Daily Record Financial News &
Thursday, December 21, 2017
Vol. 105, No. 026 • One Section
35¢
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Latest plan for The District: DIA buys land, tax pays for it
About The District The District would transform JEA’s vacant Southbank property into a mixed-use development that would include retail and office space, a marina, green space, up to 1,100 residences and a hotel.
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Instead of buying Southbank property, developer would help pay for infrastructure. By Max Marbut Associate Editor
Dividing cost of infrastructure The draft agreement Downtown between Elements, Investment the developer of Authority The District, and the $26.4M DIA calls for $45.1 million in infrastructure investment divided between the two. Elements would be responsible for any additional funding.
Elements $18.7M
Under the latest plan for The District, the Downtown Investment Authority would buy the property, pay for more than half of the infrastructure and create special taxes levied only in the development to fund it. Elements Development of Jacksonville LLC, led by developer Peter Rummell, has the rights to buy the property from JEA for $18.5 million. Under the new plan, Elements would contribute $18.7 million toward the
$45.1 million needed for infrastructure improvements. In an eight-page memorandum dated Dec. 15 to the DIA board, CEO Aundra Wallace Wallace lays out a plan for JEA’s 30-acre parcel Downtown along the St. Johns River and the public infrastructure required for development of The District. The
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220 Riverside retail space is sold for $3.5 million Subsidiary of mortgage holder buys ground floor space in lieu of foreclosure. By Andrew Warfield Associate Editor The retail space at 220 Riverside is under new ownership. CRE Properties of Miami Lakes
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has acquired the four retail units on the ground floor beneath the 220 Riverside Apartments at 220 Riverside Ave. near Downtown from the property developer, HP Retail 220 LLC. CRE Properties paid $3.5 million for the 17,053 square feet of space. Two of the four units are occupied by restaurants. A sign in front of the building indicates space is available for rent.
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Individually, the retail spaces comprise 6,667 square feet, 4,560 square feet, 2,112 square feet and 3,714 square feet. The total tax value is $3.6 million according to the Duval County Tax Assessor’s Office. According to documents on file at the Duval County Clerk of Courts, the acquisition was executed in lieu of foreclosure on Riverside
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Photo by Andrew Warfield
The retail space at 220 Riverside has been sold. The space is below the building’s apartments.
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