St. Johns Center – Site – MAXIMIZED ENTITLEMENTS & ECONOMIC INCENTIVES
|Location||Riverplace Blvd, Jacksonville FL 32207|
|# of Units||Completed PH I & II: 529, Proposed PH III: 190|
|Principals||American Land – Granvil Tracy, President|
|Project Value||PH I: $136,850,000 PH II: 95,000,000 PH III: TBD|
|Investment Partner||PH I: Fidelity Investments, PH II: Lehman Brothers, PH III: TBD|
|Completed||PH I: 2007 PH II: 2008 PH III: TBD|
- Lack of downtown housing
- Prior site proposals by others were unsuccessful and ultimately abandoned.
- Site had underlying environmental issues and a challenging configuration.
|The Solution||ALV proposed using the land for the first residential high-rise development on the Southbank, and through a combination of negotiation, entitlements and city incentives, received approval to build 700+ mixed-use residential units and 150,000 sq. ft. of office space. Environmental issues were resolved through extensive negotiations with governmental agencies and Brownsfield site remediation agreements.|
|The Results||MAXIMIZED ENTITLEMENTS & ECONOMIC INCENTIVES – Negotiated $19.5MM in economic incentives and effectively resolved issues. Increased the supply of downtown residences, transformed Jacksonville’s skyline and rejuvenated the downtown district. The completed towers, The Strand & The Peninsula, are now the area’s most recognizable residences.|