Elena Flats: A Look Inside Before Restoration Begins

[Gunnar]

The demand for downtown housing greatly outpaces housing supply. The available options stay virtually full. The real question is if the demand is there for the rents that will be necessary to cover the costs of a major project like this. It's risky, but kudos to these guys to giving it a shot.

Definitely agree. And if this works out, it might motivate others to do the same. Even if this is a smaller project, if it proves that investing in downtown without major subsidies provides a good return of investment then this would be a good thing.

[Wombley Womberly]

The demand for downtown housing greatly outpaces housing supply. The available options stay virtually full.

News to me. Where did you get that information, please?

[thelakelander]

^This has been known for a while. No one is struggling to fill up housing in downtown, when it comes online.

[Wombley Womberly]

Known how?

[thelakelander]

Reports with occupancy rates are released every so often.

[Wombley Womberly]

Can you link to the latest one, please? Thanks!

[thelakelander]

Here's a link:

http://downtownjacksonville.org/Libraries/PDF_Libraries/Technical_Supplement_WEB.sflb.ashx

Residential info is displayed on pages 9-12.

[Wombley Womberly]

Thank you!

[CCMjax]

When complete, the former 22-room rooming house will feature four, high-end, 1,750 square-foot apartment units, each with its own private porch.

Just what downtown needs, more luxury housing aka out of the price range of the people who create a vibrant city.  White collar Range Rover owners who work in the Edge City & more trust fund hipsters is what Downtown Jacksonville needs.. 

Is this trickle-down place making?

Create space for the wealthy and the middle class will eventually want to come downtown??

Goodness gracious!  Be supportive of someone restoring an old treasure downtown for crying out loud.  Why the hell do you care if some people that make a decent living move downtown?  The new owners of this building are obviously making a pretty decent living otherwise they wouldn't have been able to get the place and take on this project; are they not allowed to live downtown either?  Trust me the owners of the local establishments in the Elbow District and Hemming Park area won't mind one bit.  If you want affordable apartments go down the street to the Carling, there are apartments available there for less than $800 a month.  If you think that's not affordable, move to Starke.  Downtown needs a variety of apartment options.

[CCMjax]

I truly don't mean to be negative, but who the hell is going to want to live here when all this hard work is done? I am sorry there is just nothing attractive around there. With soup kitchens everywhere the residents will be asked for money every time they leave their house, I can say this b/c i work downtown and get asked for money almost daily on my walks. I just see this project as to dis-connected from anything. I mean you are literally plopping in 4 luxury apartments in the middle of nothing, i just cant see demand to high here.

You get asked for money by panhandlers in any downtown in the world, even the most vibrant of downtowns.  I would say I was approached by panhandlers and obvious drug addicts more in San Francisco and Seattle more than any other city and those are considered model cities.  In the middle of nothing?  The Cathedral District is a residential community wedged between downtown, the Elbow District/River, and the Stadiums.  You can walk to all three of those areas.  Downtown is seeing slow progress, if I was an investor with lots of cash I would fix up some of the old homes in that community or infill on the vacant lots.  The one thing they really need to do is relocate the Transition Center at the end of Church for two reasons . . . 1) No one wants to live next to a "transition center" (but Elena Flats is far enough down the street that it doesn't feel sketchy) and this is potentially a great residential area, and 2) The property it sits on is right on Hogan's Creek and could potentially be an absolutely beautiful spot for a creekside park (emerald necklace!!!) and mixed use.  It is one building I am in favor of demolishing (and the jail down the street).  What would be great is if they could find a way to incorporate the police station, jail and transition center in one tower.  Police station on the first few floors, then transition center, then jail upper floors and locate it over by the courthouse where it isn't so residential.  Piece of cake right?  Just need tens of millions of dollars from the city and we are good to go!

[JaxJersey-licious]

I'm glad to see these new plans for this building and I understand the new owners would like to recoup money for the restoration, but I can't be the only one to think it would have made for a great urban hostel. Best of luck for the renovation, though.

[vicupstate]

I'm glad to see these new plans for this building and I understand the new owners would like to recoup money for the restoration, but I can't be the only one to think it would have made for a great urban hostel. Best of luck for the renovation, though.

It would have in terms of location and such, but Hostels are for the economy minded, so given the investment required, it may not have been feasible.

[Wombley Womberly]

I checked some realty listings today.

Prices for flats/condos/townhouses in downtown Jacksonville seem extremely high to me.

Is this really a considered a prime residential neighborhood? 

[UNFurbanist]

I think the prices are a little higher than they should be but there is indeed a lot of demand and the market just hasn't caught up on supply. There are a lot of millennials that want to live downtown but the prices are pretty inhibitive for that demographic.

[Wombley Womberly]

I can't imagine anyone that age in Jacksonville having the income to purchase property at the prices I'm seeing.