San Marco Publix project still alive

[thelakelander]

It's good to hear that the San Marco Publix project still has life.

“San Marco, with Regency’s Publix center, has momentum, and they’re working on restructuring the condominiums to multifamily, and retail interest still continues to be very, very strong in that site.”

http://www.bizjournals.com/jacksonville/blog/2013/01/retail-brokers-optimistic-new-tenants.html?page=2

[Captain Zissou]

Don't tease me, Lake.  When this project is finally turning dirt, I'll be grinning ear to ear.  Until then, please excuse my skepticism.

[dougskiles]

They have too much invested in the site to not do anything.  Unfortunately they have too much invested to do something that isn't profitable, and so it has taken a while to get it started.  It will happen, just a matter of when.

[Captain Zissou]

Per the article, what on earth is the Fuqua development in Riverside?? Is that 220 Riverside or Brooklyn Park?

[fieldafm]

Fuqua is doing the commercial development portion of the Pope and Land property in Brooklyn.   

[Ocklawaha]

Our San Marco team needs to meet with Regency Properties and JTA and kick the San Marco Skyway Extension into high gear.  I could imagine all sorts of opportunities for cooperative development - perhaps even enough to get the original plan back in motion.

[ProjectMaximus]

If they can integrate skyway into that project I'd def be willing to wait a few more years for them to do it right. And by then I may be able to afford to buy there, lol.

[Ocklawaha]

If I could convince my favorite Colombian, I'd be living there too!

[AntigoneStarr]

I'll believe it once I've walked out of this said Publix with some chicken... until then, I just don't trust it to ever be built.

[thelakelander]

The Resident has an article updating the status of this development:

After six years of dormancy, the East San Marco development project at the corner of Hendricks Avenue and Atlantic Boulevard is once again showing signs of life.

While key players emphasized that details still have a very long way to go before anything is worked out or released to the public, focused conversations are once again taking place and all involved remain committed to the project.

“I’m certainly more optimistic now than I was even a year ago that we will be able to move forward with the project in some form,” said Tom Fleming, vice president of investments for Regency Centers, who, along with St. Joe Company, is developing the site under the name East San Marco LLC.

full article: http://residentnews.net/2013/02/06/east-san-marco-showing-signs-life/

[Captain Zissou]

“We have worked on this project for a long time so we have a lot of good data and will consider everything we’ve looked at in the past. But the original PUD [Planned Unit Development] approved some penthouse, luxury condominiums that we can no longer include. Scope is the question moving forward â€" what are you really going to build and what can sustain in that area?”

I know someone associated with the project and they said that in the initial sales period the units that sold first were the million dollar penthouses.  The trouble was with the 1 and 2 bedroom units.  I understand that the conversion to multi-family would reduce the need for larger units, but I would have liked to see some luxury units in this project.

[Debbie Thompson]

Especially in the current market environment, do you think luxury units would fly unless they were riverfront or beachfront?

[John P]

it depends on what the definiton of luxury is.

[icarus]

Has anyone heard anything new on this project?  I heard the multifamily/residential piece by Wells Fargo might be moving ahead first. ?

[icarus]

forward momentum?

http://www.bizjournals.com/jacksonville/news/2013/09/10/local-developer-working-east-san-marco.html