Author Topic: Vestcor's Next Project - Market Rate LaVilla Townhomes  (Read 7278 times)

Steve

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Vestcor's Next Project - Market Rate LaVilla Townhomes
« on: May 14, 2019, 01:45:40 PM »
Quote
A Jacksonville-based developer hopes to continue its investment in the northwest Downtown neighborhood of LaVilla with plans to build 70 townhomes for sale.

Vestcor Companies will ask the Downtown Investment Authority at its board meeting Wednesday to donate eight parcels of vacant city-owned property on West Adams, Johnson, Lee and West Forsyth Streets to build the one- and two-bedroom LaVilla Townhomes.

Plans show two models — a one bedroom, 1½ bath and a garage, and a two-bedroom, 2½ bath with carport.


https://www.jaxdailyrecord.com/article/vestcor-seeks-city-owned-property-in-lavilla-for-70-townhome-project

MusicMan

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Re: Vestcor's Next Project - Market Rate LaVilla Townhomes
« Reply #1 on: May 14, 2019, 01:59:50 PM »
Bring it on.

What are the lots worth, if offered for sale?

Currently assessed for about half a million dollars.
« Last Edit: May 14, 2019, 02:07:57 PM by MusicMan »

thelakelander

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Re: Vestcor's Next Project - Market Rate LaVilla Townhomes
« Reply #2 on: May 14, 2019, 02:26:27 PM »
Question. Would there be great opposition if COJ took all the blighted vacant lots and buildings it owned downtown and offered them from free to qualified developers for immediate redevelopment? This would essentially be a tax incentive without exchanging money and result in these properties going back on the tax rolls. Imagine if City Hall Annex would have been offered up for free. Do we seriously not think that someone would bite?
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Captain Zissou

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Re: Vestcor's Next Project - Market Rate LaVilla Townhomes
« Reply #3 on: May 14, 2019, 02:41:01 PM »
If the city requires them to spruce up Lift Every Voice and Sing park, I'm all for it.

Way to go Vestcor!  $100k on that space should go a long way.  Hopefully the city or some entity can match to make it great.  I like that developers are testing new projects on downtown.
« Last Edit: May 14, 2019, 02:44:54 PM by Captain Zissou »

JeffreyS

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Re: Vestcor's Next Project - Market Rate LaVilla Townhomes
« Reply #4 on: May 14, 2019, 03:56:34 PM »
Looks great. I hope the city will move forward with it. Perhaps they should pitch as something Curry's grandchildren can implode one day.
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MusicMan

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Re: Vestcor's Next Project - Market Rate LaVilla Townhomes
« Reply #5 on: May 14, 2019, 04:37:03 PM »
"Perhaps they should pitch as something Curry's grandchildren can implode one day."

That's good!

thelakelander

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Re: Vestcor's Next Project - Market Rate LaVilla Townhomes
« Reply #6 on: May 14, 2019, 04:53:30 PM »
Looks great. I hope the city will move forward with it. Perhaps they should pitch as something Curry's grandchildren can implode one day.

In 20-30 years, that will be Lot J....
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Kerry

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Re: Vestcor's Next Project - Market Rate LaVilla Townhomes
« Reply #7 on: May 14, 2019, 07:03:57 PM »
Question. Would there be great opposition if COJ took all the blighted vacant lots and buildings it owned downtown and offered them from free to qualified developers for immediate redevelopment? This would essentially be a tax incentive without exchanging money and result in these properties going back on the tax rolls. Imagine if City Hall Annex would have been offered up for free. Do we seriously not think that someone would bite?

Absolutely the City should do this.  Even the Shipyards land should divided up into smaller pieces and give for free to anyone who starts development within a specific time period (with a substantial penalty and loss of land for not starting).
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KenFSU

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Re: Vestcor's Next Project - Market Rate LaVilla Townhomes
« Reply #8 on: May 14, 2019, 07:37:35 PM »
Word on the street is there's a really good chance that Vestcor ultimately develops nearly all of the residential identified in the recent JTA/DIA Lavilla plan.

RatTownRyan

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Re: Vestcor's Next Project - Market Rate LaVilla Townhomes
« Reply #9 on: May 14, 2019, 07:59:06 PM »
I understand that nobody else is really stepping up besides Vestcor but it seems like there should be larger buildings on those parcels. If they are getting the lots for free shouldn’t there be 5-8 story buildings on each one of those blocks. You could build 4 Houston street manor style buildings on those blocks and increase your 70 units to 300 units. I always hear y’all say let the market decide what should be built. Well all of the recent “lofts” project are doing well. Keep building the same thing. I would prefer some variation in style but the big boxes seem to work. If you want test the market for these smaller units then do it away on other smaller parcel scattered throughout lavilla.

acme54321

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Re: Vestcor's Next Project - Market Rate LaVilla Townhomes
« Reply #10 on: May 14, 2019, 08:02:17 PM »
They are going to build to sell these townhouses not rent them out.  Not everyone wants to rent an apartment.  I think it's good to see some variation in product.  Having people living there that have a financial stake in the neighborhood is definitely a good thing.

thelakelander

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Re: Vestcor's Next Project - Market Rate LaVilla Townhomes
« Reply #11 on: May 14, 2019, 08:45:51 PM »
Word on the street is there's a really good chance that Vestcor ultimately develops nearly all of the residential identified in the recent JTA/DIA Lavilla plan.
It makes sense. The report was tailor made for Vestcor. That was pretty clear when it made the argument that there's no retail market in the area despite all the retail flourishing right on the other side of McCoys Creek. Thus, some sites along corridors that should be planned to include some level of retail frontage (ex. Forsyth Street, Union Street, etc.) won't have any as a part of these particular projects. With all of that said, I'm glad Vestcor sees value in the area. They clearly have the ability to rapidly implement infill housing.
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heights unknown

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Re: Vestcor's Next Project - Market Rate LaVilla Townhomes
« Reply #12 on: May 14, 2019, 09:41:25 PM »
If all of this comes to fruition, especially in the LaVilla area where I grew up, can we very soon expect gas stations, convenience stores, walgreens, CVS's, and other type retail, storage companies, etc.? I think once we have denseness finally set in, all of this must be built to serve the new residences in that area.
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Kerry

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Re: Vestcor's Next Project - Market Rate LaVilla Townhomes
« Reply #13 on: May 15, 2019, 09:51:54 AM »
The City should do a housing study pretty darn quick so developers know what is in demand because I don't think 1 and 2 bedroom for-sale units are the only thing people want.
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Steve

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Re: Vestcor's Next Project - Market Rate LaVilla Townhomes
« Reply #14 on: May 15, 2019, 09:57:36 AM »
The City should do a housing study pretty darn quick so developers know what is in demand because I don't think 1 and 2 bedroom for-sale units are the only thing people want.

It’s probably not the only thing people want. But if 70 people do then we’re good here.