San Marco's Florida Baptist site to become apartments

[acme54321]

Hpefully this thing keeps on moving forward.  Lots of activity on the Southbank Kings Ave and Hendricks corridors lately!

[Kerry]

Would it kill someone to build 3 bedrooms?

[Steve]

Would it kill someone to build 3 bedrooms?

It seems like developers in the core (or at least especially in the core) shy away from them. I think the challenge is economics. Take Bell Riverside for example - their 3 bedrooms are like $2,300 a month. A quick Zillow search has a ton of 3 bedroom houses renting for far less (averaging $1,700 a month). They may not have the amenities that a nice apartment complex has, but a single family home for $500 less is a compelling argument.

On the other hand, all of Bell Riverside's 3 bedrooms are leased at present.

[Kiva]

Also, for a mortgage of $2,300 a month, or much less, you could buy a lot of 3 bedroom houses in Jacksonville.

[Steve]

Also, for a mortgage of $2,300 a month, or much less, you could buy a lot of 3 bedroom houses in Jacksonville.

Well, there are good reasons for some why renting is better. Imagine a corporate rental or a one year for a family relocating to town while they learn the market.

[thelakelander]

But as you said earlier, you could rent a pretty nice house for cheaper than $2,300/month in this city. My guess is the market isn't demanding as many three bedroom apartments as it is ones and twos.

[bl8jaxnative]

Broadstone next to Duvall County Schools bldg is about to open and has some 3 bedrooms for rent.

https://broadstoneriverhouse.com/

[Kerry]

Would it kill someone to build 3 bedrooms?

It seems like developers in the core (or at least especially in the core) shy away from them. I think the challenge is economics. Take Bell Riverside for example - their 3 bedrooms are like $2,300 a month. A quick Zillow search has a ton of 3 bedroom houses renting for far less (averaging $1,700 a month). They may not have the amenities that a nice apartment complex has, but a single family home for $500 less is a compelling argument.

On the other hand, all of Bell Riverside's 3 bedrooms are leased at present.

There is a waiting list for 3-bedroom units at The Strand.

We looked at a large number of for-sale and rental in Riverside, San Marco, and Springfield and most of what is available is pure garbage for the prices being requested.  We have come to find that the price is about 75% location and 25% unit quality.  It is actually stunning how bad a lot of the options are.  I love living in the urban core but there just aren't many options now that we need 3 to 4 bedrooms.

[thelakelander]

What do you want to pay for a 3BD?

[Kerry]

I pay $2k now for a 2 bedroom so....

[thelakelander]

Demolition approved:

Former Florida Baptist Convention buildings are coming down at 1230 Hendricks Ave.

Realco Recycling Co. Inc. will demolish the office, bank and warehouse at the site at a cost of $349,000, according to a permit application submitted Friday and issued Monday.

The 3.41-acre site is slated for redevelopment into 345 apartments, parking and 5,500 square feet of retail space at Hendricks and Naldo avenues, Nira Street and the Interstate 95 ramp.

https://www.jaxdailyrecord.com/article/the-mathis-report-demolition-approved-to-clear-path-for-san-marco-apartments

[Captain Zissou]

If only zoning change requests were approved as swiftly as demolitions.

[Kerry]

If only zoning change requests were approved as swiftly as demolitions.

If Jaxwouls  just adopted The Smart Code for the urban core we could eliminate all the zoning red tape which would speed these projects along.  They could also make the demo permit a defacto part of the building permit.  That would prevent speculative demos.

[MusicMan]

"I pay $2k now for a 2 bedroom so...."

Kerry,

One of my customers bought a nicely renovated house in Riverside (3/2  2000 sqft) WITH a private, freestanding cottage with its own address, water and electric meter for $350,000.

His mortgage payment was a little less than your rent. The tenant pays $750.  Let me sell you a house!

[bl8jaxnative]

His mortgage payment  was a little less than your rent. The tenant pays $750.  Let me sell you a house!

The question isn't the mortgage, the question is the total cost of ownership.  In the the long run it's generally less. 


Anyway, the other day the poles were up around the old baptists property AND the bank at the corner by V.   The fencing is now up too.   

Does anyone know if they've scheduled a demolition for the buildings yet?