Daily Record Financial News &
Wednesday, March 14, 2018
Vol. 105, No. 083 • One Section
35¢ www.jaxdailyrecord.com
JinkoSolar deal shuffles warehouse market Large Northside warehouse left out; AllianceFlorida may need to expand.
JinkoSolar (U.S.) Inc. is a much smaller project than its initially proposed deal as Project Volt, which means it needs less operational space as it shifts its impact in the real estate industry. Under both names, Chinabased JinkoSolar proposes to assemble and distribute solar panels. But JinkoSolar needs far less leased space, 286,000 square feet vs. 1.22 million square feet, a
77 percent reduction. Its job count also is down 75 percent — 200 vs. 800. And its capital investment projection is down almost 88 percent, $50.5 million vs. $410 million. Its requested incentives also are reduced. The city and state pledged at least $53.9 million in tax refunds, grants and credits for Volt. JinkoSolar’s incentives would be at least $4.2 million. City Council legislation intro-
duced Tuesday shows that JinkoSolar seeks city incentives of $3.4 million consisting of a $3.2 million grant and a $200,000 Qualified Target Industry Tax Refund. The state would cover $800,000 of the $1 million QTI refund and possibly offer training assistance. City incentives are down about 86 percent. Because the state hasn’t disclosed its final incentives offer, the drop in that amount can’t be calculated.
What that means to the distribution market is that AllianceFlorida at Cecil Commerce Center might need to build additional space while a large warehouse in North Jacksonville remains on the market. As Volt, JinkoSolar would have leased an entire 407,435-squarefoot speculative building at 4660 New World Ave. at AllianceFlorMathis
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Plan for Neptune Beach apartments shrinks
Special to the Daily Record
500 Atlantic is a proposed 230-unit apartment community at the former Kmart shopping center in Neptune Beach. The project is near Atlantic Boulevard and Third Street.
TriBridge Residential’s new plan for former Kmart shopping center has 25 percent fewer units. By Andrew Warfield Associate Editor TriBridge Residential resubmitted plans Tuesday to the City of Neptune Beach for 500 Atlantic, a mixed-use pedestrian-oriented development near Atlantic Boulevard and Third Street.
The strip center has been 45 percent occupied since retail anchor Kmart closed in 2016. In its place, the luxury rental community developer proposes to build a mix of high-end apartments, shops, a grocer and restaurants. New streetscapes and trails will cre-
ate walkable connections to the adjacent Beaches Town Center and the larger community. The resubmission follows neighborhood meetings and public input that resulted in a redesign that reduced the project scope. TriBridge is proposing 230 apart-
ments, 25 percent fewer than its original plan of more than 300. “We have listened to the comments and concerns of the community and taken great care to design a neighborhood that will integrate with and TriBridge
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Project Moon, Cart seek city incentives to add employees Companies would bring a total of 90 jobs to city. By David Cawton Staff Writer Two more code-named projects are in play in Jacksonville — projects Moon and Cart. Moon is a financial services company that wants to add 50
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jobs and Cart is a distributor of food and grocery items that wants to add 40 jobs. The Office of Economic Development received permission Monday from the Mayor’s Budget Review Committee to introduce the legislation to City Council. A project summary for Project Moon states that the company already employs 200 people in Jacksonville and plans to add 50
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new financial services positions by December 2019 at an average wage of $52,396. Moon promises to invest at least $125,000 in IT equipment, furniture and other improvements to support the new hires. In exchange, it seeks a Qualified Target Industry Tax Refund grant of $250,000, or $5,000 for each new employee. The city will be responsible
for 20 percent of the grant, or $50,000, with the state picking up the rest. The grant is payable only after the jobs are created. According to the project summary, Project Moon is a financial services company with an existing Jacksonville facility. The unnamed company wants to expand its presence in Jacksonville. The project summary says
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Project Moon has been awarded state and city incentives for a previous expansion at its existing but unidentified location and has met contractual performance measures to date. The additional annual payroll in Jacksonville will be more than $2.6 million a year, excluding benefits. Projects
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consecutive business days