Hyatt Place Tower Preparing to Break Ground in Downtown

[KenFSU]

https://www.jaxdailyrecord.com/article/aerial-easement-for-downtown-hyatt-place-hotel-moves-forward

[edjax]

Anything happening on this?

[Kerry]

Anything happening on this?

Rats - saw an update was made to this thread and thought something was happening

From a developer perspective, the City closed and is tearing down The Landing and spending $260 million about a mile down the road at Lot J.  If it was your money wouldn't you revaluate your project?

[Captain Zissou]

Anything happening on this?

Rats - saw an update was made to this thread and thought something was happening

From a developer perspective, the City closed and is tearing down The Landing and spending $260 million about a mile down the road at Lot J.  If it was your money wouldn't you revaluate your project?

I agree, but they also have a contractual obligation to build something on that site, so tough noogies.

[Kerry]

Anything happening on this?

Rats - saw an update was made to this thread and thought something was happening

From a developer perspective, the City closed and is tearing down The Landing and spending $260 million about a mile down the road at Lot J.  If it was your money wouldn't you revaluate your project?

I agree, but they also have a contractual obligation to build something on that site, so tough noogies.

Might be cheaper to just pay the exit penalty.

[Steve]

Anything happening on this?

Rats - saw an update was made to this thread and thought something was happening

From a developer perspective, the City closed and is tearing down The Landing and spending $260 million about a mile down the road at Lot J.  If it was your money wouldn't you revaluate your project?

I agree, but they also have a contractual obligation to build something on that site, so tough noogies.

Might be cheaper to just pay the exit penalty.

No one was coming into Jacksonville and getting a hotel to go to the Landing. Now, to have a meeting at an office building? That's a different story. While it certainly will look more depressing without the landing, I'm not sure it changes hotel occupancy numbers, especially since Hyatt Place and Indigo share a price point and the Indigo project was killed with VyStar's purchase of the building.

[vicupstate]

No one was coming into Jacksonville and getting a hotel to go to the Landing.

I don't know about that. Eating at the highest-grossing Hooters in the chain would be on a lot of people's bucket list. 

On a serious note, they might have thought they could get a premium on FL-GA. Not hard to believe they would get it. One would think the city would tell them it was going away. 

[Steve]

No one was coming into Jacksonville and getting a hotel to go to the Landing.

I don't know about that. Eating at the highest-grossing Hooters in the chain would be on a lot of people's bucket list. 

On a serious note, they might have thought they could get a premium on FL-GA. Not hard to believe they would get it. One would think the city would tell them it was going away. 

They still have the Florida-Georgia traffic. Every hotel downtown is jammed full that weekend at any price.

[bl8jaxnative]

Anything happening on this?

Rats - saw an update was made to this thread and thought something was happening

From a developer perspective, the City closed and is tearing down The Landing and spending $260 million about a mile down the road at Lot J.  If it was your money wouldn't you revaluate your project?

No competent hotelier would've been factoring an empty The Landing in their plans.   A handful of shops being used to launder money isn't scientifically known as an attraction.

[tufsu1]

^ source please

[Steve]

Looks like a 6 month delay was requested:

https://www.jaxdailyrecord.com/article/downtown-hyatt-place-developer-seeks-an-extension-to-start-construction

Doesn't specifically say why, but I do know the site has been a staging site for the VyStar Tower renovations. Interestingly, the agreed completion date wasn't changed (April 2021). That tells me that either they think they won't need all 6 months, or they aren't going to break ground at all.

[JaxAvondale]

I imagine that the Landing demo impacted construction as well. April 2021 is a tight deadline. Let's hope Vystar's renovations are completed by the end of the 1st quarter.

[Steve]

I imagine that the Landing demo impacted construction as well. April 2021 is a tight deadline. Let's hope Vystar's renovations are completed by the end of the 1st quarter.

I think coming soon here, there will be construction but not to the same magnitude - at one point the Life of the South Building looked like a brick exterior and nothing else.

Once the interior build out is largely complete, the staging area should be much less.

[CityLife]

My guess is they want to see what plays out with Lot J, The District, Ford on Bay, Landing replacement, and everything else downtown. Wouldn't blame them one bit for that.

[Steve]

My guess is they want to see what plays out with Lot J, The District, Ford on Bay, Landing replacement, and everything else downtown. Wouldn't blame them one bit for that.

I'm not sure. It's a business hotel. None of those aside from maybe 1 building in Lot J and possibly part of "Ford" would have an office component.

The office tower market hasn't changed despite all of this.