20 West Adams Street

[simms3]

I don't even think residential is a good use for it...16 units?  yes, way too few and and way too large of units for such a building, but they were configured so that each unit could have windows, which will only be on two sides IF the "back" isn't blocked by new development in the future.

Office = difficult, too, but perhaps more practical.  Problem is that for either (rentals or office), market/commandable rents are wayyyyy too low for the cost it would take to gut and rehab this building.  It's going to be empty for a while (maybe owners can at the very least activate the ground floor for minimal cost and put pop-ups in that space...but that would require a well-capitalized owner who can sit on such investment and take the loss on this building; Jax doesn't really have such landlords).

[icarus]

Current code requires each bedroom to have a window.  There is an existing alleyway which they proposed to use by adding the balconies for each level on the rear alley. But, I agree with you. I don't think the market would support premium rents and the use of city money to subsidize capital cost may not represent the best use of incentive money or the property.

I know from previous conversations that a franchise restaurant originally wanted the entire first floor but there were concerns about the viability without an active market for dinner downtown.  Maybe, the situation will change with the more recent developments and those planned.

The building is already gutted so really its just the cost of the buildout (not insignificant).  I think it may just require a creative use of the property.  Hopefully someone has such an idea.

[thelakelander]

At one point, the Loop was supposed to go in it.  The rear balconies have already been constructed as well.  If Kimmick is still the developer, they'd still have to factor in the costs and obligations of what has been invested into the project so far.  If Kimmick is no longer around and it's bank owned, then someone could position themselves to take advantage of Kimmick's previous work.

[simms3]

Current code requires each bedroom to have a window.

Is this normal code?  I feel like I have been in plenty of bedrooms that don't have windows - or maybe I'm thinking of windows covered by brick/timber from adjoining buildings, ha.

[icarus]

Each bedroom is required to have a window.  Understandably this is not the case in a lot of adaptive reuse projects but it is code nonetheless. Any real estate appraisal in this area is going to abide by that requirement as well.

Some get around it by either doing unpermitted renovations or filing plans listing the room as an office/study/storage and then modifying it after.

[JayBird]

From the Loopnet page for this property, such promise in 2007 shame that it all hit right when DT seemed to hit its stride.

Originally built in 1911 as the Southern Drug Company , 20 West Adams Street will be completely
rehabilitated (Nov/07) into a mixed use (office/retail/residential) building located in the heart of
Jacksonville' s downtown commercial business district. The location provides excellent access to
both north and southbound I-95 by way of Union Street and the Main Street and Acosta bridges. The
total building is 38,000 square sf. The office floor (2nd) is 100% leased by a local law firm and the
residential floors (3-6) will consist of 16 relatively large loft apartments that will be leased by year
end. The restaurant/retail space located on the ground floor is approximately 6100 sf total. This
space can be divided to meet the tenant' s needs.

Jacksonville' s Commercial District is similar to major metropolitan business districts with uses
including a mix of older office buildings, new office towers, a specialty retail center, and numerous
hotels. Over 7 million square feet of commercial space play host to some of the largest employers in
Jacksonville. Urban living is the wave of Downtown's future, with 1,432 housing units completed
since 2001, and an additional 690 units under construction and over 2,800 units proposed for
development. The St. Johns River bisects the downtown area of Jacksonville and office, multi-family,
condominium and hotel development has occurred on both sides of the river.

http://www.loopnet.com/Listing/15270550/20-West-Adams-St-Jacksonville-FL/

[thelakelander]

Update:

Phoenix Adams Rising LLC of Jacksonville paid $750,000 for the office building at 20 W. Adams St. The 37,800-square-foot building was built in 1911 and last sold for $720,00 in 1997.

http://jacksonville.com/business/2015-08-22/story/sunday-business-notebook-antique-mall-searching-new-location

[MusicMan]

Regarding bedroom windows, I have been in Churchwell Lofts dozens of times (a reuse of an old drygoods warehouse) and most of the interior bedrooms have no windows at all.
Perhaps the developer got a waiver of that requirement.

[acme54321]

Update:

Phoenix Adams Rising LLC of Jacksonville paid $750,000 for the office building at 20 W. Adams St. The 37,800-square-foot building was built in 1911 and last sold for $720,00 in 1997.

http://jacksonville.com/business/2015-08-22/story/sunday-business-notebook-antique-mall-searching-new-location

I find that tidbit more interesting than the whole five points thing.  Any idea of what's going on with that building?

[icarus]

Regarding bedroom windows, I have been in Churchwell Lofts dozens of times (a reuse of an old drygoods warehouse) and most of the interior bedrooms have no windows at all.
Perhaps the developer got a waiver of that requirement.

Its really a fire code issue more than anything else.  They want points of egress for inhabitants.  I can only imagine Churchwell obtained a waiver.

I'd really be interested to see what develops on this.  Regardless of the trio, I think it would be great to see this project finished.

[Josh]

A few weeks ago when we had some powerful storms roll through downtown the wood panels with the phoenix painted on them managed to come down onto the sidewalk. From what I could see, it looks like they came to rest on an SUV parked on the side of the street.

[jaxjaguar]

I'll start collecting the bets on how likely this is to be completed. Over/under 30%

[Houseboat Mike]

I'll start collecting the bets on how likely this is to be completed. Over/under 30%

I'll take the over...you didn't give a timeline. Completed by 2199.

[thelakelander]

Update:

Phoenix Adams Rising LLC of Jacksonville paid $750,000 for the office building at 20 W. Adams St. The 37,800-square-foot building was built in 1911 and last sold for $720,00 in 1997.

http://jacksonville.com/business/2015-08-22/story/sunday-business-notebook-antique-mall-searching-new-location

I find that tidbit more interesting than the whole five points thing.  Any idea of what's going on with that building?

This project is starting back up. It will the be focus of tomorrow's front page article.

[brainstormer]

Lake is such a tease.