Author Topic: Vestcor's Next Project - Market Rate LaVilla Townhomes  (Read 7454 times)

Steve

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Re: Vestcor's Next Project - Market Rate LaVilla Townhomes
« Reply #30 on: August 06, 2019, 09:53:15 AM »
Yea, I don't know. The three scorers were Oliver Barakat (commercial real estate agent, sits on the DIA board, and does quite a bit of work downtown), Lori Boyer, and Kirk Wendland (who's been in Economic Development since Delaney's admin, maybe longer):

 - Barakat Ranked Johnson Commons the Highest (92 vs. 87 for Vestcor)
 - Boyer's score for Johnson was notably absent from the Article (84 for Vestcor)
 - Wendland Ranked Johnson at 79 and Vestcor at 86.

I'd love to see the scoresheet and understand why Wendland and Barakat viewed Johnson Commons so differently.

KenFSU

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Re: Vestcor's Next Project - Market Rate LaVilla Townhomes
« Reply #31 on: August 06, 2019, 10:12:46 AM »
Vestcor:
Offer for land: $0
Density: 88 Townhomes (or 50 Townhomes & 77 apartments, if the market changes)
Retail: 0 sf
Additional investment: $200k ($100k in the park, $100k to Heritage Trail)

Johnson Commons
Offer for land: $100k
Density: 101 Townhomes (with construction commencing immediately)
Retail: 9,500 sf (3,500 to be built immediately)
Additional investment: $485k ($250k in the park, $235 to Heritage Trail)

What am I missing here? Johnson Commons puts an extra $400k on the table over Vestcor, includes more townhomes plus retail in their proposal, incorporates neighborhood history into their design, and offers to begin construction immediately, and they lose the bid to Vestcor, who's already hedging their bets on market changes with an alternate apartment proposal?

acme54321

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Re: Vestcor's Next Project - Market Rate LaVilla Townhomes
« Reply #32 on: August 06, 2019, 10:33:56 AM »
Yea, I don't know. The three scorers were Oliver Barakat (commercial real estate agent, sits on the DIA board, and does quite a bit of work downtown), Lori Boyer, and Kirk Wendland (who's been in Economic Development since Delaney's admin, maybe longer):

 - Barakat Ranked Johnson Commons the Highest (92 vs. 87 for Vestcor)
 - Boyer's score for Johnson was notably absent from the Article (84 for Vestcor)
 - Wendland Ranked Johnson at 79 and Vestcor at 86.

I'd love to see the scoresheet and understand why Wendland and Barakat viewed Johnson Commons so differently.

Boyer's score would have been 82 on the Johnson Commons proposal.  So really the question is why was the 92 so far off of the other scores.

thelakelander

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Re: Vestcor's Next Project - Market Rate LaVilla Townhomes
« Reply #33 on: August 06, 2019, 10:42:49 AM »
It would be interesting to know why these projects were scored in such a manner. Seems like the DIA should be working to find a way for both entities to immediately invest in LaVilla. Lord knows we have a lot of city owned land not being used. Anyone planning to attend tomorrow's meeting?
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jagsonville

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Re: Vestcor's Next Project - Market Rate LaVilla Townhomes
« Reply #34 on: August 06, 2019, 10:55:45 AM »
No retail, less money and less density. This makes no sense.  ???

thelakelander

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Re: Vestcor's Next Project - Market Rate LaVilla Townhomes
« Reply #35 on: August 06, 2019, 11:18:48 AM »
The big difference in scoring is Vestcor got a 20 out of 20 from all three on past development experience.  Johnson Commons got an 18 from Barakat, 14 from Boyer and 10 from Wendland. That averages out to a six point overall difference. So more to do with the company and less to do with the merits of the development itself.
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Captain Zissou

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Re: Vestcor's Next Project - Market Rate LaVilla Townhomes
« Reply #36 on: August 06, 2019, 11:34:42 AM »
Yet we're prepared to hand over literally billions to a first time developer....

Tacachale

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Re: Vestcor's Next Project - Market Rate LaVilla Townhomes
« Reply #37 on: August 06, 2019, 11:51:38 AM »
Yet we're prepared to hand over literally billions to a first time developer....

RIIIP
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Alexsifakis

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Re: Vestcor's Next Project - Market Rate LaVilla Townhomes
« Reply #38 on: August 06, 2019, 08:14:10 PM »
Positives for Johnson Common’s Project vs Vestcor’s Project
 
• Johnson Common’s (JC) plan will generate ~$313,000/year in additional taxable REVENUE (not value) compared to Vestcor’s plan
o That is an additional $6,260,000 over a 20 year period. 
o To calculate this (full summary on the last page of this document, highlights below)
▪ Vestcor ROI is 1.49 to city, JC plan is 3.49 to city. 

• JC plan will add ~571 residents to the core, ~271 more than Vestcor’s plan
o JC will provide ~285 bedrooms (about 571 residents, @ 2/bedroom) while Vestcor will provide ~150 bedrooms (about 300 residents)
o JC units are 2 and 3 bedroom – ~2.67 bedroom average – ~285 bedrooms
o Vestcor’s 88 units are 1 and 2 bedroom, ~1.71 bedroom average - ~150 bedrooms

• Density – JC has 100 units in 2.51 acres - ~40/acre
o Vestcor has ~88 units in 3.5 acres – ~25/acre

• JC Plan includes a retail component – both now and in the future – Vestcor plan has NO retail.
o Blacksheep Restaurant Group has agreed to start a new concept in a 3500 sqft two story space, overlooking Lift Ev’ry Voice and Sing Park.  JC has agreed to subsidize this out of its pocket, giving BRG free rent for 5 years in order to incentivize them to come to Lavilla and activate the area. It is critical to the success of the park to have retail in or adjacent to the park.
o This SE corner, Lee and Forsyth, is a very important corner.  According to the Lavilla Development Plan, Forsyth street, adjacent to the JTA facility and the many people it will draw, should have street level retail.  Lee street, going across the bridge into Brooklyn, will be the location of the Lavilla Heritage Trail, a walkable tourist attraction.  Ensuring these sections of those streets are activated with street-level retail is critical to the long term desirability (and therefore financial performance) of the area.
▪ Vestcor’s plan will put townhomes along this stretch, effectively killing any pedestrian street interaction for a generation

• Paying respect and homage to the history of the site
o Lift Every Voice and Sing park was the actual location of James Weldon Johnson’s childhood home.  We recommend building a structure in the same location and footprint as his childhood home
o JC will be covering the entire 3 block area with ~20 “heritage signs”, which will tell the story and history of these three blocks
o JC will be installing multiple pieces of public art, which will tell the story of Lavilla as the epicenter of Jacksonville African American culture in the early 1900’s
o The Vestcor plan does not acknowledge anything about the history of these blocks.

• Experience – In the last 10 years, Vestcor has developed, built, or sold ZERO townhome and single family properties.  Johnson Commons Partners JWB Real Estate Capital and Cornerlot Development have built over 800 properties, developed well over 1000 properties, and sold over 1500 properties.Vestcor did build 1000 condos from 2006-2008.
o Yet, inexplicably, Vestcor was awarded 20/20 points for experience, and Johnson Commons was awarded 14/20 points for experience. JC is behind by 1.33 points.

jagsonville

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Re: Vestcor's Next Project - Market Rate LaVilla Townhomes
« Reply #39 on: August 06, 2019, 08:32:36 PM »
Alex, thanks for sharing. Is the DIA meeting tomorrow open to the public? Also, does the public have a chance for input?

Alexsifakis

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Re: Vestcor's Next Project - Market Rate LaVilla Townhomes
« Reply #40 on: August 06, 2019, 08:46:17 PM »
Yes, meeting is tomorrow at 2. There is always a public comment session at the meetings.

thelakelander

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Re: Vestcor's Next Project - Market Rate LaVilla Townhomes
« Reply #41 on: August 06, 2019, 09:05:33 PM »
Yes, if you can make it, please do.

It would be pretty unfortunate to spend all that time and money doing a LaVilla redevelopment strategy, expressing the importance of the neighborhood's history and heritage, only to reject a proposal that accomplishes this the most by far, due to questionable overly weighted scoring criteria that has nothing to do with the quality of the final product or the public ROI.

It's the little things like this that can hamper the revitalization process of downtown. Forsyth right off the interstate, between the JRTC and Lee Street would be a horrible spot to not secure as a retail location. Higher density should be preferred as well, in addition to activating the proposed JWJ park, Emerald Trail and paying homage to the rich history that has been overlooked and ignored on the other two blocks. Yes, JWJ was important and should be honored but so should John Robert Scott, Sr., John Robert Scott, Jr., Ada Braddock Bracy and the history associated with Houston Street once being the city's notorious red light district. Same goes for the architecture. You can preserve and re-establish a district's special character and sense-of-place through architecture.











The Line: Jacksonville's Notorious Red Light District



Full Article: https://www.thejaxsonmag.com/article/the-line-jacksonvilles-notorious-red-light-district/
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jaxlongtimer

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Re: Vestcor's Next Project - Market Rate LaVilla Townhomes
« Reply #42 on: August 06, 2019, 10:47:32 PM »
I don't know the answer to this but which developer gave the most to Curry's campaign?  Could that be the score that counts most nowadays?  Just asking!

thelakelander

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Re: Vestcor's Next Project - Market Rate LaVilla Townhomes
« Reply #43 on: August 06, 2019, 11:08:45 PM »
^Lol, that one is easy but there should be room for all of these development groups to get in on the LaVilla pie. After all, the area needs all the infill housing and mixed-use development it can get. Private money appears to be interested. Now is not the time to play winners and losers. Let's get rid of all that property that COJ has been sitting on for +20 years and issue RFPs.
« Last Edit: August 06, 2019, 11:11:17 PM by thelakelander »
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tufsu1

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Re: Vestcor's Next Project - Market Rate LaVilla Townhomes
« Reply #44 on: August 06, 2019, 11:13:08 PM »
Yes, meeting is tomorrow at 2. There is always a public comment session at the meetings.
I suggest making an argument that the raw scores should be converted to ordinal. That takes away any differences in scoring between reviewers. For example, if one reviewer scored the #1 firm with 90 points and the other gave their #1 firm only 70- points, there would be a marked difference. Reality is both were ranked #1.

If Boyer scored the JC proposal higher, then switching the methodology would make the difference.