Author Topic: First Baptist Sells First Six Downtown Parcels  (Read 678 times)

Ken_FSU

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First Baptist Sells First Six Downtown Parcels
« on: February 18, 2020, 10:04:47 AM »
Full paywalled article, here: https://www.bizjournals.com/jacksonville/news/2020/02/17/first-baptist-begins-selling-downtown-properties.html?iana=hpmvp_jac_news_headline

Quote
The First Baptist Church has sold six downtown parcels, taking a block out of the more than 11 acres it has on the market.

Missouri-based Homkor, owned by Ellen and James Wiss, closed on the properties for $1.1 million on Feb. 15.

The purchase includes a four-story building at 211 W. Ashley St. built in 1954 and a two-story building at 604 N. Hogan St. built in 1947, as well as adjacent surface parking. Both buildings have been vacant for more than five years.

After a minimal adaptive reuse, the properties will house about 200 apartment units and contain ground floor retail, James Wiss told the Business Journal. Although, he said, plans for Homkor's First Baptist properties are still preliminary.

"We're excited with the acquisition and seeing where this goes," said Wiss.

The couple previously purchased the former Federal Reserve Bank Building at 424 N. Hogan St. for $714,000 in 2018, and they are buying two more properties within the block bounded by Beaver, Ashley, Hogan and Julia streets. Wiss said Homkor was still in the market for more acquisitions downtown.

Homkor has gutted the Federal Reserve Bank Building and is still deciding on the building's future function, Wiss said.

thelakelander

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Re: First Baptist Sells First Six Downtown Parcels
« Reply #1 on: February 18, 2020, 10:15:30 AM »
Great news. Homkor has successfully pulled off much larger adaptive reuse projects in other cities like Kansas City. They also seem to be a lot more committed to recognizing the importance of historic buildings on the urban landscape, meaning 211 W. Ashley and 604. N. Hogan are both likely to remain with the new infill taking place in the surface parking lots surrounding them. Good move for Jax.
"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: First Baptist Sells First Six Downtown Parcels
« Reply #2 on: February 18, 2020, 12:22:01 PM »
Great news. Homkor has successfully pulled off much larger adaptive reuse projects in other cities like Kansas City. They also seem to be a lot more committed to recognizing the importance of historic buildings on the urban landscape, meaning 211 W. Ashley and 604. N. Hogan are both likely to remain with the new infill taking place in the surface parking lots surrounding them. Good move for Jax.

Agreed. I also think that while the Federal Reserve building is awesome and certainly could be reused, having multiple adjacent properties opens up the use.

JaxAvondale

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Re: First Baptist Sells First Six Downtown Parcels
« Reply #3 on: February 18, 2020, 03:53:37 PM »
Great news! I definitely welcome some additional activity on Ashley. This will help the new vegan restaurant on Ashley.

jagsonville

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Re: First Baptist Sells First Six Downtown Parcels
« Reply #4 on: February 18, 2020, 04:52:12 PM »
Great news indeed! Homkor is acquiring lots of property in that part of downtown. Can’t wait to see what they have in store.

itsfantastic1

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Re: First Baptist Sells First Six Downtown Parcels
« Reply #5 on: February 18, 2020, 10:40:46 PM »
Weren't the Ashley and Hogan parcels they bought part of JFRD expansion that would've resulted in potential demolition? Seems like from their comments they just have some adaptive reuse, which would be great news

thelakelander

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Re: First Baptist Sells First Six Downtown Parcels
« Reply #6 on: February 19, 2020, 08:26:26 AM »
Here is more info on the project. It's pretty wild how a building can be one person's trash but another's treasure. Glad there's more fresh blood looking at ways to maximize downtown's historic assets as opposed to the traditional view of these spaces lacking value or that an empty site is more marketable than a vacant building.

Full article: https://www.jaxdailyrecord.com/article/investors-buy-first-baptist-church-property-plan-dollar25-million-project
"A man who views the world the same at 50 as he did at 20 has wasted 30 years of his life.” - Muhammad Ali