Breaking News: Cowford pulls out of Southbank deal!!!

Driven1 · June 05, 2007, 08:06:04 PM

QuoteThe team that had been negotiating to develop the Southbank site that formerly held the Southside Generating Station has pulled out of the deal.

Cowford Riverfront LLC and JEA called off more than two years of negotiations. A contract to sell the 40-acre site for $40 million was signed in May 2005. Cowford, a partnership that includes Case Pomeroy Properties and Daniel Corp., planned a mixed-use development that would include homes, a hotel and office and retail space. Cowford was granted several extensions to complete its due diligence.

"While everyone has worked diligently to resolve the very complicated issues presented by this project, some remain unresolved, including environmental and entitlement-related matters," said Charles Tickle, CEO of Daniel Corp.

JEA will continue to market the property to other developers.

"The Southside site continues to be a prime location on Jacksonville's waterfront and we will continue to seek development opportunities in keeping with the community's vision of a thriving Downtown," said JEA CEO Jim Dickenson.

http://jacksonville.bizjournals.com/jacksonville/stories/2007/06/04/daily13.html

Driven1 · June 05, 2007, 08:12:27 PM

a temporary (used in the loose sense of the word since this is a 40 acre site) setback IMO...if there is any area that is hot or ripe for development in the downtown vicinity, it is there.

chipwich · June 05, 2007, 11:01:16 PM

This is definitely no suprise. I think with the condo market so weak, Cowford ws looking for ways to ge out of this deal as quickly and painlessly as possible. I certainly do not balme them. These types of sites are very hard to pull off, especially in a market as small as Jacksonville.

But I think the site needs a strong, capital-rich company that can stomach rough times. I do not think it will be long before another company comes and ties up the property. Hopefully the next company that wants this property will have an awesome mixed-use vision that can suceed and draw people from all over to live, work and/or shop aqnd dine on site.

thelakelander · June 06, 2007, 01:15:23 AM

I think the site may be to large for one company to jump into. After all this is downtown, not Argyle. Imo, JEA should consider an urban plan for the site (perhaps use Cowford's), lay down some infrastructure (like extending Prudential Drive), subdivide the land and sell it off as individual parcels. Basically, the same thing the developers of Nocatee are currently doing. While it will cost more in initial investment, the land would be worth twice as much, netting JEA a larger profit.

gatorback · June 06, 2007, 07:42:48 AM

What if the JEA put an acer or 1/2 acer aside for a park or dog park. That would be nice.

thelakelander · June 06, 2007, 09:06:33 AM

How about 5, 10, 15 or 20? You could have a real urban park and still maintain the same leve of residential, retail and office space by simply increasing the density.

gatorback · June 06, 2007, 09:12:11 AM

I'm all for it. I want the little one with the white steeple right on the water.

downtownparks · June 06, 2007, 09:44:21 AM

Uhm... Hey lake, that park in your photo is like 800 acres....

http://en.wikipedia.org/wiki/Central_park

Great photo though...

We saw a ton of stuff in the park when we were in NYC in April. It is amazing how much of the revitalization of central park was done with private money...

We need the money people/companies in this town to step up.

Lunican · June 06, 2007, 09:48:54 AM

I think the local companies would step up and support a plan brought to them, but I don't think that has happened.

thelakelander · June 06, 2007, 10:21:21 AM

Quote from: downtownparks on June 06, 2007, 09:44:21 AM
Uhm... Hey lake, that park in your photo is like 800 acres....

No doubt, but the concept is there. Whether its a 1,000 acres or 15, embrace density and make it sizable enough to incorporate a diverse amount of activities. In other words, make it a real park and retire the pocket park and flex space ideas.

Boston Common - 50 acres

thelakelander · June 06, 2007, 10:24:24 AM

QuoteWe need the money people/companies in this town to step up.

How about Gate? After all they are in the world of development, invested in the Southbank and the Mayor is the heir to the throne. What about Councilman Davis? Let's show the city a little love instead of the far out boonies.

gatorback · June 06, 2007, 01:27:24 PM

A Wal-Mart distribution center!

urbanlibertarian · June 06, 2007, 06:06:33 PM

I just got back from a 3 week stay in Chicago. What about something like this on that site.

www.navypier.com

seadog · June 08, 2007, 10:50:36 AM

Mixed use destination development, St. Johns Town Center/Tinseltown
with a riverfront parkland and performance space

spidey · June 08, 2007, 10:20:45 PM

QuoteUrbanlibertarian: I just got back from a 3 week stay in Chicago. What about something like this on that site.

Chicago was a planned city - laid out on a grid. It's amazing how it grows and changes, yet it still functions so well as an urban center. This site, http://www.placesonline.org/sitelists/nam/usa/illinois/chicago.asp, has some interesting information about the planning and development of Chicago.