The District sets timeline for infrastructure construction

[thelakelander]

Looks like it could be 2024 before the infrastructure work is completed. No timeline mentioned for start or completion of vertical development.

Project planners with The District, a proposed $600 million mixed-use development on the Downtown Southbank, are closer to groundbreaking by starting the permitting phase.

Developer Michael Munz filed a performance schedule Friday with the Downtown Investment Authority.

Bill Schilling, vice president at Kimley-Horn & Associates Inc., said Thursday that The District will begin construction by April 13.

According to Schilling, public amenities supported by The District's Community Redevelopment Agency, such as the project's 3.5-acre riverfront park and multiuse trail, must be complete within three years of the construction start date.

Infrastructure improvements, like water and sewer utilities, roads and streetscape, will be complete by 2024.

Full article: https://www.jaxdailyrecord.com/article/the-district-sets-timeline-for-infrastructure-construction

[tufsu1]

"will begin construction by April 13" - note no year is given

[vicupstate]

Looks like it could be 2024 before the infrastructure work is completed.

Hoover (Boulder) Dam was completed in 5 years, so that sounds about right.

[heights unknown]

Just turned 63 yesterday; I'll be dead and hopefully gone to Heaven before this is completed. Hope I get to see it done.

[thelakelander]

Definitely not holding my breath for this one. I really don't see this one getting that far off paper.

[Josh]

What a joke.

[thelakelander]

Like Lot J and the Shipyards, it's just never made much sense from a market perspective. Just because someone draws a rendering with highrises and thousands of extra housing units, doesn't mean the dream is financially feasible for our second tier market. All the non-sexy stuff we avoid doing (two-waying streets, maintaining existing parks, upgrading public schools, better basic but reliable transit options, preservation and adaptive reuse, etc.) are the things needed to stimulate more market rate opportunities for the private sector.

[Papa33]

Rummell is what, 70+ years old??  He probably accepts he won't see this come to pass.

[vicupstate]

There can't another city of significant size that has more vacant riverfront land in its core than Jacksonville right now.

JEA Generating Station/The District
Landing
City Hall Annex/Courthouse
Shipyards
Metro park and Friendship Fountain are essentially vacant as well. 

potentially Berkman 2 will be added at SOME point.

[vicupstate]

Like Lot J and the Shipyards, it's just never made much sense from a market perspective. Just because someone draws a rendering with highrises and thousands of extra housing units, doesn't mean the dream is financially feasible for our second tier market. All the non-sexy stuff we avoid doing (two-waying streets, maintaining existing parks, upgrading public schools, better basic but reliable transit options, preservation and adaptive reuse, etc.) are the things needed to stimulate more market rate opportunities for the private sector.

JAX prefers to go with the 'game changer' strategy, unfortunately.   

[MusicMan]

No surprise here. Disappointment, yes.  Go back and look at the quotes from the past.  You gotta go pretty far back, too.
"We are the guys who can get it done...." 

Also, technically speaking, Rummell and his partner do not 'own' it. They have a mortgage. Their lender owns it. 

[CityLife]

Rummell also told Boyer that Elements is near finalizing an agreement with a developer for The District. He did not name the firm.

"The good news is that the most competitive proposal is from an incredibly experienced and highly regarded mixed-use developer with vast experience with similar projects, including work here in Florida," Rummell wrote. "We executed a Letter of Intent with this group and are on the verge of executing a final agreement with them.

"Given this developer's track record of execution on complex mixed-use developments, we are very confident that The District and the City of Jacksonville will be able to continue the path forward," he wrote.

Would hold off on calling it a bust until we hear who this mixed-use developer is. I know of at least 5 that would fit this bill, have the capital to pull off anything they want to, and have done work in Florida (mostly South Florida).

[thelakelander]

Capital doesn't matter if there's no market. Seriously doubt this is a single phase type of project.

[Kerry]

The inability to attract investors is a problem Jax created.  Anyone with enough money to invest in something like The District, isn't going to do it in Jacksonville.  There are too many other proven markets to spend that kind of money.  This is why the City needs to do a housing study so those looking for investors have something to show them.

[jaxlongtimer]

There can't another city of significant size that has more vacant riverfront land in its core than Jacksonville right now.

JEA Generating Station/The District
Landing
City Hall Annex/Courthouse
Shipyards
Metro park and Friendship Fountain are essentially vacant as well. 

potentially Berkman 2 will be added at SOME point.

Point taken.

One might also add the riverfront Ford Plant and the Times Union property.  As recent or immediately planned projects, the condos on the river in front of the "One Call" building and the riverfront apartments by the School Board building might also be absorbing some current demand for residential.

Due to its similar scale and multi use concept, Lot J is clearly competition too.  We could also add La Villa, the old Greyhound bus site, the First Baptist properties, the old Independent Life/JEA building, the current JEA building, the Trio, Chase Properties Southbank site by I-95 and some of the Brooklyn projects as additional competition on some level. 

On the demand side, some of the possible/rumored office building prospects might have included JEA, Vystar and Deutsche Bank, none of which are now looking.  Seems some other large prospects are leasing buildings in the suburbs, not Downtown, or expanding in place.

Too much land and not enough demand means dilution of interest and, until much of this property drops out or a miracle boom occurs, there may not be enough interest in anyone project to, literally, take it to the bank for financing.  On the other hand, the first mover may have a big advantage.  Who will win that race?