Author Topic: Rise Doro construction photos  (Read 14090 times)

jaxlongtimer

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Re: Rise Doro construction photos
« Reply #75 on: February 09, 2024, 03:47:13 PM »
Quote
The developer of the Rise Doro apartment building is “very committed” to rebuilding the structure after it was heavily damaged by fire but is evaluating whether to redesign the project, said the chief executive of the Downtown Investment Authority.

DIA CEO Lori Boyer said she and her staff had met with developer Rise: A Real Estate Company and learned that it was examining whether to rebuild on the site using concrete and steel as opposed to wood framing.

https://www.jaxdailyrecord.com/news/2024/feb/09/dia-ceo-rise-considering-redesign-for-doro-apartment-rebuild/

I will take this as a tacit admission the original design wasn't cutting the mustard.  Hope any new approach is a substantial upgrade. 

Developers should learn to "road test" their designs with the Jaxson's readers.  Might make things better for everyone.  8)

Jax_Developer

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Re: Rise Doro construction photos
« Reply #76 on: February 09, 2024, 04:10:48 PM »
The series of events here is truly amazing. So, after 8 of 247 leases were executed, they now feel confident to build at a much more expensive rate? Oh my... I love it. As a greedy developer, you really have to tip your hat here. They will go back to the DIA, ask for a TON more in incentives. Of course we, the people of Jacksonville, surely don't want another Berkman II plaza there for a decade. So, calling it now. The next incentive package will turn heads, and they will cite other packages & market conditions as their reasoning. Amazing & jealous that others get away with this stuff.

For those who care, the idea of them using another building material is very unlikely, unless a parking agreement is made with COJ. 284-spaces in their garage means they really can't increase the unit count. The rooms were already on the smaller side, so going up another floor here makes no sense cost wise. North Florida has huge subcontractor issues with block, so the real price gap is much higher in our local market than in Tampa or Atlanta for example. It kills a ton of these types of conversations early on.

jaxlongtimer

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Re: Rise Doro construction photos
« Reply #77 on: February 09, 2024, 04:20:16 PM »
^ Maybe they are planning LESS units offsetting the cost of higher level materials.  If they had a substantial financial cushion for vacancy rates, they might be able to spend roughly the same amount of dollars for fewer units built larger and with better materials.  Lower revenue per sq. ft. might then be offset by better occupancy rates creating the same (or maybe even better) revenue to cost ratio as originally budgeted.

Fewer units might also free up some parking spaces they can selectively rent out for events around the sports complex creating an additional revenue stream.  Maybe even sell the spaces using a time share model.

Jax_Developer

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Re: Rise Doro construction photos
« Reply #78 on: February 09, 2024, 04:32:17 PM »
Typically with 4-story or 5-story parking garage builds, you need about $2.50 psf to make a deal happen. Maybe a little higher given how expensive parking garages have become. When you build with block, or steel, that psf number goes up even more. Another $0.10 psf at the absolute minimum. Larger units = much worse return 99% of the time. Exceptions apply.

When we are talking about the economic health of a deal, it is always more economical to build more units, if all other expenses remain constant. That's because these deals have around 20-30% soft costs, and the land itself which is really divided by the total units as an "expense" to build. This is kinda a perfect situation for that, given that the parking is a non-factor for a re-build. In any case, you would NEED more units to offset the premium building material.

For example, if this projects land & soft costs are $15M of the $60M project, then at 200 units, your average there is $75k per unit. At 300 units, the average is $50k per unit. That delta is extremely significant on these projects. 25k per unit could "make up" the difference in the cost of premium framing. However, they are limited on their unit count by COJ code. UNLESS, they get a parking agreement somehow with COJ figured out. Then this becomes much more possible & likely.

jaxlongtimer

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Re: Rise Doro construction photos
« Reply #79 on: February 09, 2024, 05:16:04 PM »
JD, your analysis makes sense, of course.  I was just speculating that maybe they had an oversized financial cushion (possibly due to the City incentives originally promised or very conservative projections) and/or the economics are skewed by any insurance settlement they expect to get.  Offsets would be increases in costs over time to build again and/or for better materials.

They may also have an updated and improved view of the rental market for this project given how far along they were in the leasing process.  This experience may dictate a new approach to what they perceive the market wants to see.

Jax_Developer

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Re: Rise Doro construction photos
« Reply #80 on: February 09, 2024, 06:30:30 PM »
That’s very true Jax. I think the market will take it better when it’s rebuilt. And those incentives will be nice! Lol

acme54321

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Re: Rise Doro construction photos
« Reply #81 on: February 09, 2024, 07:39:02 PM »
I think they'd be doing everyone a favor if they redesigned that thing.  It was not complementary to the surrounding structures at all.  Total eyesore.
« Last Edit: February 09, 2024, 07:40:52 PM by acme54321 »

Ken_FSU

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Re: Rise Doro construction photos
« Reply #82 on: February 09, 2024, 07:56:33 PM »
Haven’t been following this one closely aside from just being sad for all involved and grateful no one was hurt. If you haven’t driven by it since the fire, pictures don’t do the scene justice.

Just noting how odd it is that the DIA would go to the press with that comment about RISE considering rebuilding with more durable materials. Fair or not, it almost implies that the original design was a contributing factor to where we are today. Feels like bad optics, and something that should come later down the road from RISE themselves once the investigation clears and insurance is settled.
« Last Edit: February 09, 2024, 08:00:55 PM by Ken_FSU »

Florida Power And Light

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Re: Rise Doro construction photos
« Reply #83 on: February 14, 2024, 07:52:31 PM »
This looks to be one ugly building.  On par with prison designs.  Great views of the parking garage.  I am still not sure who wants to pay up for living in this spot but adding the ugliness of this complex isn't going to help.  Maybe this cheap design will yield cheap rents to get tenants.

This is going to be a real blight on Khan's hopes for the area.  A $2 billion stadium and a Four Season's hotel living side by side with this garbage?

Just another gross example of this City's lack of aesthetic standards and willingness to let any project move forward just for the sake of appeasing developers.  In the long run, they just infect a whole area with low class outcomes and future development will be reduced in the name of today's development.

https://www.thejaxsonmag.com/article/rise-doro-construction-photos/









Fast Forward February 14, 2024

I have posted a comment to News4 Jax "Under Consideration" :
To wit:
Ugly building
Need a new Land Use/ Zone Designation: HSU  Human Storage Unit
Vapid
And something about a Half Billion Dollars (+) Downtown Public Participation.
« Last Edit: February 14, 2024, 10:10:43 PM by Florida Power And Light »