Top 10 projects to watch in 2022 | Jax Daily Record | Jacksonville Daily Record
Apartments planned on the site of the amusement park
The Trevato Development Group will reshape the appearance of Jacksonville Beach when it closes the Adventure Landing water and entertainment park at 1944 Beach Blvd.
Trevato bought the 22 acres that include the park for $ 7.87 million. Plans call for an apartment complex of 427 units at market price. Construction costs are estimated at around $ 80 million.
The company also has plans for the former Dolphin Depot site at 704 First St. N. which it bought in October for $ 8.5 million. It will build a mixed-use development with 180 parking spaces. The 1.36 acre lot is located between Sixth and Seventh Avenues
Another concept just down the street at 502 First St. S. will be a rooftop dining restaurant.
More than 28 multi-family properties in development
COVID-19 has turned guest rooms into offices. Employees no longer needed to live close to their workplace. Reports show that over the past year, residents of California, the Northeast and the Midwest have withdrawn to relocate.
Estimates show that 60 new people arrive in Jacksonville every day. They need a residence.
In the first half of 2021, 28 multi-family properties were under development and 15 had been completed. By 2023, 8,574 new units are expected to be delivered.
Monthly rents have gone up and vacancy rates have gone down. It is an owner’s market.
Apartments are income-generating, which means that investors are buying them at increasingly higher prices.
The area record was the 253-unit Terrabella Apartments located at 13723 Atlantic Blvd. along the Intracoastal Waterway, which sold for $ 326,089 per unit.
$ 31 million park project set to be expanded
The first two segments of the Emerald Trail between Park Street in Riverside and the Rail Yard District and from Cherokee to Margaret Streets in Riverside are under construction.
The LaVilla phase that begins with Park Street is expected to be completed in October 2022.
The McCoys Creek portion of the project starting at Cherokee Street will be completed in 2023, alongside the city’s work on the section of the creek that runs through the former Florida Times-Union property in Brooklyn that is slated for residential and commercial redevelopment.
When completed in 2029, the Emerald Trail will be a $ 31 million, 30-mile network of trails, greenways, and parks that will surround the urban core and connect historic Jacksonville to downtown at Hogans Creek. , McCoys Creek and the St. Johns River.
Apartments, shops planned on the former Times-Union site
After Atlanta-based Fuqua Development LLC finalizes the purchase of the former Florida Times-Union site in Brooklyn in early 2022, the company may move forward with One Riverside mixed-use development plans. of $ 182 million.
The city is considering an application for a permit to demolish the TU buildings on the 18.84-acre property. Fuqua and its partner TriBridge Residential plan to replace the 55-year-old structures with a two-phase 400-unit apartment development with two riverside restaurants and parking.
Fuqua will build a 23,256-38,750 square foot grocery store and additional retail space on site.
One Riverside will allow the city to explore the mouth of McCoys Creek and to reconstruct and restore the greenway of the tributary of the river.
The development at 1 Riverside Avenue will have access to the planned 30-mile Emerald Trail and a new 2.5-acre municipal park northeast of the creek.
Downtown St. Johns
The fourth phase includes the Marriott hotel
Downtown St. Johns runs northwest of Butler Boulevard and Interstate 295.
The region’s dominant shopping center was developed in 2005, opened a second phase in 2007 and completed the third phase, anchored by Nordstrom, in 2014.
The center is working on its fourth phase which is anchored by the recently opened RH Jacksonville Furniture Gallery and the soon-to-be-built AC by Marriott hotels.
Vacant spaces gain new tenants.
Fresh-Mex & Co. Urban Grill & Cantina is building former Sleep Number and T-Mobile spaces, while low-cost retailer Marshalls renovates closed Staples.
The area around downtown St. Johns also continues to change.
Sugar Factory American Brasserie plans to open in the refurbished Brio Tuscan Grill, while Ballard Designs is building the nearby Blackfinn Ameripub, both located in the downtown markets.
Thousands of homes planned in West Duval County
The trails, comprising nearly 2,200 acres in western Duval County along the Clay County line, are gearing up for development after neighbors objected and owners changed their plans.
In 2019, property owners Diamond Timber Investments LLC, Timber Forest Trail Investments LLC and Longleaf Timber Co. Inc. along with other owners wanted to build up to 5,000 single-family homes and 225,100 square feet of commercial space.
The inhabitants resisted the big project and gathered nearly 1,300 signatures in the opposition. In 2020, city council changed the zoning to halve the number of residential properties.
The new land use designations have reduced density by increasing the minimum lot size.
The town included 818 acres in an attenuation bank north of Boulevard de Normandie. The Jacksonville Planning Commission cited the growing Cecil Commerce Center as the reason more residential and business opportunities are needed in the area.
The property is located between Normandy Boulevard and the Clay County line, and between the Maxville-Middleburg and Solomon roads.
Hotel anchors Shad Khan’s $ 321 million project
The development company of Jacksonville Jaguars owner Shad Khan has set a June 1 deadline for the city to begin vertical construction of a Four Seasons hotel and residences and a six-story office building on the old Kids Kampus park.
Coupled with a city-owned marina, a support building, and improvements to the Northbank Riverwalk and Metropolitan Park, Khan’s estimated $ 321 million project will be the finish line of his ambitions to initiate the redevelopment. from the riverside near TIAA Bank Field.
City council has granted Khan’s Iguana Investments Florida LLC a $ 114 million incentive program to build the project anchored in a five-star hotel.
When Iguana can begin work depends in part on the city and the Downtown Investment Authority’s successful negotiations with the Florida Department of Environmental Protection to remove a development restriction from a state grant given to the Kids plot. Kampus.
Laura Street Trio
Work planned this year to restore historic buildings
In the nine years since SouthEast Development Group LLC director Steve Atkins bought the historic Laura Street Trio, he hasn’t come so close to breaking new ground with his $ 70.48 million adaptive reuse proposal. dollars of downtown buildings.
A spokesperson for Atkins said on December 20 that subsidiary Laura Trio LLC had received conditional approval from the National Park Service to begin construction of the 145-room hotel and restaurant project on Laura and Forsyth streets.
However, SouthEast still needs final design approval from the Downtown Development Review Board.
City council granted the Atkins company a $ 26.656 million repayable and deferred loan package in September to renovate the vacant trio for a Marriott Autograph hotel with a restaurant, lounge, store downstairs and a small grocery store.
Atkins also intends to build a 166-unit multi-family addition to the trio he announced on Jan. 4.
Work in progress on the North Jacksonville facility
The Northern Florida and South Georgia Veterans Health System has started construction of its $ 64.2 million Department of Veterans Affairs outpatient clinic and home in North Jacksonville.
The 173,200-square-foot clinic was the 2021 major construction project in Northeast Florida based on permit values.
The clinic will be located with a new home that will provide 30 additional beds of residential treatment capacity.
The facility will offer MRI, CT and imaging services for women. Drug addiction, homelessness and PTSD programs will be available.
Completion is scheduled for summer 2023.
The clinic is located at 145 Heron Bay Road, along Max Leggett Parkway, northeast of UF Health North and River City Marketplace.
“Jacksonville’s industrial market is on fire”
At least 25 warehouses, totaling 5.76 million square feet of space, are expected to be completed in 2022 in northeast Florida.
They are expected to be leased immediately as the vacancy rate for completed buildings is at an all-time high of 3.6-4.3%.
“The Jacksonville industrial market is on fire,” real estate company Colliers said in its third quarter industrial market report.
Strong demand continues in northeast Florida, led by e-commerce tenants, particularly Amazon.com.
Commercial real estate companies say they need more space to rent as soon as possible.
“Any new offering delivered was quickly hired, resulting in low vacancy and limited options,” JLL said in its quarterly report.
Developers are busy.
“Players like VanTrust, NorthPoint, Pattillo, CT Realty and Benderson are planning to develop significant speculative projects,” Colliers reported.
“These projects cannot come soon enough.”