Author Topic: The District wants $26 million in public incentives  (Read 32761 times)

heights unknown

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Re: The District wants $26 million in public incentives
« Reply #210 on: September 28, 2018, 04:31:10 PM »
I think it will happen (see my previous post on pessimism and optimism). As Captain Zissou and JaxNyc79 said, there are numerous preliminary items and issues that need to be attended to and resolved, most I think of a financial and environmental nature, before we see cranes and bulldozers. I will retain and "carry on" not only my optimism, but also my faith and positive attitude (sheesh, Jax, don't let us down).
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MusicMan

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Re: The District wants $26 million in public incentives
« Reply #211 on: September 29, 2018, 02:15:07 PM »
Well as of right now the transaction still has not been recorded on COJ.net

Why not? You would think 3 months after the fact the biggest vacant lot transaction in town would have been recorded on the City Property Appraiser Public Access website.
 

Nope...                    https://paopropertysearch.coj.net/Basic/Detail.aspx?RE=0800960010

It is however mentioned in the Official Records, so I guess they will get around to it eventually.

And for what it's worth there appears to be a Mortgage on this property being held by Preston Hollow Capital LLC in the amount of $20,000,000.
« Last Edit: September 29, 2018, 02:21:40 PM by MusicMan »

KenFSU

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Re: The District wants $26 million in public incentives
« Reply #212 on: September 29, 2018, 05:46:07 PM »
Well as of right now the transaction still has not been recorded on COJ.net

Why not? You would think 3 months after the fact the biggest vacant lot transaction in town would have been recorded on the City Property Appraiser Public Access website.
 

Nope...                    https://paopropertysearch.coj.net/Basic/Detail.aspx?RE=0800960010

It is however mentioned in the Official Records, so I guess they will get around to it eventually.

And for what it's worth there appears to be a Mortgage on this property being held by Preston Hollow Capital LLC in the amount of $20,000,000.

Come on guys, do some simple research.

Preston Hollow has always been Element's capital partner on the project.

It ain't no secret.

From the Jax Daily Record after the closing:

Quote
Dallas-based Preston Hollow Capital LLC facilitated the $18.59 million payment to the group’s Elements Development of Jacksonville LLC to secure the land, formerly home of JEA’s Southside Generating Station.

According to Duval County property records, Elements on July 13 secured a $20 million mortgage with Preston Hollow Capital, then closed on the property through a transaction with JEA.

Preston Hollow also partnered with Jacobs on the winning convention center bid, if we want to throw that into the conspiracy as well.

They're clearly bullish on Jacksonville, and I'd keep my eye on that name in the future as well.

I've said it for the last couple of years, and I'll say it again.

This project will break ground well in advance of anything on Lot J or the Shipyards.

Yes, it took longer than expected to close, but for the last two or three years, Elements has been very transparent about what they are doing. From going through the DDRB, to getting the environmental green light on the property, to permitting the marina, to securing an economic development agreement to the city, to closing on the land, and now to establishing the CDD, conveying 4.5 acres back to the city, issuing $30 million in bonds, beginning horizontal construction, and then going vertical.

They've been open about their plan, and they're executing on it.

You can't snap your fingers and get state approval on a CDD overnight.

It's a months-long process.

I see with my own eyes every day how much this project means to Elements and how much time and money they put into it, and I just don't get why this is the project that everyone constantly cries foul on.

Have Shad Khan and the Jags done ANYTHING since winning development rights to the Shipyards, besides releasing three different sets of renders, interfering with the convention center bid, and demanding the removal of Hart Bridge ramps?

Be optimistic. It might not be sexy, but the District has made more progress in the last two years than the Shipyards, Lot J, Berkman, and Ambassador combined.

acme54321

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Re: The District wants $26 million in public incentives
« Reply #213 on: September 30, 2018, 08:28:56 PM »
FYI - within the last week or so a small area in the middle of the property has been fenced off with construction fencing and it appears that some additional survey markers have been installed.  Then today I noticed that a drill rig had been delivered on site within the last couple of days.  Plus, they're keeping it mowed  ;D

acme54321

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Re: The District wants $26 million in public incentives
« Reply #214 on: December 17, 2018, 05:50:05 PM »
Drove by this afternoon and saw what appeared to be Rummel (or another old guy that looks like him ;D) and a bunch of other suits out there looking at plans on the trunk of a car for whatever that's worth.

marcuscnelson

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Re: The District wants $26 million in public incentives
« Reply #215 on: December 18, 2018, 10:42:40 PM »
Drove by this afternoon and saw what appeared to be Rummel (or another old guy that looks like him ;D) and a bunch of other suits out there looking at plans on the trunk of a car for whatever that's worth.

Little did you know, they were waiting for you to drive by so they could look like they're working on it!

sanmarcomatt

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Re: The District wants $26 million in public incentives
« Reply #216 on: May 21, 2019, 08:56:52 AM »
Hmmmm..sipping cocktails in a District riverfront bar or shopping in my San Marco Publix? Which comes first. Not sure which way to go. Of course, none of the above is always a strong Jax option.

https://www.jaxdailyrecord.com/article/the-district-takes-step-toward-building-public-infrastructure-at-the-site


thelakelander

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Re: The District wants $26 million in public incentives
« Reply #217 on: May 21, 2019, 09:33:18 AM »
Cool. However, is this a misprint?

Quote
Owned by developers Peter Rummell and Michael Munz through Elements of Development Jacksonville LLC, the 32-acre mixed-use development is planned for completion in 2022.

Quote
When complete, The District will comprise 1,170 residential units, both for sale and lease; 200,000 square feet of office space; more than 200,000 square feet designated for retail; a hotel; riverfront bars and restaurants; a 125-slip marina; and a 3.5-acre riverfront park with an extension of the Southbank Riverwalk.

For this to be completed in 2022, literally all of what's described above would need to break ground like yesterday.
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sanmarcomatt

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Re: The District wants $26 million in public incentives
« Reply #218 on: May 21, 2019, 09:37:48 AM »
Cool. However, is this a misprint?

Quote
Owned by developers Peter Rummell and Michael Munz through Elements of Development Jacksonville LLC, the 32-acre mixed-use development is planned for completion in 2022.

Quote
When complete, The District will comprise 1,170 residential units, both for sale and lease; 200,000 square feet of office space; more than 200,000 square feet designated for retail; a hotel; riverfront bars and restaurants; a 125-slip marina; and a 3.5-acre riverfront park with an extension of the Southbank Riverwalk.

For this to be completed in 2022, literally all of what's described above would need to break ground like yesterday.

No problem in Rummel World. At the last downtown meeting, he said I would be sipping that drink in 2021.

Captain Zissou

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Re: The District wants $26 million in public incentives
« Reply #219 on: May 21, 2019, 10:07:18 AM »
Can't wait for the new surface lot on the river next to the DCSB.  Why don't we move their headquarters into Kirby Smith or one of the other schools slated for demolition?  Their current building isn't that big. It's not that nice.  It does not need to be anywhere near the river.

acme54321

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Re: The District wants $26 million in public incentives
« Reply #220 on: May 21, 2019, 10:20:03 AM »
What are the odds that dirt is actually moving in July?  To be fair, the drilling rig that was out there recently as working in the new DCSB parking lot area.

Steve

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Re: The District wants $26 million in public incentives
« Reply #221 on: May 21, 2019, 11:10:07 AM »
Cool. However, is this a misprint?

Quote
Owned by developers Peter Rummell and Michael Munz through Elements of Development Jacksonville LLC, the 32-acre mixed-use development is planned for completion in 2022.

Quote
When complete, The District will comprise 1,170 residential units, both for sale and lease; 200,000 square feet of office space; more than 200,000 square feet designated for retail; a hotel; riverfront bars and restaurants; a 125-slip marina; and a 3.5-acre riverfront park with an extension of the Southbank Riverwalk.

For this to be completed in 2022, literally all of what's described above would need to break ground like yesterday.

I feel like the infrastructure alone would take 12-24 months depending on level of effort.

vicupstate

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Re: The District wants $26 million in public incentives
« Reply #222 on: May 21, 2019, 02:15:12 PM »
This project, like the San Marco Publix is on 'Jacksonville Time'. 
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MusicMan

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Re: The District wants $26 million in public incentives
« Reply #223 on: May 21, 2019, 04:27:13 PM »
 "Can't wait for the new surface lot on the river next to the DCSB.  Why don't we move their headquarters into Kirby Smith or one of the other schools slated for demolition? "

Annie Lytle? 8)

acme54321

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Re: The District wants $26 million in public incentives
« Reply #224 on: May 22, 2019, 09:18:01 AM »


Interesting that they've eliminated the back road along the south edge of the property.  Seems like the one way in and out at Prudential would get very congested.