Truthfully, most of what I know about the Shipyards history beyond what can be found from news articles is from you. I just don't follow or at least agree with your stance. The only reason I still feel any slight need to respond is due to your presence & reach in Jacksonville with the Jaxson. I honestly just can't accept this is a talking point, and I feel extremely confident that a model would prove the economic failure the Jail has been.
https://www.thejaxsonmag.com/article/the-shipyards-20-years-of-renderings/In this very article, there is a claim made that FNF was considering an HQ in one of the earlier plans.. Think about that cumulative impact. It would make sense for them to be in the CC on prime Riverfront. Also not to mention now several independent development firms have ultimately failed at the shipyard site. Understandably 08' was different, but that doesn't account for the time period. For over 20 years nothing has happened. There really is only one reason for that. Pretty much everywhere else on the river DT has a building or a project. Except here.
Business & people have options.
What is the highest Class of rent possible for those spaces next to a jail? (There is no argument for luxury Class A space)
What % of high end buyers/renters want to live next to a jail?
What % of companies want to set up a business in a less-dense micro economy next to a jail?
What Fortune 500 business wants to be positioned near a jail?
What is the real top dollar rent or sale price for land next to a jail?
--
I can absolutely say with certainty that a Class A product is not viable in the immediate location of the jail. The Berkman's value over time essentially proves this. It has lost value.. which is an anomaly in residential real estate. The inability for multiple firms to not make a greater vision a reality immediately highlights this even more.
Also is it fair to the people of Jacksonville to accept that these land uses will never be usable for Class A space? In our Central Core? Riverfront? That concept seems absurd to me. Seemingly there have been chances, and opportunities.. all of which have come up empty handed. I could never seriously model rents or condo sales in that immediate area that command prices that are seen in other smaller coastal cities in Florida. If there was no Jail there, does $1M+ condo on the river sound that crazy? Not to me.. With the jail.. apparently so.
I'm not sucked up in anything really. What I am passionately against is thinking that all these riverfront parks and bay st projects are going to be worth what they should be with a massive jail sitting on its doorstep. There are some pretty heavy claims being made in this thread that other metro's seemingly have already addressed and solved. To say some of those public dollars in DT right now are not being paid because of the jail, is not being totally honest on the situation as a whole. The Jail also has a negative affect on a greater surrounding area, to a lesser extent.
Take the average consumer data given by the BLS, you'd only need 10,000 people spending on their daily basket items to reach an immediate sale tax of $15,000,000 from $200,000,000 in gross sales. 10,000 in a Central Core is child's play by even JAX's historic standard from my understanding.