Vestcor's Lofts at Cathedral

[thelakelander]

A look at Vestcor's latest plans for a new 120-unit mixed-income project in the Cathedral District.

Read More: https://www.thejaxsonmag.com/article/vestcors-lofts-at-the-cathedral/

[CityLife]

New building=hideous; old building=nice

I'll raise a question about Downtown Jax's use of incentives. Does the granting of incentives and rubber stamping of everything actually enable developers to build worse quality projects?

Having worked in South Florida for the last 5 years, where buildable land is at a premium and acquisition costs are high, I have a difficult time understanding how so many developers are still building projects with surface parking in Downtown Jax. Here is a blurb from a recent market study I've been involved in, "In real estate economics, there will be a point in time when the value per surface-foot will exceed the inherent value of surface parking. This will mean that structured parking can become more financially feasible than the opportunity-cost of retaining surface parking over the long-term."

Does the granting of incentives enable developers to take the easy way out and build projects with surface parking, rather than have to increase the development intensity on a site to recapture the added cost of structured parking?

[thelakelander]

I for one would love to see the use of incentives applied in a manner that improves the quality of the projects receiving them. I'm surprised the design has gotten this far with the building's office/amenity center not having a pedestrian entrance off either Duval or Liberty.

[Captain Zissou]

"This design is totally different than what we've been doing lately.  See!! We added bricks this time!"-Vestcor Execs

[MusicMan]

Will Vestcor ever build on Main Street in Springfield?  There are some prime parcels available and it would fill in some of them nicely.

[Papa33]

Will Vestcor ever build on Main Street in Springfield?  There are some prime parcels available and it would fill in some of them nicely.

Soon there will be a NIMBY movement against Vestcor (half jest, half serious)

[jaxlongtimer]

"This design is totally different than what we've been doing lately.  See!! We added bricks this time!"-Vestcor Execs

Yep. You can tell a Vestcor building from miles away.  A multicolored box is the extent of their creativity.  Maybe we should change our city name to "Box-in-ville."  These buildings will not age well.  Eventually, if Downtown ever gets its act together (a questionable possibility), they will be prime for demolition and redevelopment.  If Downtown treads water, they will do their part to cheapen the landscape, being totally devoid of character. 

[jcjohnpaint]

All I see when I look at Vestcor is Sesame Street.

[jaxlongtimer]

Don't let our local developers get any ideas from billionaire Charlie Munger who is funding a $1.5 billion windowless dorm for 4,500 students at the Univ. of California - Santa Barbara.  Although such a concept would be right at home in Jax.  At least Munger Hall has some exterior character compared to Vestcor.  (Note, the windows showing are for common areas only.  All dorm rooms are in the interior only.)

https://www.cnn.com/2021/10/29/business/ucsb-munger-hall/index.html
https://www.nbcnews.com/news/uc-santa-barbara-mega-dorm-munger-hall-rcna4401



Floor plan:

[heights unknown]

Don't let our local developers get any ideas from billionaire Charlie Munger who is funding a $1.5 billion windowless dorm for 4,500 students at the Univ. of California - Santa Barbara.  Although such a concept would be right at home in Jax.  At least Munger Hall has some exterior character compared to Vestcor.  (Note, the windows showing are for common areas only.  All dorm rooms are in the interior only.)

https://www.cnn.com/2021/10/29/business/ucsb-munger-hall/index.html
https://www.nbcnews.com/news/uc-santa-barbara-mega-dorm-munger-hall-rcna4401



Floor plan:

I like it; and to me, it does have character unlike vestcor.

[Charles Hunter]

I read that the financier/designer was inspired by internal cabins on cruise ships (I'm sure he's never been in an inside cabin.)

[jaxlongtimer]

I read that the financier/designer was inspired by internal cabins on cruise ships (I'm sure he's never been in an inside cabin.)

That probably stems from his agreement to install "virtual windows" in the dorm rooms, an idea he took from Disney Cruise Lines who does that for their interior staterooms.

[Ken_FSU]

Site work appears to be underway for this one.

Drove by this morning and the building to the right has been demo'd.

[thelakelander]

That's good to hear. The more housing, the better.