Author Topic: Southside Construction Update - May 2013  (Read 2254 times)

Metro Jacksonville

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Southside Construction Update - May 2013
« on: May 31, 2013, 03:40:05 AM »
Southside Construction Update - May 2013



A brief look at the status of various projects under construction in and around Jacksonville's Edge City, the Southside.

Full Article
http://www.metrojacksonville.com/article/2013-may-southside-construction-update-may-2013

aaapolito

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Re: Southside Construction Update - May 2013
« Reply #1 on: May 31, 2013, 08:08:44 AM »
Ennis,

Where are all the future residents for these apartments coming from?  Are they new residents to Jax?  Or are they people moving from older, and maybe now less desirable, apartments?

thelakelander

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Re: Southside Construction Update - May 2013
« Reply #2 on: May 31, 2013, 08:23:39 AM »
Based off our slow growth, I can only assume that the majority will be people moving from existing single family houses and older apartment/condo buildings.
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Dapperdan

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Re: Southside Construction Update - May 2013
« Reply #3 on: May 31, 2013, 08:25:31 AM »
Its mainly the younger crowd, who are turned off from home ownership, and probably tons of people who had foreclosures as well. There is obviously a market for it. Good news is you should see these places competing wiht amenities, pricing, etc.

Dog Walker

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Re: Southside Construction Update - May 2013
« Reply #4 on: May 31, 2013, 10:49:52 AM »
Was in a meeting with a major apartment owner and developer this week.  In our discussion at the meeting he mentioned that he has seen an influx of young people into the area due to the huge growth in computer jobs in Jacksonville.  He also thinks the Millennials are not interested in home ownership at this time.  He said he was surprised at the large number of people who are moving here from California.
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thelakelander

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Re: Southside Construction Update - May 2013
« Reply #5 on: May 31, 2013, 11:24:54 AM »
Yeah, I know quite a few people not interested in home ownership and mobile.  One girl I went to college with, works downtown and moved into the Metropolitan when she accepted a job here.  After her lease was up, she moved to Tapestry Park because she said there was more entertainment, dining, etc. there than in DT.  Now she's interested in moving to 5000 Town at SJTC when her lease is up.  Another friend seriously considered living downtown before deciding to move to the apartment complex across the street from Publix in Riverside.  However, after a year, she left town for a job in Orlando.  Another good friend, lives at the beach but works in Charlotte.  Since he constantly travels for work, he's only in Jax on the weekends.
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Tacachale

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Re: Southside Construction Update - May 2013
« Reply #6 on: May 31, 2013, 12:05:43 PM »
I expect that we're seeing a combination of youngish people new to Jax, and previously established Jaxons leaving their previous housing situation for an apartment rental, in both cases to be near to work, the Town Center, etc. At UNF I'm hearing that an increasing number of students are also moving to this area to be near campus; this was difficult before when housing options were more limited. It's also probable the area is being overbuilt.
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simms3

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Re: Southside Construction Update - May 2013
« Reply #7 on: May 31, 2013, 12:39:12 PM »
Everyone I know that went to UNF lives in apartments either at the beach or near UNF.  Even in summer of 2008, the last time I was in Jax for an extended period, I was staying at someone's apartment on the SS rather than at the rents.  As has been discussed at length, the SS is the only area of town that registers with anyone, unfortunately.  That's why I would think anyone attempting to build apts near downtown would be cautious and take a wait and see approach to discover how 220 Riverside will do and what kind of interest it will attract (social media and preleasing have to be coming soon)...there's no reason to rush as Pollack Shores is the only other group in the running to deliver something.
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spuwho

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Re: Southside Construction Update - May 2013
« Reply #8 on: June 02, 2013, 12:27:22 AM »
Another phenomenon that occurred during the housing boom was that much of the apartment volume in Jacksonville converted to condo to feed off of the easy mortgage market. When the market crashed and many people were ousted by foreclosure, the apartment market was lacking because the inventory was extremely low. Many of those condos were writing short term leases to people to capture them.

Now a new generation who are mortgage adverse are entering the market and the inventory is responding.

A few other factors involved:

- The growth of the financial sector in the Southside: ING, Fidelity, Deutsche all placing new facilities here
- Limited talent pool in technology: The Jax market for local tech professionals was nearly tapped out in 2011 and firms have been reaching out further to bring in skillsets. Many of those are H1-B's who typically rent, not own.
- I am personally aware of 7 people who relocated to Jacksonville to get a job in the tech space. (on the flip side I have seen over 20 people turn down gigs in Jacksonville because they wanted no part of it, many from Texas and California.) Oddly people from the NY/NJ area think Jacksonville is just fine to relocate to.
- The growth of the UNF population. Even though they opened Osprey Gardens, more students are going off campus in their final years and that has consumed apartment inventory in the Kernan corridor and pushed out local renters into newer inventory.