MONDAY November 18, 2019
Public legal notices begin on page 3
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Daily Record JACKSONVILLE
Developer wants to transform JACKSONVILLE Reddi-Arts site into restaurants
Jaguars chief legal counsel: Projects will bring river connection
Daily Record
Megha Parekh working on Lot J, Shipyards.
Daily Record Daily Record JACKSONVILLE
BY KATIE GARWOOD STAFF WRITER
JACKSONVILLE
REMAKING REDDI-ARTS
Renderings special to the Daily Record
Chase Properties President Mike Balanky is calling the San Marco project Southbank Crossing. BY MIKE MENDENHALL STAFF WRITERS
Jacksonville-based Chase Properties Inc. is finalizing an agreement to purchase ReddiArts at 1037 Hendricks Ave. in San Marco and redevelop the property into two restaurants. Chase Properties President Mike Balanky said in an interview Thursday the development will be called Southbank Crossing. Plans include splitting the Reddi-Arts building into two spaces — a 6,000-square-foot south building and a 4,600-squarefoot north site. Both restaurants will have patio seating. “There is some intrinsic value in that building. We want to get as much adaptive reuse out of it as possible,” Balanky said. The developer also plans a 54-space surface parking lot. Balanky estimates construction will take about four months, once
the purchase is final. The property is bounded by Hendricks and Kings avenues. The project Balanky wo u l d add vehicle access from both thoroughfares. Balanky said the deal to buy the property will close no later than Jan. 19. Chase will use a 1031 property exchange to purchase the ReddiArts site. This tax option allows companies and investors to use the profit gained from a recent property sale toward the purchase of another property. Chase will reinvest profit from its July 22 sale of 2.15 acres of vacant land at northwest Atlantic and University boulevards to Circle K Stores Inc. That land sold SEE REDDI-ARTS, PAGE 2
Jacksonville-based Chase Properties Inc. plans to buy the Reddi-Arts property at 1037 Hendricks Ave. and create two restaurant spaces. The site plan shows a driveway through the property connecting Hendricks and Kings avenues.
Photo by Scott Sailer
Reddi-Arts has operated out of this Hendricks Avenue location for nearly 60 years. The business is for sale.
Jacksonville Jaguars Senior Vice President and Chief Legal Counsel Megha Parekh says the proposed Lot J development would be “the first real development” in the Downtown Sports and Entertainment District. “There’s very few cities that I can think of that have a beautiful river that run through it, the climate that we do. And then these facilities being that a p p rox i m a te to one another. I think that’s Parekh a real asset. What we need is more people in businesses and retail in between. And for it to be walkable,” Parekh said at the JAX Chamber Mandarin Council luncheon Thursday. Parekh, who joined the Jaguars in 2013, said with the Lot J and Shipyards developments, the area would feel more connected and closer to the St. Johns River. She and Jaguars owner Shad Khan are working to negotiate a development agreement with the city for the $450 million Lot J development, Parekh said. Plans for the development include a 300-unit residential tower, 200-room boutique hotel, 120,000-square-foot Class A office tower and a Live! Entertainment District. Joint developers Gecko Investments LLC and The Cordish Companies hope to break ground in early January. Parekh added some have expressed concern about the loss SEE PAREKH, PAGE 2
Work begins on St. Johns Buc-ee’s Buc-ee’s, the Texas-based convenience store chain, has started work on its 104-pump station off Interstate 95 in St. Johns County. Jeff Nadalo, Buc-ee’s general counsel, said construction began Nov. 1. Buc-ee’s plans a 53,254-square-foot building, pump station and 392 parking spaces at 655 World Commerce Parkway, southwest of the Interstate 95 and International Golf Parkway interchange. Nadalo said the store is anticipated to open in the first quarter of 2021. Store construction, assuming fair weather and good soil conditions, typically takes 13 to 14 months.
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