Daily Record Financial News &
Thursday, May 12, 2016
Vol. 103, No. 129 • Twelve Sections
35¢ www.jaxdailyrecord.com
Downtown getting infusion of artwork
Panel chooses artists for first phase of program
Students found out how to price repairs during a bus tour of seven investment properties in various stages of renovation. The trip was part of a three-day boot camp sponsored by the Jacksonville Real Estate Investment Association.
Photos by Carole Hawkins
How much to rehab this home?
By David Chapman Staff Writer
Boot camp teaches investors how to properly price home repairs New investors often have trouble estimating rehab costs. How many get it wrong? “Almost all of them,” said Cameron Gaskill, an investor and contractor who’s renovated more than 600 houses. Within a few minutes, his point became evident. At the end of a bus tour of rehabs in Jacksonville, Gaskill compared notes with his students. “How many of you estimated the repair cost at under $15,000?” he said for the first home, a 1,148-square-foot block construction in Englewood with badly damaged hardwood floors, no HVAC, a gutted kitchen, and missing doors and light fixtures. No hands went up. “How many said $15,000 to $20,000?” Gaskill said. A few hands appeared. $20,000 to $25,000? More hands. $25,000 to $30,000? $30,000 to $35,000? Hands went up for every price group through $50,000 and above. Only one student out of 86, though, picked the price range that matched Gaskill’s estimate of $35,255. “The floor was what screwed me up,” said Peter Martin, who had guessed above $50,000. “I was scared I’d have to replace the whole thing.” A three-day Jacksonville boot camp and bus tour for investors was held recently. Sponsored by the Jacksonville Real Estate Investors Association, the training allows
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By Carole Hawkins
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You can get rehab estimate sheets online. I came to learn the little details. Gonzalo Corzo About why he went on the bus tour
new investors to learn the business from local veterans. The classwork spans such topics as finding leads, financing deals and marketing homes. But a bus tour where students see actual rehabs and compare repair estimates with their instructors is a key lesson, former students say. Maryanne Markowski took the training last year. Since then, she’s purchased two buy-andhold properties. One of them she rehabbed and she is looking at another rehab deal now. Until last year, Markowski was a novice who had been learning from books. The JaxREIA course brought all the pieces together, she said. “To me there’s no substitute for boots on the ground, actually looking at properties, assessing damage and making estimates,” she said. “If you don’t have that solid foundation, you can’t purchase at the right price.” Rehab
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Not all rehab is about repairs. Most students agreed they’d replace the animal print wallpaper in this bathroom.
Downtown streetscapes are about to become a little more artistically appealing. Artists were selected Wednesday for the first phase of the Downtown Investment Authority Urban Arts Project. Among the almost $136,000 series of projects will be the creation of an interactive street sculpture and the transformation of dull Skyway columns, traffic signal cabinets and bike racks into more eye-appealing and functional assets of Downtown. The artists for the six projects were selected by the Art in Public Places Committee of the Cultural Council of Greater Jacksonville, which is overseeing the program and partnering with the DIA. By this time next year, people walking through Downtown near Hemming Park can expect to see: • Two sets of decorated Skyway col- Consuegra umns. One set from Hemming Park Station to Bay Street along Hogan Street will be done by Miami 2D and 3D artist Cecilia Lueza for $25,000. Another eight columns from Bay Street to Central Station will be done by muralist Andrew Reid of North Bay Village for $23,000. • Seven traffic signal cabinets throughout the core will be decorated by artist Michelle Weinberg of Miami Beach for $9,000. • Seven bike racks of varying sizes will be redone by sculptor Lance Vickery of Jacksonville Beach for $20,000. • Two benches or street furnishings comprising at least two seats each will be constructed by University of North Florida art professor Jenny Hager of Jacksonville Beach for $7,000. Art
Is termite damage to the floors a deal breaker? For a home with extensive damage, investor Cameron Gaskell said he would tear up the hardwood floors and put down three-quarter-inch plywood and carpet.
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2015 Delinquent Real Estate Tax List SEE TODAY’S SUPPLEMENT A-K ENCLOSED OR VIEW THE LIST AT JAXDAILYRECORD.COM
A bank is expected to move into 100 North Laura in Downtown Jacksonville when Ameris Bank’s lease ends in September. Here’s why it could be CenterState Bank of Florida. One, CenterState Bank of Florida recently loaned $5 million to building owner 100 N. Laura Street L.L.C., indicating it has an insight into the structure, ownership and potential. Two, CenterState is relatively new to Jacksonville, having moved into the market in 2012, and a Downtown presence could
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elevate its exposure. Three, the building, at Laura and Forsyth streets, most recently was known as The Jacksonville Bank Building. CenterState Regional President Gil Pomar formerly led The Jacksonville Bank, so he knows the Downtown territory.
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Pomar declined to comment Wednesday. Landlord representative Matthew Clark, vice president of Prime Realty, said last week a bank was in negotiation for the lobby branch and half of the top floor of the 10-story building. He said the undisclosed bank does not operate Downtown now. CenterState’s area executive offices are in Liberty Center in Southpoint and its two other branches are in Riverside and Ortega. Clark said Wednesday he could
not share the identity of the bank. The building, which is 144,079 square feet, has space for a bank because the lease is expiring in September for The Jacksonville Bank, which was bought by Ameris Bancorp in March. Ameris changed the name of the eight offices over the weekend and a banner name for the bank is on the Downtown structure. The Jacksonville Bank leased 23,000 square feet there among the lobby, the entire 10th floor Mathis
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Ameris Bank is leaving 100 N. Laura St. in September.
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Photo by Karen Brune Mathis
Could CenterState Bank lease 100 North Laura?