Author Topic: Hyatt Place Tower Preparing to Break Ground in Downtown  (Read 5777 times)


edjax

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Re: Hyatt Place Tower Preparing to Break Ground in Downtown
« Reply #31 on: September 12, 2019, 07:32:04 PM »
Anything happening on this?

Kerry

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Re: Hyatt Place Tower Preparing to Break Ground in Downtown
« Reply #32 on: September 13, 2019, 10:53:09 AM »
Anything happening on this?

Rats - saw an update was made to this thread and thought something was happening :)

From a developer perspective, the City closed and is tearing down The Landing and spending $260 million about a mile down the road at Lot J.  If it was your money wouldn't you revaluate your project?
Third Place

Captain Zissou

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Re: Hyatt Place Tower Preparing to Break Ground in Downtown
« Reply #33 on: September 13, 2019, 11:41:10 AM »
Anything happening on this?

Rats - saw an update was made to this thread and thought something was happening :)

From a developer perspective, the City closed and is tearing down The Landing and spending $260 million about a mile down the road at Lot J.  If it was your money wouldn't you revaluate your project?
I agree, but they also have a contractual obligation to build something on that site, so tough noogies.

Kerry

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Re: Hyatt Place Tower Preparing to Break Ground in Downtown
« Reply #34 on: September 13, 2019, 11:57:41 AM »
Anything happening on this?

Rats - saw an update was made to this thread and thought something was happening :)

From a developer perspective, the City closed and is tearing down The Landing and spending $260 million about a mile down the road at Lot J.  If it was your money wouldn't you revaluate your project?
I agree, but they also have a contractual obligation to build something on that site, so tough noogies.

Might be cheaper to just pay the exit penalty.
Third Place

Steve

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Re: Hyatt Place Tower Preparing to Break Ground in Downtown
« Reply #35 on: September 13, 2019, 12:05:00 PM »
Anything happening on this?

Rats - saw an update was made to this thread and thought something was happening :)

From a developer perspective, the City closed and is tearing down The Landing and spending $260 million about a mile down the road at Lot J.  If it was your money wouldn't you revaluate your project?
I agree, but they also have a contractual obligation to build something on that site, so tough noogies.

Might be cheaper to just pay the exit penalty.

No one was coming into Jacksonville and getting a hotel to go to the Landing. Now, to have a meeting at an office building? That's a different story. While it certainly will look more depressing without the landing, I'm not sure it changes hotel occupancy numbers, especially since Hyatt Place and Indigo share a price point and the Indigo project was killed with VyStar's purchase of the building.

vicupstate

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Re: Hyatt Place Tower Preparing to Break Ground in Downtown
« Reply #36 on: September 13, 2019, 12:19:41 PM »
Quote
No one was coming into Jacksonville and getting a hotel to go to the Landing.

I don't know about that. Eating at the highest-grossing Hooters in the chain would be on a lot of people's bucket list. 

On a serious note, they might have thought they could get a premium on FL-GA. Not hard to believe they would get it. One would think the city would tell them it was going away. 
"The problem with quotes on the internet is you can never be certain they're authentic." - Abraham Lincoln

Steve

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Re: Hyatt Place Tower Preparing to Break Ground in Downtown
« Reply #37 on: September 13, 2019, 01:32:14 PM »
Quote
No one was coming into Jacksonville and getting a hotel to go to the Landing.

I don't know about that. Eating at the highest-grossing Hooters in the chain would be on a lot of people's bucket list. 

On a serious note, they might have thought they could get a premium on FL-GA. Not hard to believe they would get it. One would think the city would tell them it was going away. 

They still have the Florida-Georgia traffic. Every hotel downtown is jammed full that weekend at any price.

bl8jaxnative

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Re: Hyatt Place Tower Preparing to Break Ground in Downtown
« Reply #38 on: September 14, 2019, 10:31:29 AM »
Anything happening on this?

Rats - saw an update was made to this thread and thought something was happening :)

From a developer perspective, the City closed and is tearing down The Landing and spending $260 million about a mile down the road at Lot J.  If it was your money wouldn't you revaluate your project?

No competent hotelier would've been factoring an empty The Landing in their plans.   A handful of shops being used to launder money isn't scientifically known as an attraction.

tufsu1

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Re: Hyatt Place Tower Preparing to Break Ground in Downtown
« Reply #39 on: September 14, 2019, 06:41:47 PM »
^ source please

Steve

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Re: Hyatt Place Tower Preparing to Break Ground in Downtown
« Reply #40 on: January 27, 2020, 11:35:26 AM »
Looks like a 6 month delay was requested:

https://www.jaxdailyrecord.com/article/downtown-hyatt-place-developer-seeks-an-extension-to-start-construction

Doesn't specifically say why, but I do know the site has been a staging site for the VyStar Tower renovations. Interestingly, the agreed completion date wasn't changed (April 2021). That tells me that either they think they won't need all 6 months, or they aren't going to break ground at all.

JaxAvondale

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Re: Hyatt Place Tower Preparing to Break Ground in Downtown
« Reply #41 on: January 27, 2020, 11:51:49 AM »
I imagine that the Landing demo impacted construction as well. April 2021 is a tight deadline. Let’s hope Vystar’s renovations are completed by the end of the 1st quarter.

Steve

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Re: Hyatt Place Tower Preparing to Break Ground in Downtown
« Reply #42 on: January 27, 2020, 11:56:21 AM »
I imagine that the Landing demo impacted construction as well. April 2021 is a tight deadline. Let’s hope Vystar’s renovations are completed by the end of the 1st quarter.

I think coming soon here, there will be construction but not to the same magnitude - at one point the Life of the South Building looked like a brick exterior and nothing else.

Once the interior build out is largely complete, the staging area should be much less.

CityLife

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Re: Hyatt Place Tower Preparing to Break Ground in Downtown
« Reply #43 on: January 27, 2020, 12:56:47 PM »
My guess is they want to see what plays out with Lot J, The District, Ford on Bay, Landing replacement, and everything else downtown. Wouldn't blame them one bit for that.

Steve

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Re: Hyatt Place Tower Preparing to Break Ground in Downtown
« Reply #44 on: January 27, 2020, 12:59:52 PM »
My guess is they want to see what plays out with Lot J, The District, Ford on Bay, Landing replacement, and everything else downtown. Wouldn't blame them one bit for that.

I'm not sure. It's a business hotel. None of those aside from maybe 1 building in Lot J and possibly part of "Ford" would have an office component.

The office tower market hasn't changed despite all of this.