Author Topic: Plans for Proposed Forsyth and Main Parking Garage Grow  (Read 2525 times)

thelakelander

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Re: Plans for Proposed Forsyth and Main Parking Garage Grow
« Reply #15 on: September 18, 2019, 07:49:11 PM »
Full article link: https://www.jaxdailyrecord.com/article/vystar-will-build-downtown-parking-garage-near-laura-street-trio

VyStar is making a serious investment in downtown. It would be good for the city to follow suit. Hopefully this move speeds up the process of getting the Trio project underway.

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Re: Plans for Proposed Forsyth and Main Parking Garage Grow
« Reply #16 on: September 18, 2019, 09:24:35 PM »
Good! This is essential to the project though I hate parking garages in downtown Jax!
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Captain Zissou

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Re: Plans for Proposed Forsyth and Main Parking Garage Grow
« Reply #17 on: September 18, 2019, 10:43:30 PM »
Is this design going to have to go back to DDRB for the 3rd time because of this?  I trust Vystar to complete this sooner than Southeast, but how many times must a garage design get approved?

thelakelander

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Re: Plans for Proposed Forsyth and Main Parking Garage Grow
« Reply #18 on: September 18, 2019, 11:12:27 PM »
Sounds like they're going to build what's already designed. If that's the case, like the former Hotel Indigo project they purchased, they won't need to go back to the DDRB.
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thelakelander

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Re: Plans for Proposed Forsyth and Main Parking Garage Grow
« Reply #19 on: September 18, 2019, 11:34:57 PM »
More info:

https://www.jacksonville.com/news/20190918/new-deal-could-arise-for-restoring-jacksonvilles-historic-laura-street-trio

Seems like the construction cost estimates have increased, which could be why things have been slow to get moving on the garage and Trio.
"A man who views the world the same at 50 as he did at 20 has wasted 30 years of his life.” - Muhammad Ali

Captain Zissou

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Re: Plans for Proposed Forsyth and Main Parking Garage Grow
« Reply #20 on: September 19, 2019, 08:57:09 AM »
As long as they don't ask for $200M, I say give them whatever they need and lets get this rolling. 

FlaBoy

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Re: Plans for Proposed Forsyth and Main Parking Garage Grow
« Reply #21 on: September 19, 2019, 10:53:43 AM »
As long as they don't ask for $200M, I say give them whatever they need and lets get this rolling.

Of all the projects discussed, this is the most important one for revitalization of downtown.

Captain Zissou

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Re: Plans for Proposed Forsyth and Main Parking Garage Grow
« Reply #22 on: September 19, 2019, 11:13:07 AM »
As long as they don't ask for $200M, I say give them whatever they need and lets get this rolling.

Of all the projects discussed, this is the most important one for revitalization of downtown.

I agree, but the previous project cost was listed at $44M, so a $200M incentive package would be high even by Lenny/Shad's standards.

I was half joking.  I don't care what they ask. Give it to them and let's go.


jaxjags

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Re: Plans for Proposed Forsyth and Main Parking Garage Grow
« Reply #24 on: September 20, 2019, 12:29:18 PM »
Boyer's comments : “We need to look at Trio with a fresh set of eyes,” Boyer said. “We need to look at it realistically in terms of demand for hotel space, what you can expect to get in rent Downtown, what does the pro forma look like and what is their (financial) gap? What do they have in the way of a financing structure, how’s it going to work?”

Not sure this part of project is going to be as originally planned. We will see.

thelakelander

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Re: Plans for Proposed Forsyth and Main Parking Garage Grow
« Reply #25 on: September 20, 2019, 01:27:12 PM »
Hopefully, they can figure out what the overall cost and financing gap happen to be for retrofitting long abandoned historic buildings that size.  I'm not sure the DIA is staffed to determine the market for certain types of uses like hotels  (assuming the hotel operator is still on board). I also doubt the majority of the redevelopment costs will be dramatically different regardless of if those +100 year old buildings become hotel, residential, etc.
"A man who views the world the same at 50 as he did at 20 has wasted 30 years of his life.” - Muhammad Ali