Author Topic: Changed plans for Park Place at San Marco  (Read 15177 times)

MusicMan

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Re: Changed plans for Park Place at San Marco
« Reply #60 on: September 02, 2020, 12:40:23 PM »
Sorry if that confused you. I left out the sarcasm font.

There are "lots" of apartment vacancies in the area, and maybe 1000 more to be built or become available. So the point I'm making is that this project is possibly not financially feasible going forward. The same decision the developers of east San Marco Publix have been arriving at for the 16 or so years they have owned the parcel at Atlantic and Hendricks.


And for the record, the large apt complexes almost never use the MLS to market their vacancies, although on rare occasion they will. Such as when they are brand new or have a lot of inventory. For instance, today on MLS there are 19 Rentals being offered in SM. None are from the large complexes  i.e.  SoBa, The Strand......  Privately owned condos at The Peninsula are on MLS as rentals.
« Last Edit: September 02, 2020, 01:38:07 PM by MusicMan »

marcuscnelson

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Re: Changed plans for Park Place at San Marco
« Reply #61 on: September 02, 2020, 12:44:33 PM »
It wasn't you, dude.

Although the impression I was under was that Park Place is financially feasible, but it's getting this pushback. East San Marco's problem is that their numbers only worked at the prices they paid before the Great Recession.
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MusicMan

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Re: Changed plans for Park Place at San Marco
« Reply #62 on: September 02, 2020, 01:39:40 PM »
By the time they are filling units here you'll be living in Greenville anyway.................. 8)

JPalmer

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Re: Changed plans for Park Place at San Marco
« Reply #63 on: September 02, 2020, 02:45:07 PM »
The developers, Corner Lot posted on LinkedIn they just hired an industry veteran (Scott Hobby) to help get them to the finish line.  Have a feeling Corner Lot's inexperience in combination with our current economic situation has them in over their head. 
« Last Edit: September 02, 2020, 02:49:12 PM by JPalmer »

JPalmer

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Re: Changed plans for Park Place at San Marco
« Reply #64 on: September 02, 2020, 02:52:35 PM »
Plus, Andy Allen was part of the scheme to defraud us of possibly a billion dollars with the sale of JEA.  So I should probably admit I would like to see it fail.

jaxlongtimer

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Re: Changed plans for Park Place at San Marco
« Reply #65 on: September 02, 2020, 03:33:01 PM »
How many new apartments are available TODAY in Greater San Marco? What is average rent for a 1 bedroom?

Are there any realtors in the house that know the San Marco area that could help out here?

Check rentals on Zillow using their map.  Most of those are 4-plexes, triplexes, duplexes and single family although they sometimes have ads interspersed for complexes.  But it will give you a good idea.  Note prices can vary widely based on condition and if the building has been updated.  I would estimate an updated 1,000 sf apartment on Zillow in the heart of San Marco would go for between $1,300 and $1,600 or $1.30 to $1.60 a square foot.

For a full blown new complex, I think you would have to look at the new developments along the River, by I-95 or down Phillips Highway.  Also, the Strand although waterfront should get a premium.  Maybe check Town Center to see the upper limits for something comparable in that they are apartments adjacent to a shopping mecca.

Tacachale

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Re: Changed plans for Park Place at San Marco
« Reply #66 on: September 02, 2020, 11:32:48 PM »
Plus, Andy Allen was part of the scheme to defraud us of possibly a billion dollars with the sale of JEA.  So I should probably admit I would like to see it fail.

He was on the JEA board, not the management, and he was there less than 6 months before quitting.
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JPalmer

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Re: Changed plans for Park Place at San Marco
« Reply #67 on: September 03, 2020, 01:22:27 AM »
I’m not certain how much utilities industry experience he had to make him a good board appointee by Lenny Curry in the first place.  But we all know Lenny and Zahn were acting in concert. You’re right, he did only serve 6 months in late 2019 when many of the shady dealings were taking place at JEA.  He left as soon as he knew the sale was off, but before the names really started coming out in the TU.

Who knows, if the sale did get completed maybe CornerLot would have gotten a huge development contract for that piece of land that is owned by Aaron Zahn and Dino.  Zahn certainly would have an immediate influx of capital to invest.

This is how corruption works.  Trust me, plenty of money was going to funneled back to Lenny as well.
« Last Edit: September 03, 2020, 08:38:40 AM by JPalmer »

marcuscnelson

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Re: Changed plans for Park Place at San Marco
« Reply #68 on: September 03, 2020, 02:14:04 AM »
Remember that before becoming Mayor, Curry was Chairman of the Republican Party of Florida. How much does it say about the party that the guy who was in charge ended up wrapping himself in a billion dollar scandal?
So, to the young people fighting in this movement for change, here is my charge: march in the streets, protest, run for school committee or city council or the state legislature. And win. - Ed Markey

BridgeTroll

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Re: Changed plans for Park Place at San Marco
« Reply #69 on: September 03, 2020, 07:33:06 AM »
 
Remember that before becoming Mayor, Curry was Chairman of the Republican Party of Florida. How much does it say about the party that the guy who was in charge ended up wrapping himself in a billion dollar scandal?
Probably as much as it says about the party that nominated the guy who lost to DeSantis...  :o ::)
« Last Edit: September 03, 2020, 07:39:57 AM by BridgeTroll »
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JPalmer

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Re: Changed plans for Park Place at San Marco
« Reply #70 on: September 03, 2020, 08:46:12 AM »
I certainly wasn’t mentioning National Political Parties that don’t even belong in local politics.  Just sad our city was banking on a corrupt deal to help fund even more corrupt deals like lot J.  Andy Allen was part of that scheme and I have little reason to believe otherwise.  So in turn, I hope nothing more to see this and all of Corner Lot’s deals to fall through.

marcuscnelson

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Re: Changed plans for Park Place at San Marco
« Reply #71 on: September 03, 2020, 09:55:52 AM »
Remember that before becoming Mayor, Curry was Chairman of the Republican Party of Florida. How much does it say about the party that the guy who was in charge ended up wrapping himself in a billion dollar scandal?
Probably as much as it says about the party that nominated the guy who lost to DeSantis...  :o ::)

Touché.
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bl8jaxnative

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Re: Changed plans for Park Place at San Marco
« Reply #72 on: September 04, 2020, 10:10:43 AM »
How many new apartments are available TODAY in Greater San Marco? What is average rent for a 1 bedroom? What will rent be for Park Place?
That's a lot of inventory to absorb.  Of course Park Place is years away from renting their first unit, so a lot can/will change. And what is status of Publix/East San Marco. Still no groundbreaking yet?

I'd expect there's a bit of flexibility when it comes to apartments ( same with home buying ).  I know some folks that have been dead set on a specific neighborhoods.  Hell, even some crazy ones that insisted on living downtown.

If that's more or less right for most folks, then they're pulling from a bigger area.

Plus, if the population is growing 1.5% - 2.2%, recent estimates, there's going to be a lot of need for more housing units.

I'd be curious if given the area if more apartment units encourage more apartment units since they can support more of the amenities that appeal to folks.

jaxlongtimer

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Re: Changed plans for Park Place at San Marco
« Reply #73 on: September 04, 2020, 03:12:09 PM »
How many new apartments are available TODAY in Greater San Marco? What is average rent for a 1 bedroom?

Are there any realtors in the house that know the San Marco area that could help out here?

Check rentals on Zillow using their map.  Most of those are 4-plexes, triplexes, duplexes and single family although they sometimes have ads interspersed for complexes.  But it will give you a good idea.  Note prices can vary widely based on condition and if the building has been updated.  I would estimate an updated 1,000 sf apartment on Zillow in the heart of San Marco would go for between $1,300 and $1,600 or $1.30 to $1.60 a square foot.

For a full blown new complex, I think you would have to look at the new developments along the River, by I-95 or down Phillips Highway.  Also, the Strand although waterfront should get a premium.  Maybe check Town Center to see the upper limits for something comparable in that they are apartments adjacent to a shopping mecca.

Drove through San Marco Square yesterday and there were pop-up sings everywhere promoting 2 months free rent for the San Marco Promenade apartment complex.  I wonder if this is a "sign" that the market is softening in the area for larger apartment complexes.

Steve

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Re: Changed plans for Park Place at San Marco
« Reply #74 on: September 04, 2020, 03:27:29 PM »
It does feel like a weird time to move unless you really have to.