Daily Record Financial News &
THURSDAY, OCTOBER 20, 2016
Vol. 103, No. 244 • oNe SectioN
35¢ www.jaxdailyrecord.com
District construction may start in April
By Max Marbut Staff Writer “I can see light at the end of the tunnel.” That’s what Michael Munz, partner in RunmmellMunz, managing partner of Elements Development of Jacksonville LLC, said after the JEA board of directors approved Tuesday an extension of the closing date on the sale of its Southside Generating Station property along the Southbank. The board in October 2014 selected Elements to purchase the 28.6-acre parcel. In January 2015, the board approved a sale contract and price of $18.5 million. Munz and Peter Rummell plan
to develop the site as The District, a mixeduse residential, retail and commercial center based around a healthy lifestyle at a cost of $400 million to $500 Munz million. When JEA approved the real estate sale contract, the closing date was scheduled for 14 months later in March. That was extended until Dec. 31. The date was extended for up to 12 additional months Tuesday, but with the provision that closing will occur within 45 days of
approval of all state and local entitlements and agreements for the project. The next hurdle comes Wednesday, when the Downtown Development Review Board will conduct a special meeting and possibly approve a master development plan for the project. Conceptual approval was granted by the board in August. Munz said based on recommendations from the board in August, he’s confident the “master guidebook” plan will receive final approval next week. That will be followed by execution of a redevelopment agreement with the Downtown DISTRICT
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Special to the Daily Record
Project reaching final pre-construction hurdles
The District is a $400 million to $500 million mixed-use residential and retail project on the Southbank.
Gulliford seeking $7.5M for beaches Emergency legislation set for dunes project
Doing some heavy lifting at Jacksonville port
Special to the Daily Record
By David Chapman Staff Writer
Workers from SSA Cooper trained to handle heavy-lift cargo moved two massive turbine rotors headed for a San Juan, Puerto Rico power plant through Blount Island Marine Terminal. The rotors weigh 97,000 and 125,000 pounds and are 17 and 19 feet long. They were transported to Jacksonville by tractor-trailers from Virginia, where they were built. The rotors will be shipped to Puerto Rico on Jacksonville-based Trailer Bridge’s Jax-San Juan Bridge barge.
PGP investing over $11M in center So far, Preferred Growth Properties LLC’s Mandarin South Shopping Center redevelopment is adding up to more than $11 million. The city issued permits Tuesday for Hoar Construction LLC to demolish and rehab the interiors of the units at 11700 San Jose Blvd., including space for Earth Fare and PetSmart. Earth Fare and PetSmart have applied for interior build-out and other tenants also are expected to do so. Preferred Growth Properties is the real estate subsidiary of Books-A-Million Inc. of Birmingham, Ala. Through PGP Jacksonville LLC, it bought the 34-year-old struggling center in July 2014 for $4.7 million, promising on its website to renovate it.
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Hoar Construction also is based in Birmingham. The almost 70,000-square-foot center sits on nearly 5 acres west along San Jose Boulevard, south of Interstate 295. The permits issued Tuesday cover about $4.3 million in interior demolition and rehabilitation of almost 62,000 square feet. AutoZone is one of the existing tenants to remain and does not appear to be
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involved in the renovations. Separately, Earth Fare is taking the next step to renovate its demolished interior space with a $1.5 million build-out and PetSmart expects a $690,000 renovation. Earth Fare has said the new store will be a “modern and more updated operation” of its organic and natural foods grocery chain. The North Carolina-based chain opened a new-concept store last year in Atlanta with a layout that places a greater emphasis on freshly prepared food items. That store also features a 50-seat, indoor/outdoor cafe with free Wi-Fi. Plans filed with the Mandarin South permit application this week show a layout different from that of Earth Fare’s first MATHIS CONTINUED ON PAGE A-2
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Hurricane Matthew pummeled Jacksonville’s beaches, laying siege to the dunes that protect coastline homes and businesses. Restoring those dunes will be an expensive proposition — but the city could possibly save money if it acts quickly. City Council member Bill Gulliford wants to do just that. Gulliford, who represents the beach communities, plans to introduce emergency legislation Tuesday that would authorize the city to borrow up to $7.5 million for dunes restoration. The U.S. Army Corps of Engineers began a $13.6 million beach renourishment project in September to replenish 650,000 Gulliford cubic yards of sand along a seven-mile stretch of beaches. Gulliford would essentially like to piggyback a dunes restoration project to that renourishment effort. If done separately, he said estimates provided by U.S. Rep. Ander Crenshaw’s office pegged the restoration project as being at least $4 million more. “The urgency is here and now,” said Gulliford. The $7.5 million he is seeking for the project could be reimbursed from state and federal sources. Estimates for the dunes project aren’t yet known, but Gulliford said it likely would be at least $5.5 million for the sand and construction. DUNES CONTINUED ON PAGE A-4
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