Author Topic: The District wants $26 million in public incentives  (Read 33443 times)

Bativac

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Re: The District wants $26 million in public incentives
« Reply #105 on: March 15, 2018, 07:50:38 PM »
From the article:


Before starting the development, Rummell and partner Michael Munz need to complete financing, buy the land and earn Downtown Investment Authority and City Council approval."

Sorta confused here, thought they had approval from DIA and City Council. 

Count me in the "still skeptical" group in regards to this 'project.'   Looking for financing 4 years after being awarded the development rights?

Yeah. It reads like another press release. I would not hold my breath on this one.

edjax

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Re: The District wants $26 million in public incentives
« Reply #106 on: March 15, 2018, 08:40:34 PM »
With regard to potential HQ moving there, perhaps Acosta?


jagsonville

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Re: The District wants $26 million in public incentives
« Reply #108 on: March 22, 2018, 05:50:39 PM »
Sounds promising... don’t think Rummel had deep enough pockets to pull of the financing by himself. Hopefully this will end up like the Barnett where someone with a good idea but lack of financing found a deep pocketed partner to pull off a project.

MusicMan

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Re: The District wants $26 million in public incentives
« Reply #109 on: March 23, 2018, 09:19:27 AM »
Babcock Ranch?  Never heard of it. And I go to SW Florida a couple times a year for work.

How about a moratorium on this thread until Rummel closes on the real estate? 

We are now 1000 days (can that be correct?) since he was awarded the rights to develop this property.

And the truth is we still don't know if he will close. At this point all the questions should be answered.


From the article:

"The Michael Munz and Peter Rummell mixed-use development on the Southbank could soon be in front of city planners."

Can someone tell me what this means? 
If he does not close I wonder if RocaPointe is still interested?

CityLife

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Re: The District wants $26 million in public incentives
« Reply #110 on: March 23, 2018, 09:44:44 AM »
^You haven't heard of it, because it is just getting started. People in the development industry in Florida are well aware of it. Huge and very important project.

Syd Kitson is a well regarded guy in Florida and so is his firm. I don't believe they have much of a track record with vertical urban/downtown type projects, but that doesn't mean they can't pull it off. There are national firms that would be more of a slam dunk, but this is still a very positive step from Rummell's team.

MusicMan

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Re: The District wants $26 million in public incentives
« Reply #111 on: March 23, 2018, 09:51:30 AM »
"...a very positive step from Rummel's team..."

His team of 2?   This is the most screwed up POS real estate deal in the history of a town littered with screwed up real estate deals.

Why not give Rummel 1000 more days?  I guess it will be 1000 more (if he closes this summer) before anything is finished over there....
« Last Edit: March 23, 2018, 09:53:58 AM by MusicMan »

heights unknown

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Re: The District wants $26 million in public incentives
« Reply #112 on: March 23, 2018, 09:57:08 AM »
"...a very positive step from Rummel's team..."

His team of 2?   This is the most screwed up POS real estate deal in the history of a town littered with screwed up real estate deals.

Why not give Rummel 1000 more days?  I guess it will be 1000 more (if he closes this summer) before anything is finished over there....
LOL. Music Man I like you. My thoughts and sentiments exactly. In my opinion here is another one we shouldn't be wasting our time with pondering over whether to give out precious funds; not that the track record is not there, but already they are showing a lack of irresponsibility and non-initiative in getting this project off the ground. Things take too long as it is to get constructed and finished in this city.
« Last Edit: March 24, 2018, 12:25:11 AM by heights unknown »
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KenFSU

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Re: The District wants $26 million in public incentives
« Reply #113 on: March 23, 2018, 10:08:08 AM »
Babcock Ranch?  Never heard of it. And I go to SW Florida a couple times a year for work.

I'm from Fort Myers.

It's a pretty big deal.

It's one of the most ambitious, meticulously planned developments you'll find anywhere.

Not necessarily analogous with the District in terms of development type, but in terms of philosophy, it seems like a great fit.

With Kitson & Partners leading development, I wouldn't expect a sprint toward construction, but I'm positive it'll be really well thought out.

Here's some more info:

https://www.bloomberg.com/news/features/2018-03-23/this-florida-city-is-100-solar-powered

https://www.nbcnews.com/mach/science/babcock-ranch-aims-be-america-s-greenest-city-inspiration-ncna854076

https://arstechnica.com/science/2018/02/how-to-build-a-self-driving-solar-powered-telehealth-stem-educated-town/

https://www.thestar.com/life/travel/2018/03/02/floridas-babcock-ranch-is-a-planned-community-that-really-runs-on-sunshine.html

http://www.nbc-2.com/story/37695664/babcock-ranch-holds-grand-opening

https://www.coastalliving.com/homes/babcock-ranch-solar-town-florida

https://fortmyers.floridaweekly.com/articles/babcocks-charter-school-system-is-growing-quickly/


fieldafm

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Re: The District wants $26 million in public incentives
« Reply #114 on: March 23, 2018, 10:25:41 AM »
Quote
I don't believe they have much of a track record with vertical urban/downtown type projects

That is correct. Kitson is mainly a developer of suburban retail centers and golf-course/country club developments... the Solar City concept is a pivot from the company's typical wheelhouse.


Quote
"The Michael Munz and Peter Rummell mixed-use development on the Southbank could soon be in front of city planners."

Can someone tell me what this means? 

A development agreement along with the necessary entitlements still need completion/approval from the DIA/City.. which would include infrastructure agreements (like water/sewer/utilities/roadways/sidewalks/etc).  A project like this would have been a DRI, until Governor Scott got rid of those awhile back.  If I am not mistaken, there was a DRI done on this site from the previous development proposal from the 2004/2005 timeframe. Pretty sure they are using that previous DRI as a template for the new entitlement, but I could be wrong as I obviously don't work for/on this project.

MusicMan

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Re: The District wants $26 million in public incentives
« Reply #115 on: March 23, 2018, 10:33:31 AM »
Sounds like a cool project.

Can they handle 2 MASSIVE projects at the same time, at 2 different ends of the state? (After review it looks like BR is mostly complete)



Rummel has played the JEA Board and the JAX citizenry hungry for SOMETHING on that parcel like a Stradivarius.

If you go back and read the quotes from the past 3+ years it's a comedy of errors (and omissions)  from Rummel's "team."

I am just tired of the talk...........  Isn't everybody else?

« Last Edit: March 23, 2018, 10:36:32 AM by MusicMan »

tufsu1

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Re: The District wants $26 million in public incentives
« Reply #116 on: March 23, 2018, 10:45:00 AM »
^ Babcock Ranch is nowhere near mostly complete - it pretty much just opened

and yes, I am very tired of the talk on this project - have very little confidence in Rummel/Munz to pull this off

jagsonville

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Re: The District wants $26 million in public incentives
« Reply #117 on: March 26, 2018, 12:23:31 PM »

Steve

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Re: The District wants $26 million in public incentives
« Reply #118 on: March 26, 2018, 02:04:55 PM »
I'm more okay if the funds are going to infrastructure (water/sewer, roads, electrical, etc.). CDDs certainly aren't uncommon. I'm not as familiar with the REV grants though as that's the critical piece (The payback).

Steve

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Re: The District wants $26 million in public incentives
« Reply #119 on: March 26, 2018, 02:06:36 PM »
David Cawton's twitter has more info. This seems to be making more sense now, but still not sure as I'd like to see the full report and read it.