Author Topic: VyStar Moving Headquarters Downtown  (Read 6357 times)

Steve

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Re: VyStar Moving Headquarters Downtown
« Reply #15 on: June 07, 2018, 06:05:02 PM »
Good news. And also good news that even with this move, they will still maintain the facility on Blanding.

That is one of the problems with the suburban campus strategy - they aren't scalable, subdividing is practically impossible, and finding a buyer is even harder.  If they didn't keep using it what could they do with it?  I am surprised companies even consider them at all, yet many still do all the time.

In many cities they are DRAMATICALLY cheaper. In Jacksonville they might not be....I’m guessing that VyStar is paying less for the tower than it would cost to build from scratch. Good in this case, but there’s only so many Class A buildings downtown.

Also....not so sure it’s hard to subdivide. Grammercy Woods seems to be doing a fine job with 9000 Southside, the former BofA Campus.

KenFSU

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Re: VyStar Moving Headquarters Downtown
« Reply #16 on: June 07, 2018, 06:53:41 PM »
In many cities they are DRAMATICALLY cheaper. In Jacksonville they might not be....I’m guessing that VyStar is paying less for the tower than it would cost to build from scratch.

Vystar is paying $175 per square foot for the Suntrust building; they estimated $300 per square foot for a suburban campus.

They also talked Iguana about Lot J and Elements about the District before deciding on the Suntrust building.

KenFSU

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Re: VyStar Moving Headquarters Downtown
« Reply #17 on: June 07, 2018, 06:55:30 PM »
Only concern I have is will this affect the Hotel Indigo developments parking needs? Also, this will probably kill the hotel idea next to the parador garage, I doubt VyStar will be interested in building a hotel. Anyone know if the garage is expandable?

Don't forget that we've got a 650-space garage going up on Laura as part of the Trio project. 250 of the spaces will go to Adkins for his tenants, and the city has agreed to lease the other 400 for public use.

Confirmed that Vystar will be leasing significant space in the Trio garage from the city.

thelakelander

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Re: VyStar Moving Headquarters Downtown
« Reply #18 on: June 07, 2018, 07:06:31 PM »
In many cities they are DRAMATICALLY cheaper. In Jacksonville they might not be....I’m guessing that VyStar is paying less for the tower than it would cost to build from scratch.

Vystar is paying $175 per square foot for the Suntrust building; they estimated $300 per square foot for a suburban campus.

They also talked Iguana about Lot J and Elements about the District before deciding on the Suntrust building.
Proof that these fringe heavily subsidized projects do compete with the Northbank for tenants. Luckily VyStar selected this building. They'll have a more significant positive impact on downtown as opposed to being a mile away.
"A man who views the world the same at 50 as he did at 20 has wasted 30 years of his life.” - Muhammad Ali

jagsonville

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Re: VyStar Moving Headquarters Downtown
« Reply #19 on: June 07, 2018, 07:19:13 PM »
So mainstreet will make about a 30 million profit for a couple years of ownership? Nice. Hope they reinvest some of that in the area.

brainstormer

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Re: VyStar Moving Headquarters Downtown
« Reply #20 on: June 08, 2018, 03:20:41 PM »
This is very exciting news and having its name as part of the downtown skyline will be great publicity for VyStar.

KenFSU

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Re: VyStar Moving Headquarters Downtown
« Reply #21 on: November 01, 2018, 11:57:49 AM »
With Vystar taking over a large chunk of the building, Suntrust is moving next door to the BOA Tower.

https://www.bizjournals.com/jacksonville/news/2018/11/01/suntrust-bank-signs-lease-at-bank-of-america-tower.html

Steve

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Re: VyStar Moving Headquarters Downtown
« Reply #22 on: November 21, 2018, 09:22:40 AM »
Employee count for VyStar downtown might eventually get to 900.

https://www.jaxdailyrecord.com/article/vystar-could-bring-900-employees-downtown

thelakelander

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Re: VyStar Moving Headquarters Downtown
« Reply #23 on: November 21, 2018, 09:36:00 AM »
This is a big coup for downtown and Laura Street. Within a two block radius of Vystar, we also have Hotel Indigo, Hyatt Place, Courtyard by Marriott/Laura Trio, the Barnett, a visitors center along the riverwalk and a garage with street level retail coming. For all the talk about the District and the Shipyards, RFPing Snyder Memorial and working with Enterprise Center, Wells Fargo Center and BOA Tower to expose their street level retail spaces (like SunTrust Tower did with Tossgreen) literally creates multiple continuous blocks in the heart of the city with activity. Do something as simple as settle the lawsuits, clean-up the structure/grounds and change the tenant mix (should be easy since it's mostly vacant already) with the Landing and we'd have a vibrant pedestrian friendly zone finally re-established for a fraction of the costs.
"A man who views the world the same at 50 as he did at 20 has wasted 30 years of his life.” - Muhammad Ali

Steve

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Re: VyStar Moving Headquarters Downtown
« Reply #24 on: November 21, 2018, 09:39:41 AM »
Do something as simple as settle the lawsuits, clean-up the structure/grounds and change the tenant mix (should be easy since it's mostly vacant already) with the Landing and we'd have a vibrant pedestrian friendly zone finally re-established for a fraction of the costs.

Something tells me the parties involved will make that less than simple. But, fundamentally I agree.

thelakelander

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Re: VyStar Moving Headquarters Downtown
« Reply #25 on: November 21, 2018, 09:47:14 AM »
Yes. Revitalization is actually pretty simple. The local politics is what's screwed things up Jacksonville's situation more than anything else.
"A man who views the world the same at 50 as he did at 20 has wasted 30 years of his life.” - Muhammad Ali

Charles Hunter

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Re: VyStar Moving Headquarters Downtown
« Reply #26 on: November 23, 2018, 11:50:24 AM »
More VyStar news, from the Daily Record -
Quote
Because of VyStar's decision to move, the developers renovating the Laura Street Trio have altered plans for a parking garage at the corner of Main Street and Forsyth Street. What started as a garage with 500 spaces has grown to 810 spaces and seven levels that will be used by VyStar employees, the Barnett building and the Laura Street Trio.

https://www.bizjournals.com/jacksonville/news/2018/11/21/renovations-to-suntrust-tower-soon-to-be-vystar.html?ana=e_ph_prem&u=qn2xgMusSvJCgTcRVcM9Dg07e466fb&t=1542978306&j=85163791

thelakelander

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Re: VyStar Moving Headquarters Downtown
« Reply #27 on: November 23, 2018, 01:00:49 PM »
I wonder if they'll add retail to the garage? I also assume they'll have to go back to the DDRB?
"A man who views the world the same at 50 as he did at 20 has wasted 30 years of his life.” - Muhammad Ali

Steve

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Re: VyStar Moving Headquarters Downtown
« Reply #28 on: May 09, 2019, 07:46:19 AM »
Interior Demo beginning on 100 Laura.

On a positive note, Peterbrooke is staying and they confirmed they want to “activate street level retail”. Can’t argue with that:

https://www.jaxdailyrecord.com/article/vystar-wants-to-start-interior-demolition-at-100-w-bay-st

Steve

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Re: VyStar Moving Headquarters Downtown
« Reply #29 on: August 14, 2019, 09:33:17 AM »
Not surprising, but VyStar is moving it's downtown branch to the first floor of their HQ:

https://www.jaxdailyrecord.com/article/vystar-credit-union-moving-its-downtown-branch

That frees up space on the First Floor of the Ed Ball Building on Hogan St. The space isn't currently open to the street; you had to go into the main entrance of the building to get to the branch but it has visibility.

I know BBVA Compass got booted from the Landing. Any chance they take this space? Not nearly as visible as their old spot.