Riverside YMCA Project Approved

[edjax]

Per an article in the T-U a few days ago indicated that the full amount to build the project had not yet been donated and the loan that is being sought was a bridge loan to allow construction to begin prior to collecting domnations to cover the full cost. The article also indicated that they have NOT lost any donors. 

[jaxbuilder]

That seems too bad . It would have been and awesome addition to to The Riverfront. I hope they work it out soon because YATES is falling apart fast !

[thelakelander]

Delays happen. Doesn't seem like much to worry about to me. It will just take longer than originally anticipated.

[Buforddawg]

Per an article in the T-U a few days ago indicated that the full amount to build the project had not yet been donated and the loan that is being sought was a bridge loan to allow construction to begin prior to collecting domnations to cover the full cost. The article also indicated that they have NOT lost any donors.

The gap loan  makes sense and I hope that they haven't lost any donors. 

[urbaknight]

I'll bet anything(exept for my soul) that this priject is dead. They should use whatever funding they still have and just renovate the existing building. Way to go Jacksonville, typical outcome.

[edjax]

Way to go Urbanknignt, typical comment. So now you want them to renovate the existing building and on another thread where you declared it dead you wanted them to sell the property so some Yankee could build one of those tall pretty shiny buildings you yearn for all the time.

[funwithteeth]

I'd also like to see proof how the city government—who I assume he means when he blames Jacksonville—when funding fell through when one private company was trying to get money from another private company. Which is something that happens all the time everywhere.

[TheCat]

YMCA Official Response about development. They are open to questions from anyone and are aware of this thread.

Hello, Arash.

At the end of 2013, we shared news about our ongoing commitment to serving the downtown and Riverside communities with the building of the new Winston Family YMCA on Riverside Avenue. Financing for a project the size and scope of this one is a complex matter, and unfortunately, we were not able to reach consensus with our lender on certain terms of the loan agreement after working with them for several months. As a result, we immediately began working to identify another lending partner to help us make the project a reality. The project is certainly not dead.

Rest assured that we remain committed to building this new Y for the Riverside community and the underserved neighborhoods surrounding it downtown. We remain optimistic despite this temporary delay and are eager to commence work.


NIKOS WESTMORELAND, APR
Vice President of Communications

[simms3]

Way to go Urbanknignt, typical comment. So now you want them to renovate the existing building and on another thread where you declared it dead you wanted them to sell the property so some Yankee could build one of those tall pretty shiny buildings you yearn for all the time.

Typical.  lol

I'd also like to see proof how the city government—who I assume he means when he blames Jacksonville—when funding fell through when one private company was trying to get money from another private company. Which is something that happens all the time everywhere.

I agree, nothing to do with City of Jacksonville.  Honestly, I don't think a non-profit Y taking up prime riverfront land is even a good thing for the city.  It's not highest and best use and doesn't translate into highest amount of tax dollars available to city coffers.

Unfortunately, if they are seeking a bridge loan to commence construction before full funding is available, then I think this is dead in the water.  We aren't talking a high credit organization here with a large balance sheet and liquid assets; we are talking receiving financing in the hopes that more donors come to the table for this one small non-profit gym.  Talk about a high interest loan, if it even exists!

If an organization doesn't have the backing or wherewithal to open a line of credit (a much larger scale type of bridge loan situation...used for similar reasons, like my firm uses an unsecured LoC to close on acquisitions before financing is in place), then it probably can't receive a bridge.

I would be afraid to be a minor donor for these reasons, as well, though if I had a ton of money, it would be an amazing opportunity to give back to seal the deal and receive naming rights, etc etc.  Where is that big fish donor?

[Buforddawg]

I take back my negative comments on the Y's delayed construction.  I was relying on faulty information given earlier in this thread - Donors pulled out.   I think the VP of Communications needs to have chat with the staff and tell them to stop giving out the wrong information to friends and/or the general public.  All questions about the project should go to the communications department.  That's how it is where I work, loose lips and you get fired.

It's easy to get excited when a new project is announce, but equally disappointing when the new project gets delayed or worse, falls through. 

Hopefully the Y can reach an equitable deal with a new lender and get this project going.

[vicupstate]

While a beautiful facility, I agree with Simms that they should build elsewhere. It should have either gone across Riverside Ave., or been part of a mixed use mid or high rise.   

[tufsu1]

While a beautiful facility, I agree with Simms that they should build elsewhere. It should have either gone across Riverside Ave., or been part of a mixed use mid or high rise.   

at one time, the Y was considering moving off the river and putting their existing property up for sale.  Their members said that one of the reasons they like the facility is its location on the river.  As such, the new design takes advantage of riverfront views with large picture windows looking out from the workout area.

[MEGATRON]

I'd love to see the Y move more inland and sell the riverfront property to the highest bidder such that it can better fund construction of a new facility.  Perhaps the City could give the Y the park space across from the Humane Society on Forest Street then convert the former incinerator property adjacent to McCoy's Creek to a public park.

[Bill Hoff]

I believe this project will begin this May. Better late than never.

[jaxjaguar]

Wait... seriously? Why isn't this all over the news??