Daily Record Financial News &
Wednesday, November 29, 2017
Vol. 105, No. 010 • One Section
35¢
www.jaxdailyrecord.com
Another delay for ‘The District’ Sale of Southbank site now might include the city. By David Cawton Staff Writer A proposed sale of JEA’s Downtown Southbank property now might include the city. Developer Peter Rummell has been negotiating for three years to buy the 30-acre site to develop The District, but JEA has granted extensions in completing the contract. On Tuesday, the JEA board of directors granted a third delay
but also will allow Elements Development of Jacksonville LLC, led by Rummell, to assign the contract to the city of Jacksonville and the Downtown Investment Authority. “Subsequently, the whole development agreement will be worked out between the city and us,” JEA CEO Paul McElroy told the board. It’s unclear what the city’s involvement would be. The board agreed to amend a
2015 purchase and sale agreement between it and Elements Development of Jacksonville LLC, giving the company another 90 days to close on the $18.5 million purchase of the 30-acre site. The parties now have until March 30 to come to terms and July 16 to close on the sale. Rummell, managing partner of Elements Development of The District
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Elements Development of Jacksonville LLC has until March 30 to come to terms on its $18.5 million purchase of the JEA Southbank property.
Apartments planned near Topgolf with link to St. Johns Town Center
Florida Coastal: We’re not for sale Wall Street Journal story “old news and reactionary,” says law school Dean Scott DeVito. By Max Marbut Associate Editor
Special to the Daily Record
Picerne Real Estate Group of Altamonte Springs developed The Oasis at Moss Park in Lake Nona near Orlando International Airport.
Picerne Real Estate Group expects to begin construction in spring.
Picerne Real Estate Group of Altamonte Springs proposes to develop The Oasis at Town Center, a 328-apartment community south of Topgolf near St. Johns Town Center. Stephen Novacki, vice president of acquisitions and real estate, expects construction will start in April or May and be completed by the end of 2019. “It’s probably one of the best loca-
tions in Jacksonville,” Novacki said. The 15-acre site is visible from Interstate 295 and close to St. Johns Town Center, “which is an amenity in and of itself to our residents.” The address is listed on a city plan as 10595 Brightman Blvd. Novacki said Picerne wants to permit a pedestrian bridge across a stormwater pond owned by St. Johns Town Center to provide a direct connection to the shopping center. The eight four-story apartment buildings will comprise one-, two- and three-bedroom units. Novacki said each building will contain an elevator. Novacki said rents will average $1.30 a
square foot, which he said is commensurate with area rates. Units will average 1,075 square feet, equaling average rents of $1,400 a month. One-bedroom units will average 900 square feet at $1,170 a month; twobedroom units of 1,250 square feet will run $1,625; and the 1,400-square-foot three-bedroom units will run about $1,820. There will be surface parking for tenants. There also will be ground-floor parking in the buildings and detached garages for separate lease. “That’s our competitive advantage,” he said, explaining that the Oasis will Mathis
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Florida Coastal School of Law Dean Scott DeVito on Tuesday described the story published Saturday in the Wall Street Journal stating Florida Coastal could be sold or transition from forprofit to nonprofit status as “old news and reactionary.” He said the law school is not for sale and there are no plans for it to leave JackDeVito sonville. In addition, InfiLaw, the holding company set up by Chicago-based Sterling Partners after the private equity firm purchased the school in 2004, began considering “transitioning” the school to nonprofit status through a partnership with another educational institution before DeVito became dean in June 2015, said Florida Coastal President Dennis Stone. “We’ve been talking about a transition since before 2015. We began in earnest in 2015 and we’ve talked to a number of partners, but we can’t divulge names,” Stone said. In a story published April 11 Coastal
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