City will seek Proposals for Shipyards + Met Park Combined Development

[thelakelander]

JaxONE plan reveals details of Shipyards 'jobs factory'







Full article: http://www.jaxdailyrecord.com/showstory.php?Story_id=549655

[JaGoaT]

Boring but realistic. I still think Khan gets the property

[Non-RedNeck Westsider]

Boring but realistic. I still think Khan gets the property

If I were Khan, I would be pushing for another developer to take over the property and deal with them directly  to get what I want - which is Met Park.  Sure, he has a vested interest in that property getting developed, but if other people with the finances to do it came to town, I'm pretty sure that would be his preference.

It's definitely in his best interest if that entire strip goes vertical from Berkman 2 to the stadium, but I get the feeling he would prefer if it were someone else who took the majority of the risk.

[ProjectMaximus]

This supports the idea that the city didnt really market the RFP very well.

The Presidium Group is a Texas-based multifamily developer with more than 50 assets under management. Its proposal was put together in a few days after Presidium founder Cross Moceri saw media reports about the proposal while in town for a apartment project the group is developing near JTB.

http://www.bizjournals.com/jacksonville/news/2017/04/10/shipyard-redevelopment-proposals-unsealed-new.html

[RattlerGator]

ProjectMaximus, really? Any serious developer with potential interest already knew about this project. There have been multiple bites at this apple and the last go-round Shad Khan's proposal created quite a splash *but* the RFP didn't generate real interest from a bunch of developers. I don't know why there's a feeling the City somehow failed to do something right on this project because marketing this RFP doesn't seem like much of an issue to me.

[Keith-N-Jax]

Please no to JaxOne, is that a parking garage right on the riverfront there?

[vicupstate]

ProjectMaximus, really? Any serious developer with potential interest already knew about this project. There have been multiple bites at this apple and the last go-round Shad Khan's proposal created quite a splash *but* the RFP didn't generate real interest from a bunch of developers. I don't know why there's a feeling the City somehow failed to do something right on this project because marketing this RFP doesn't seem like much of an issue to me.

I can' access the article, but the first time two bids were submitted, IIRC. Three were submitted this time.  If this were truly well advertised and the potential field of bidders actually thought they would have a fair shot, I think there would have been more bids.     

[KenFSU]

Please no to JaxOne, is that a parking garage right on the riverfront there?

JaxOne doesn't have a prayer.

Their terms are almost comical.

$5 million to lease the land, plus $2 million in environmental clean up, to be paid out over the next FIFTY YEARS.

Sea Glass ain't gonna happen either. It would require complete remediation of the Shipyards property and develops Met Park without providing an in-kind land swap, not to mention the fact that Jacksonville needs a 1,000 foot tower like it needs a hole in the head.

Iguana has this one in the bag.

Per their proposal, Khan's group is willing to pay market value for the land, privately invest up to $650 million for the development (tentatively called The Shipyards Jacksonville), and build out all 70 acres in 3-5 years. Possible? Maybe. Probable? Who knows.

Also disagree that this some kind of secret. Any major developer worth his salt would know that this land has been up for the taking for over a decade now. It ain't a surprise. The reason there isn't a multitude of major takers seems obvious. It's contaminated land, without a cleanup plan, in an unproven market, with a complicated land swap thrown in. Would take someone with a vested interest to undertake such a venture.

[ProjectMaximus]

Also disagree that this some kind of secret. Any major developer worth his salt would know that this land has been up for the taking for over a decade now. It ain't a surprise. The reason there isn't a multitude of major takers seems obvious. It's contaminated land, without a cleanup plan, in an unproven market, with a complicated land swap thrown in. Would take someone with a vested interest to undertake such a venture.

I am not saying you are wrong with most or even anything you say above above, but the quote I posted would suggest that at least one developer with a serious interest had no idea until he happened to hear about it in passing at the 11th hour.

[vicupstate]

Any major developer worth his salt would know that this land has been up for the taking for over a decade now. It ain't a surprise.

A NE FL developer would but there is no particular reason to assume a developer in Atlanta, Charlotte, Dallas, DC, or anywhere else would be aware of it.

[Steve]

I can't believe that a large developer that would take this on wouldn't know about this piece of property. These guys have folks that are always scouting opportunities.

I just can't picture them not knowing.

[heights unknown]

Not comical, but boring? Yes. It reminds me of a senior citizens (that I am by the way) development for retirees in Palm Beach or Boca Raton. I think Khan's is more exciting and full of life for the community and outsiders that have never been to Jax; if they visit, they'll go back up north, or to wherever, and share the "buzz" about Jacksonville.

[RattlerGator]

I can't believe that a large developer that would take this on wouldn't know about this piece of property. These guys have folks that are always scouting opportunities.

I just can't picture them not knowing.

For real -- developers can't sit on their ass waiting to be notified of opportunities, man. They have to go hunt them down and COMPETE. That's what some don't seem to grasp on this project; we're EXTREMELY fortunate Shad is around and willing to throw his hat in the ring. I honestly don't get why that is so hard to acknowledge.

Yes, he probably crowded out some that *may* have been interested but none of them likely would be as invested in making this thing work as Shad's operation certainly will be.

[thelakelander]

If the land were split up and already cleaned, you'd get a bigger response. However, in its current state (including the city's relationship with the Jags), it's not surprising that the amount of responses were limited.

[vicupstate]

I can't believe that a large developer that would take this on wouldn't know about this piece of property. These guys have folks that are always scouting opportunities.

I just can't picture them not knowing.

Even if it is not a market they have done business in before and is not a 'hot market' in development circles?

If indeed you are correct, what does it say that so few bid? To me it says they didn't think they had a shot, or it just isn't an appealing project, probably due to the contamination.  If it is the later, how is that being handled with the three that did bid?  Is the city still doing the clean-up?