Author Topic: Armory Being RFP'd  (Read 10807 times)

Charles Hunter

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Re: Armory Being RFP'd
« Reply #45 on: September 04, 2020, 10:14:47 PM »
From the Business Journal
Quote
A project to redevelop the former National Guard Armory into a hub for local artists is moving forward nearly a year after the project was announced.

On Sept. 8, the Mayor’s Budget Review Committee will address a request to authorize the execution of a Lease and Economic Development Agreement between the city and Ft. Lauderdale-based REVA Development Corp. for the Armory at 851 North Market St. and the adjoining 928 North Liberty St. parcel.

Don D. Patterson, president of REVA, declined to comment on the specifics of the MBRC meeting, but he told the Business Journal things were still on track for the plan laid out in September 2019.

“The goal is to create and renovate the existing building for the benefit of bringing together Jacksonville’s rapidly developing art community. We really see this as a hub for the creators,” Patterson said Friday. “We intend to partner with the local organizations that are already doing phenomenal work and really just work hard to be a vehicle for helping foster real arts and culture in the city of Jacksonville.”
https://www.bizjournals.com/jacksonville/news/2020/09/04/lease-agreement-the-armory-mbrc-tuesday.html?ana=e_jac_bn_breakingnews_breakingnews&j=90527047&t=Breaking%20News&mkt_tok=eyJpIjoiTWpKaE5qQmpNMk01TkRGbCIsInQiOiJPT1ZCR2xLcGk5S2lXTzdqdTFSUGIwaVBPd2NGSVEzRmNcL2crTlFiVWFXaERad0doMGJqTGE0MjUyK0FHSSttMFIwMlF3VGw3d0RVRzdFaFwvODFcL01raGRiXC9UTkptOHAweVdwTVJJV01DTlwvRExnc2NGdzZcLzIrbXpmeU5vbGVrMCJ9

thelakelander

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Re: Armory Being RFP'd
« Reply #46 on: September 04, 2020, 11:07:48 PM »
Good to see this still moving forward. If successful, this will be huge for the Eastside, Springfield and the Cathedral District.
"A man who views the world the same at 50 as he did at 20 has wasted 30 years of his life.” - Muhammad Ali

thelakelander

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Re: Armory Being RFP'd
« Reply #47 on: September 08, 2020, 10:10:16 PM »
"A man who views the world the same at 50 as he did at 20 has wasted 30 years of his life.” - Muhammad Ali

vicupstate

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Re: Armory Being RFP'd
« Reply #48 on: September 09, 2020, 09:48:59 AM »
Has anybody checked the warehouse parcel for contamination? Isn't that a major problem for this general vicinity?
« Last Edit: September 09, 2020, 01:03:42 PM by vicupstate »
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Charles Hunter

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Re: Armory Being RFP'd
« Reply #49 on: October 24, 2020, 09:56:47 PM »
From JBJ, flooding, what flooding?
Quote
Council member Aaron Bowman asked Wendland if REVA has considered the potential for flooding from Hogan’s Creek.

Wendland said the developer will include a disclaimer clause in its tenant leases.

“Part of it’s just planning, frankly,” he said. “In the Armory, they’re going to have to notify the lessors that there’s a possibility of flooding at certain times.”

Wendland added that the mid-rise residential building would be built on top of a two-level parking garage that would mitigate flooding inside the apartments.

“There could be some issues with cars needing to get out of there, but there shouldn’t be a situation where the units are in jeopardy,” Wendland said.
https://www.jaxdailyrecord.com/article/arts-focused-renovation-at-historic-armory-building-moves-to-city-council

MusicMan

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Re: Armory Being RFP'd
« Reply #50 on: October 25, 2020, 12:44:24 PM »
Flooding any other other issue such as this needed to be dealt with during due diligence.  That should be written into the contract.

Bill Hoff

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Re: Armory Being RFP'd
« Reply #51 on: October 25, 2020, 01:11:18 PM »
From JBJ, flooding, what flooding?
Quote
Council member Aaron Bowman asked Wendland if REVA has considered the potential for flooding from Hogan’s Creek.

Wendland said the developer will include a disclaimer clause in its tenant leases.

“Part of it’s just planning, frankly,” he said. “In the Armory, they’re going to have to notify the lessors that there’s a possibility of flooding at certain times.”

Wendland added that the mid-rise residential building would be built on top of a two-level parking garage that would mitigate flooding inside the apartments.

“There could be some issues with cars needing to get out of there, but there shouldn’t be a situation where the units are in jeopardy,” Wendland said.
https://www.jaxdailyrecord.com/article/arts-focused-renovation-at-historic-armory-building-moves-to-city-council

Aka "deal with it". Lol.

thelakelander

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Re: Armory Being RFP'd
« Reply #52 on: October 28, 2020, 04:22:33 PM »
Quote
Agreement for $23 million proposal to renovate historic Armory Building approved

City Council approved a deal Oct. 27 between Fort Lauderdale-based REVA Development Corp. and the city to renovate the historic Armory Building for a $23 million arts-focused complex.

 In a 19-0 vote, Council approved Ordinance 2020-591 that includes a redevelopment agreement and a 40-year, $1 annual lease for the armory at 851 N. Market St.

REVA plans to brand the redevelopment “Made at the Armory” with art studios and galleries and retail, restaurant, performance and event spaces.

https://www.jaxdailyrecord.com/article/agreement-for-dollar23-million-proposal-to-renovate-historic-armory-building-approved
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nuts over reality

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Re: Armory Being RFP'd
« Reply #53 on: December 01, 2020, 10:37:06 PM »
REVA is required to make a $3 million initial investment in the property, Wendland said. It also must maintain “minimum levels of maintenance” on the building. The city could terminate the lease if the building is not maintained or if activity at the property is not sufficient.

So if the armory building is not maintained the city gets the armory back and now looses the majority of the land needed for parking.


nuts over reality

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Re: Armory Being RFP'd
« Reply #54 on: December 01, 2020, 10:43:11 PM »
“It has some attractive components for the developer. It ties them to a series of benchmarks and timelines that I think are pretty strict and well-balanced,” Hughes said.


The armory should be up and running before the developer is allowed to destroy the adjacent property. The goal is to bring back the armory as a vital part of the downtown.

There are plenty of residential projects already planned for the area.

Has any one done a parking study on the Armory?

Maybe this needs to be reassessed as the viability of the plan that's been presented.

thelakelander

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Re: Armory Being RFP'd
« Reply #55 on: December 02, 2020, 07:47:36 AM »
^I'm confused. When I read the article, I got the impression that the developer has an option to acquire an adjacent parcel to construct the residential portion. It comes off as a potential second phase, with the armory being the first phase.
"A man who views the world the same at 50 as he did at 20 has wasted 30 years of his life.” - Muhammad Ali

nuts over reality

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Re: Armory Being RFP'd
« Reply #56 on: December 04, 2020, 11:15:23 AM »
The goal of the developer is to build the housing and vacate the armory.
That's the reason he is doing a $1 lease.
What he has proposed for the armory is a long shot.
Back to the 1 lease. If the armory fails he owes the city only 20.00
To put a food hall and art studio's in the armory is probably a 10 mil investment.

He will apply for a HUD loan to build the apartment part. That where the money is.
As a developer contract he can build almost 30% into the cost of the loan as his profits.
Also the loans are usually non recourse.

If he builds the apartments and owns the land and gives back to the city the armory he own the majority of the land that exist around the armory.
What use will the Armory have with no parking.
Also as I mentioned before has a parking study been done on the concept for the Armory.

Last, the tenants will be told the build might flood. Great solution.
Apartments wont flood but all the cars will be flooded. Great answers.

Reva was trying to do a development in pompano with the cra. it was turned down. I think he still has an outstanding loan with HUD for that project.

The city just sees 25 million dollar investment as a source or revenue. They should focused on the true validity of the project.

nuts over reality

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Re: Armory Being RFP'd
« Reply #57 on: December 04, 2020, 11:18:57 AM »
sorry for not checking my grammar and spelling.

thelakelander

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Re: Armory Being RFP'd
« Reply #58 on: December 04, 2020, 12:01:17 PM »
Quote
The goal of the developer is to build the housing and vacate the armory.

Was this in the documentation? That's the first I've heard of this goal. Is there anywhere that we can read and learn more about it?
"A man who views the world the same at 50 as he did at 20 has wasted 30 years of his life.” - Muhammad Ali

nuts over reality

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Re: Armory Being RFP'd
« Reply #59 on: December 04, 2020, 12:41:17 PM »
Why wouldn't the developer want to acquire ownership of the armory?

Reason:
If the concept fails he not responsible for the property taxes on what ever value is set to the property once ownership is transferred.
This is why he want's the dollar a year lease. Reduce your obligation.

What is the property tax the city is charging for the armory?

If the developer feels that the project will be successful you would purchase the property and use it as collateral to obtain a loan for the development of the armory.

I enjoy reading your comments on projects that the city is doing. You have alot of knowledge on Jacksonville.

The DIA should do more due diligence on this project.

Of course the quote is my quote!