DIA wants the Landing to start with a park

[JeffreyS]

We are still where we started with the first 50 million dollars just to get to a blank space. The apology dipstick Curry should give us for kicking this city in the sack should be epic.

[heights unknown]

We are still where we started with the first 50 million dollars just to get to a blank space. The apology dipstick Curry should give us for kicking this city in the sack should be epic.

LOL..."dipstick Curry." LOLOL...does a quart need to be added or is he just bone dry?

[heights unknown]

Here's an article that kind of sums it all up, you can be optimistic or pessimistic relative to what's said in this article; enjoy.

My feeling from reading this article? "DON'T GET YOUR HOPES UP."

https://www.jacksonville.com/story/news/columns/mark-woods/2022/07/27/mayor-lenny-curry-budget-hope-jacksonville-florida-riverfront-parks/10139854002/

[fsu813]

$25 million won't really get you close to a world class park or even the version of the Landing that was demolished. Perhaps, there's a vision of more investment coming down the line?

$4 mill an acre is about what it costs, more or less, for comparable high quality park space. I believe this park is about 6 acres, so $25 mill would be in line with that. Of course, devil's in the details.

[thelakelander]

What are the comps at $4 million per acre?

[Charles Hunter]

Darn. If I had won the Billion Dollar MegaBall, I would have funded the whole shebang.
Jacksonville's loss ...   

[fsu813]

What are the comps at $4 million per acre?

Clearwater is spending $85m for about 24 acres.
https://patch.com/florida/clearwater/heres-what-clearwater-imagines-it-will-get-84-million

Detroit did 22 acres at $50m
Cincinnati did 30 acres at $120m

DuPont has more info/examples.

[thelakelander]

I was thinking more on the level of Campus Martius Park in downtown Detroit. That $20 million park is 1.2 acres. Another is Washington Park in Cincinnati. That 8 acre space was renovated for $46 million a decade or so ago.

[heights unknown]

Below link will tell the latest on the American Lions LLC 44 story residential project on the one-acre parcel on the former Landing Site (Jax Plaza?). Progress or not? Term sheet doesn't really mean much at this point. Final agreement is the thing.

https://www.jaxdailyrecord.com/article/american-lions-granted-deadline-extension

[Ken_FSU]

Details of the incentive package American Lions negotiated with the DIA below, via the Times-Union:



Full (paywalled) article here:
https://www.jacksonville.com/story/news/local/2022/09/13/downtown-jacksonville-landing-apartment-tower-incentives/8061683001/

$1 for a 6-month subscription offer:
https://cm.jacksonville.com/specialoffer

$22 for 2 years here:
https://cm.jacksonville.com/specialoffer?utm_medium=social&utm_source=facebook%20instagram&barBuild=atoms-pid&utm_term=Image_JPEG_FLASHSALE&utm_content=Image_JPEG_FLASHSALE&offer=W-6L&utm_Campaign=2022FLASH&gps-source=FBDA222NEWS&utm_campaign=Q12022_Conversion_Purchase_Prospecting&utm_id=62b2238fbc4de3405d352e93&fbclid=IwAR3zc9FOE7e6M4SntwPsd20zj4IKboEaJEqGCCaICAI-gujzGxhDud6TLqk

[vicupstate]

What is the size of the parcel that would be donated?

I assume the 'grants' are probably the equivalent of the city taxes it would pay?

[fieldafm]

What is the size of the parcel that would be donated?

I assume the 'grants' are probably the equivalent of the city taxes it would pay?

Looks like a REV grant. I'm curious if whatever the base tax generated will be, is then specifically earmarked in a fund dedicated to maintaining the whatever-value-engineered-public park that is ultimately built on Lenny's Lawn years from now.

My assumption is that this below-market junior lien represents the hole in the developer's capital stack.  Property tax abatements/REV grants are useful tools. But, I don't know why taxpayers are in the business of loaning money to developers of luxury housing.  That drains on the budgets of Community Redevelopment Areas and defeats the purpose for having CRA's in the first place. For example, almost two decades have passed and the City still has loans outstanding on the 11East and Carling buildings that drains on the DIA's Northbank CRA budget.  I believe there is another decade to go until those loans are paid off. 



Also to quote current Chief Administrative Officer for the City of Jacksonville from 2015:

Throwing money, nearly $12 million, at special interests while kids are being gunned down in the street because of fewer cops is not simply outrageous it's disgusting.

https://www.thejaxsonmag.com/article/theres-been-no-public-input-on-reusing-the-landing/

We are now approaching $100mm in public spending on this site. I'm not great with math, but that's a lot more than $12mm.  Last night a helicopter was flying over our house most of the night, looking for the murderer for the fifth murder that has occurred within 3 miles from our house this year.  One of those murdered was a young woman I have known for 12 years.

Maybe the murderers aren't the only crooks in this town.

[Captain Zissou]

Looks like a REV grant.

Looks like they described a REV grant in the way that would draw the most ire from the general public.

It should read, "the developer is partially exempt from the net increase in taxable value of the property for the first 20 years.  The value of that exemption is estimated to be $28.6M"

Currently it reads like this "$28.6M your taxes will be paid to the developer in annual installments for 20 years".

[Ken_FSU]

Last night a helicopter was flying over our house most of the night, looking for the murderer for the fifth murder that has occurred within 3 miles from our house this year.  One of those murders was a young woman I have known for 12 years.

Man, so awful.

Really sorry to hear this, Mike.

[heights unknown]

Start construction in 2024 and end in 2027? A LOT can happen between now and then. Too much going on in the nation and the world itself to even have too high of hopes for this project. I hope it is built. 2027 I will be 70 going on 71 years old if I make it until then, and the rest of you will be either approaching your 60's, or in your late 50's. Good luck on seeing this one built. Is the late start on the tower because they will be building the Park first, or for some other reason? In West Central and South Florida, Towers seem to go up almost in knee jerk fashion; here in Jax, "snail's pace." Please advise.