Million dollar condos coming to Riverside

[JayBird]

More inspiring news about Riverside residential development

Hallmark Partners Inc. is planning to build a 16-story luxury condominium tower in the heart of Riverside.

The Jacksonville firm is under contract to acquire a 1.4-acre riverfront site at 500 Bishopgate Lane that is now the home of the Robin Shepherd Agency. That deal, an all-cash transaction, is scheduled to close Thursday, Hallmark Principal Bryan Weber said in an exclusive Business Journal interview.

The tower, named Beacon Riverside, will be 14 floors above two levels of parking and contain 55 units, most of which will range from 2,200 to 3,900 square feet. There will be four larger units on the 14th and 15th floors — two units per floor, 4,500 square feet each. The grand penthouse on the 16th floor will be 7,500 square feet.

full article: http://m.bizjournals.com/jacksonville/news/2013/08/13/exclusive-hallmark-partners-inc.html?ana=e_jac_rdup&s=newsletter&ed=2013-08-14&r=full

[thelakelander]

I guess this is the development Stephendare hinted about a while back.

[thelakelander]

Here's the rendering of the failed Bishopgate project from 2006:



At the time, it was planned to be 19 stories with 80 units.  Hallmark's version will be smaller. It will be interesting to see what the new design looks like.

[Overstreet]

So what are they tearing down to build this?  And how about the other $1 million dollar condo buildings. Are they filling up or generally vacant on the south bank?.......in Riverside next to this site there is an old building is it full? ... I guess I'm trying to get a feel for the market I thought was over saturated with condos they can't sell. ........... Will the neighbors be up set like the ones down in south St Johns Ave where they are tearing down the Commander Apartments and that shopping center to build a building with 600 units?

[cline]

^I believe that is the site of the Shepherd agency currently.  The red brick building.

[JayBird]

Wow that old 2006 rendering looks very ... Imposing

[CityLife]

Overstreet, you really can't compare this to other condo developments. People who buy here will be able to walk to Cummer, RAM, a Fresh Market, the YMCA, Memorial Park, and Five Points. Its probably one of, if not the most desirable spot to put a waterfront, luxury high rise (not counting oceanfront). A lot of Baby Boomers want to downsize and not worry about maintaining yards. I'd imagine they are targeting existing residents of Riverside/ Avondale, Ortega, San Marco,  and other high end communities in Jax, and probably counting on a few out of towners. Given the timelines they mentioned in the article, I wouldn't be surprised if they already have quite a bit of interested buyers lined up.

I believe this is also in the Urban Transition Area between Downtown and the historic district, so its quite a far cry from the Commander apartments, which are in an area of much lesser density and intensity.

[CityLife]

Interesting article yesterday in the WSJ about Baby Boomers wanting to live in cool, urban neighborhoods.

http://online.wsj.com/article/SB10001424127887324136204578644080452044960.html

[JayBird]

People who buy here will be able to walk to Cummer, RAM, a Fresh Market, the YMCA, Memorial Park, and Five Points. Its probably one of, if not the most desirable spot to put a waterfront, luxury high rise (not counting oceanfront).

Good point, hadn't even considered that. I too thought the prices were a little steep but those may be good factors to justify the investment.

[JeffreyS]

Hallmark will open a sales center at 806 Riverside Ave. in mid-September, Weber said, and begin selling units by Oct. 1. About 50 percent will have to be presold before the project will break ground.
Weber said the firm anticipates hitting that benchmark by the end of the year and commencing construction at the beginning of 2014.

http://www.bizjournals.com/jacksonville/news/2013/08/14/why-condos-why-riverside-inside.html?ana=e_jac_bn&u=wyeE7pDrVo+btc9XBvF5DE4JkCU&t=1376489664&page=3

[cline]

Overstreet, you really can't compare this to other condo developments. People who buy here will be able to walk to Cummer, RAM, a Fresh Market, the YMCA, Memorial Park, and Five Points. Its probably one of, if not the most desirable spot to put a waterfront, luxury high rise (not counting oceanfront).

Actually you can compare it with other condos.  Like the other towers that are on the waterfront along Lancaster Terrace.  They may not be "new" but they can be had for a lot less than this price point and you can still walk to the same amenities you speak of.  That said, I think the concepts look good- price just seems steep. 

[PeeJayEss]

Leaving room for the future riverwalk?

[CityLife]

Overstreet, you really can't compare this to other condo developments. People who buy here will be able to walk to Cummer, RAM, a Fresh Market, the YMCA, Memorial Park, and Five Points. Its probably one of, if not the most desirable spot to put a waterfront, luxury high rise (not counting oceanfront).

Actually you can compare it with other condos.  Like the other towers that are on the waterfront along Lancaster Terrace.  They may not be "new" but they can be had for a lot less than this price point and you can still walk to the same amenities you speak of.  That said, I think the concepts look good- price just seems steep.

The buyers for an exclusive, high end place like this are a whole different market than places like those. These are likely the baby boomer types that currently have $750k plus homes, want to downsize and have a city place and beach place, or city place and mountain home. Or just have a no maintenance place and have the ability to travel. Plus, there are probably quite a few downtown executive types, lawyers, and doctors that would probably also be interested. Simms may call Jacksonville out for not being as wealthy as other big cities, but there are plenty of people in this town that can afford high end places like this.

[cline]

^What's the occupancy rate for the towers on the Southbank?  What about Villa Riva?

[CityLife]

^What's the occupancy rate for the towers on the Southbank?  What about Villa Riva?

That's a great question for Hallmark Partners....

The Southbank Towers aren't as desirable location wise as this and units aren't as large. Price points look comparable to Villa Riva, if not lower.