Author Topic: Land Swap for Florida Blue & Fidelity  (Read 4785 times)

KenFSU

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Re: Land Swap for Florida Blue & Fidelity
« Reply #30 on: August 05, 2019, 02:13:05 PM »
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Under the agreement, Sharp would receive $23 million in a Recaptured Enhanced Value grant from the city over 20 years.

The city and state will also offer a Qualified Target Industry Tax Refund of $3 million, or $6,000 per job. The state would pay $2.4 million and the city would pay $600,000.

The city also wants to extend a $3.5 million closing fund grant that Sharp would receive upon substantial completion of construction.

Looking closer at these numbers, for a $130-$140 million project that's also receiving $6.5 million in completion grants and tax refunds, $23 million feels like a pretty big REV grant on top of the completion grant and job credit, doesn't it?

This is more than what Berkman II was offered for Dave & Busters on Steroids ($20 million on a $120 million proposed development).

And significantly more than what developers for historic rehab projects like the Laura Street Trio and the Ambassador Hotel/Apartments were offered (roughly 10% of project cost).

The million-dollar question is whether FIS would have consolidated more jobs in Jacksonville regardless after the $43 billion Worldplay aquisition, and if these will be net-new jobs to the area, or just economic diversion siphoning workers from other local companies.

Really happy this is happening, but with real momentum in Brooklyn, I wonder if a grant this large was necessary.

At the price, hopefully there's some mixed-used component to the development.


RatTownRyan

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Re: Land Swap for Florida Blue & Fidelity
« Reply #32 on: August 21, 2019, 09:56:15 AM »
Not sure if the Fire station discussion has another section. Quick thought. How cool would it be for the Fire station to be relocated across the street from the Doro Block Brewery. Those two building being repurposed right down the street from the food hall would be epic.

thelakelander

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Re: Land Swap for Florida Blue & Fidelity
« Reply #33 on: August 21, 2019, 10:26:17 AM »
Unfortunately, unless the city is throwing in Lot J type percentage money for a relocation, I'd be surprised if they find any serious takers. Revamping the building at the current location would already be an expensive endeavor. Add the cost of relocation of a building that size to the mix, and you're likely only doing it out of passion and love for the building itself, with no dreams of making a profit from the decision.
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Tacachale

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Re: Land Swap for Florida Blue & Fidelity
« Reply #34 on: August 21, 2019, 10:59:31 AM »
^Unfortunate but true.
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Charles Hunter

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Re: Land Swap for Florida Blue & Fidelity
« Reply #35 on: August 21, 2019, 01:46:29 PM »
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City officials say the fire station does not meet criteria to deem it historically significant to save it from demolition.

Translation - Demo Lenny wants it gone.

This way, the City can say, "We offered it for relocation, but had no takers."

Ken_FSU

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Re: Land Swap for Florida Blue & Fidelity
« Reply #36 on: August 21, 2019, 08:51:19 PM »
I don't know if it's been announced, but Guidewell is moving a lot of employees over to the Florida Blue building in Riverside.

Up to 170, I believe.

They're moving somewhere on Baymeadows for the next two years while renovations are complete, and then heading to Riverside.

Will be a nice little get for the area.

marcuscnelson

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Re: Land Swap for Florida Blue & Fidelity
« Reply #37 on: August 21, 2019, 10:39:18 PM »
I don't know if it's been announced, but Guidewell is moving a lot of employees over to the Florida Blue building in Riverside.

Up to 170, I believe.

They're moving somewhere on Baymeadows for the next two years while renovations are complete, and then heading to Riverside.

Will be a nice little get for the area.

I'd wonder if those employees want to be there though, to the point that they'll be spending and investing in the area rather than just driving to the office and driving back to the suburbs.

Ken_FSU

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Re: Land Swap for Florida Blue & Fidelity
« Reply #38 on: August 21, 2019, 11:06:04 PM »
I don't know if it's been announced, but Guidewell is moving a lot of employees over to the Florida Blue building in Riverside.

Up to 170, I believe.

They're moving somewhere on Baymeadows for the next two years while renovations are complete, and then heading to Riverside.

Will be a nice little get for the area.

I'd wonder if those employees want to be there though, to the point that they'll be spending and investing in the area rather than just driving to the office and driving back to the suburbs.

Despite all the unmet potential in the greater downtown area, there is extremely high satisfaction amongst downtown workers (90%+ in DVI surveys).

It's rare to see companies leaving downtown Jax for the suburbs in recent years.

Guarantee you that a lot of people are unhappy about the eventual move, but give them a month and I bet most of them love it.

Especially in that Brooklyn area, central to downtown and Five Points.

vicupstate

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Re: Land Swap for Florida Blue & Fidelity
« Reply #39 on: December 20, 2019, 09:59:47 AM »
https://www.jaxdailyrecord.com/article/city-receives-no-offers-for-fire-station-no-5-in-brooklyn

Maybe The JAXSON could get inside the station for some pictures while it is still standing?
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Peter Griffin

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Re: Land Swap for Florida Blue & Fidelity
« Reply #40 on: December 20, 2019, 10:14:40 AM »
https://www.jaxdailyrecord.com/article/city-receives-no-offers-for-fire-station-no-5-in-brooklyn

Maybe The JAXSON could get inside the station for some pictures while it is still standing?

go do some UrbEx with your iPhone

thelakelander

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Re: Land Swap for Florida Blue & Fidelity
« Reply #41 on: December 20, 2019, 10:38:09 AM »
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Bliss said many people he's talked to who do not want the building demolished don't "seem to have the financial capacity to mount any type of rescue."

"I think we’re like everybody else we lament the demise of an old building … to move a building like Fire Station No. 5 it takes a lot of money," he said.

This quote says it all. It already takes a lot of money and big risk to work with an old building where the previous owner has not adequately maintained it. Moving them only adds more to the expense. Short of the city opening agreeing the give the building away and fund the move, or a Dan Gilbert-like private donation materializing, there was never going to be much of a chance of someone moving it.
"A man who views the world the same at 50 as he did at 20 has wasted 30 years of his life.” - Muhammad Ali