, restaurant co-owner Jeff Stanford said Thursday morning.
The Southern gastropub at 901 King St. was born as a food truck in July to get the community familiar with the food and the new concept that is heavily influenced by Southern cuisine and local and regional produce whenever possible.

http://www.bizjournals.com/jacksonville/blog/retail_radar/2012/12/the-salty-fig-to-open-dec-30.html

Nice to see how the concept that starts off as a food truck can grow into a brick & mortar business.

[MusicMan]

Lake, Since this is one of your areas of specialty, you might want to keep an eye on the huge vacant parcel that just sold on Downing Street. It's just under two acres and stretches from Lydia to Downing. I am not sure but expect a completely self contained village of small single family homes, in an area that is really hot right now. This parcel came on the market as a result of the collapse of First Guaranty Bank and the subsequent receivership of all their holdings by the FDIC.

[simms3]

^^^That happens a lot...which is part of the reason why restaurants are scared of food trucks.  Some of the best restaurants in Atl and SF started off as food trucks that impressed some folks out for lunch who had lots of money sitting around.  We put a food truck operator into a bay in a retail/office warehouse rehab I worked on - 10 year lease.

I can tell you that food trucks are just a part of F&B business now and are nothing novel or new (years old at this point).  The next wave of F&B is going to be centered on market style vendors, and I can tell you my company is at the cutting edge of this.  Food trucks are mobile so they can work in more suburban cities, as well, but the next trend requires a more urban setting and crowds - perfect for the Landing (I can't think of too many buildings where this could work in Jax...maybe the Prime Osborn, though).

Ferry Building in SF
Chelsea Market in NYC
Ponce City Market being developed in Atlanta
Reading Terminal Market in Philadelphia
West Side Market Cleveland
Warehouse Row in Chattanooga
Union Station in Denver (will have this concept and serve as their ridiculously useful and centralized multi-modal transit hub)

I now live 3 blocks from the Ferry Building in SF and it is absolutely great!  Mix of very high end restaurants with mid-priced lunch/dinner spots with locally sourced food, and I can get half my groceries there if I want to spend a little extra money on quality (as well as goods, flowers, etc etc).  All of this in a very well done 1896 vintage building on the waterfront.  There are some chain shops, too, like Sur La Table, that like to be near all of this stuff.  Rumors are that the Port/Equity Office are going to bring the building to market...I can think of a few companies who might be interested

Toney Sleiman would be wise to go for something along these lines as there is nothing like it in FL and the Landing could easily be turned into a very cool place for the right amount of money (it's expensive but worth it).  Again, I credit Toney with a complete lack of vision here (really all he needs to do is get the money...it's Toney, he has all the relationships in Jax to do this, he needs a good architect from another city who has done this sort of thing, and all he really needs to do is copy what other companies have already done).

I think the success of that block on College/Stockton St and the success of Black Sheep is an indicator that there is a market for quality local merchants in Jacksonville and an interest in "cool" urban spaces by the populace.  You want to get suburbanites and tourists downtown and in the Landing so you turn a huge buck on your incredibly low basis?  Turn it into a large market that you can't replicate at SJTC or anywhere else in FL so far as I can think!  People will forgive parking woes if they are dying to go there to check it out, and right now parking or no parking the Landing sucks.

The Landing does not need to be a shopping center underneath high end residential condos and offices...that's clearly not going to happen in Jax any time soon.  Turn it into an elementally cool place that takes the "best of Jax" and puts it all under one roof.  Slowly get rid of Hooters and these shitty Asian sushi places and look for local operators like Jonathan Insetta to backfill them with cool new restaurant concepts adapted to the location and the space.

[thelakelander]

Music Man, is this the parcel off Frederica Place, near King Street?  If so, that would be a nice infill site for mixed use.

[Overstreet]

 Slowly get rid of Hooters and these shitty Asian sushi places and look for local operators like Jonathan Insetta to backfill them with cool new restaurant concepts adapted to the location and the space.[/quote]


Get rid of your most loyal tenant...... Interesting....You are not a property manager are you?

[simms3]

^^^There is property management, which runs the budgets and deals with tenant issues, and then there is asset management, which actually makes these types of decisions.  I work in asset management as an analyst.  I build the models for the assets and run the analyses on these types of decisions, so I have looked at many similar situations.  Often it makes sense to keep a tenant at whatever the cost, or to not pursue a new direction, or whatever.  But often it makes sense to pursue a new direction, which might require upfront costs that include buying out leases.  You can't mix Jonathan Insetta and Hooters, but you can mix Hooters and chain bars/sushi places.  I would love to see the numbers in detail behind the Landing because my hunch is that there is a lot of potential for a new direction there that could benefit the bottom line of Sleiman Enterprises and benefit the city.

The Landing may cease being the party HQ for FL/GA, but the foot traffic that might be generated there on a daily basis could be tremendous if it offers tourists, suburbanites and locals an interesting place to visit and something different.

Edit: sounded too harsh

[MusicMan]

I personally have never seen T Sleiman do anything "creative".  The Landing might be his "loss leader" for his otherwise succesful property portfolio. I've said it before and I'll say it again, give Starbucks a great deal on a waterfront space at The Landing and force all those customers to walk through The Landing to get to it. Add
an entrance to it from the Riverwalk and $$$$$$$$$$$$$$$$.

[MusicMan]

Lake, Yes it is that really beautiful parcel parallel to King a couple blocks over. I believe the new owner is building new and rehabbing in Riverside-Avondale, so I expect exclusively residential in there.

[thelakelander]

Didn't they run Starbucks out of a non-riverfront space there?  I can't imagine Sleiman giving them a deal on a better spot.  Nevertheless, I do believe the redevelopment of the Landing is one of the most critical things we must address in the Northbank.  I wouldn't mind seeing some of the stuff Sleiman originally proposed, such as the opening of the courtyard to Laura Street and the food court being shifted to Independent & Hogan, being dusted off. 

[Captain Zissou]

Lake, Yes it is that really beautiful parcel parallel to King a couple blocks over. I believe the new owner is building new and rehabbing in Riverside-Avondale, so I expect exclusively residential in there.

It sounds like Lake is talking about the piece of the FGB property that is rumored to be for sale.  MM, are you talking about that piece or the lot with a culdesac in it with two large buildings already built??