Miami developer buys Courthouse adjacent lot for 1.4 mil

[rjp2008]

http://www.bizjournals.com/jacksonville/stories/2008/08/04/daily17.html

West Adams and Broad Street across from the Courthouse site. Manhattan Condominium Development, Inc (based in Miami)

That La Villa area has always struck me as the best place to create a new and fresh downtown core. That's three major projects now - Bay St. Station, the Courthouse, and this (Condos?). Four if you count Brooklyn Park nearby.

[reednavy]

So that sold for basically double the average going rate for land around there?! Makes you wonder, he may have big plans when the courthouse gets going. This shows that if we can get the courthouse going up, much more will follow suit.

[vicupstate]

All the more reason to use as few blocks as possible for the courthouse and sell off the unneeded blocks.  Obviously at least one buyer thinks the land would bring much more than the current market.

The downside of this is that now every property owner will jack up their prices, and that will potentially stifle the very revitialization effort that is raising the prices.     

[Jason]

Great point Vic.  I really hope this sale was made to complete the first step of a nice development versus using it for parking only to sell it off later.

[RiversideGator]

Interesting development.  Does anyone know what this firm has done in Miami?  Anyone can call themselves a "development company" but that doesnt make it true.  I would like to see a track record.

[Doctor_K]

Can't seem to be able to find anything solid on the developer.  Probably not looking hard enough...

[RiversideGator]

They also own land on Airport Road in Jacksonville (oddly enough). 
http://apps.coj.net/pao_propertySearch/Basic/Detail.aspx?RE=0193540500

And here is the parcel on Adams Street:
http://apps.coj.net/pao_propertySearch/Basic/Detail.aspx?RE=0745070000

Not much on them at the Secretary of State website:
http://www.sunbiz.org/scripts/cordet.exe?action=DETFIL&inq_doc_number=P04000053730&inq_came_from=NAMFWD&cor_web_names_seq_number=0000&names_name_ind=N&names_cor_number=&names_name_seq=&names_name_ind=&names_comp_name=MANHATTANCONDOMINIUMDEVELOPMEN&names_filing_type=

[Steve]

By leaving these blocks vacant, we are killing downtown development.

Remember 323 Duval?  That project was ready to go if the courthouse was built.  Now, it might be dead.

[brainstormer]

All the more reason to use as few blocks as possible for the courthouse and sell off the unneeded blocks.  Obviously at least one buyer thinks the land would bring much more than the current market.
   

Brilliant idea, but I'm afraid it's too late.  Peyton isn't listening, and it's probably time to actually start building the courthouse before the price goes up again.  On a positive note, I hope that it sparks more private investment in that area.  Hopefully more than just one story buildings.

[heights unknown]

Great point Vic.  I really hope this sale was made to complete the first step of a nice development versus using it for parking only to sell it off later.

I'm hoping the same thing Jason; but nothing too extensive or extraordinary can go up on a half acre lot; a half acre is good size but not that big; if you do build something extraordinary on a half acre, you're going to need to build up and make it tall.

Heights Unknown

[Jason]

A building like the Barnett was built on less than a half acre...  You're right, though it has to be built upward which is exactly what I would hope for.

[vicupstate]

Someone will pay 1.4 mil for a vacant 1/2 acre lot, but won't pay $9.5mm for the Barnett building.  Surely it would cost many millions more than $8.1 mm to building the super structure  and exterior of an 18 story building.