Daily Record FINANCIAL NEWS &
FRIDAY, DECEMBER 16, 2016
Vol. 104, No. 024 • oNe SectioN
35¢ www.jaxdailyrecord.com
Spring start likely for East San Marco
It now looks like spring for construction work to start on East San Marco, the Publix-anchored retail and multistory apartment project at Hendricks Avenue and Atlantic Boulevard. Jason Jacobson, regional partner of developer ArchCo Residential LLC, said Thursday work probably will begin about April, with completion in about two years. That’s later than what Jacobson forecasted in March, when projections called for construction to start after permits were issued, expected in August. That led to
an expected September groundbreaking. But what are six or seven months for a project that has been a decade in the making? “We thought that, believe me, we would be under construction by now,” Jacobson said. The reason for the wait is a combination of current construction market conditions and a difficult financing environment, he said. Jacobson said the equity capital has been in place for some time through New York-based Bluerock Residential Growth
REIT Inc., and the ownership group is talking with construction lenders. “It takes a little longer to get people lined up,” he said. Jacobson said the construction contracting market also has been hard because contractors are busy. “Prices are coming in on the
high side and we have had to work through that and work closely with the contracting community to get the numbers where they need to be,” he said. Jacobson hopes to have those numbers in January. He said the general contractor has not been chosen yet. He doesn’t expect a problem. “We are close. We are getting there,” Jacobson said. East San Marco’s address is shown as 1532 Atlantic Blvd. BR ArchCo ESM LLC, a venture of Bluerock Residential Group REIT and Atlanta-based
ArchCo Residential LLC, intends to buy the 4.3 acres for the development from Jacksonville-based Regency Centers Corp. after the building permits are issued. Jacobson expects those by the end of the year. He said if all goes as planned, his group will buy the property in January. The city issued a site-work permit Nov. 29 for tree removal and is reviewing seven permits for the project. Those show an estimated construction cost of $41 million. Jacobson said the site work MATHIS CONTINUED ON PAGE 4
Arlington finally moving up in line
Officials hope facility is catalyst for resurgence
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This conceptual design for 200 Riverside was approved Thursday by the Downtown Development Review Board.
Review board OKs‘iconic design
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The Downtown Development Review Board ended 2016 by approving what was described as an “iconic” urban residential project and paving the way to resurrect a project described as “blight.” NAI Hallmark Partners presented its new conceptual design for 200 Riverside, an apartment development next to its 220 Riverside and Unity Plaza project in Brooklyn. The design for the original sevenstory building with 250 apartments was approved in February. But increases in Goldfaden projected construction costs forced Hallmark to redesign the project at 10 stories with 295 apartments. “The original design is not financially feasible. We need more density on the site,” said Keith Goldfaden, Hallmark principal. Rod Harner, project manager at JDavis Architects, said the new design is an
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“iconic building” with the main amenity space on the roof. Conceptual drawings show a rooftop swimming pool and clubhouse with views of Downtown’s Northbank and Southbank. The deck will be colorful and illuminated at night, Harner said, creating a visual landmark at the entrance to Downtown visible from Interstate 95, Harner said. Also part of the design is a 14,000-squarefoot “retail terrace” on the ground floor of the building along Riverside Avenue. The board is concerned about the appearance and location of the 450-space parking garage that is surrounded by the apartment floors on the conceptual design. The garage faces the apartments on the north side of 220 Riverside. The board recommended making the garage more attractive before the final blueprints are submitted for approval next year. “You need to improve the garage design for the benefit of your 220 Riverside residents,” said board Chair Fred Jones. The future of the abandoned Berkman 2 condominium project Downtown along the Northbank took a step away from DDRB CONTINUED ON PAGE 2
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File photo
Panel sets stage to end blight at Berkman II
By Max Marbut Staff Writer
The review board approved rezoning the Berkman II site from Planned Unit Development for condominiums to Commercial General, which would allow any commercial use permitted Downtown.
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Arlington used to be “the place,” as Mayor Lenny Curry remembers. City Council Vice President John Crescimbeni recalls the days when the community just east of Downtown had amenities on par with today’s St. Johns Town Center. And the real estate, he said, was some of the hottest in the city. The past few decades haven’t been as kind, though. The shine wore off, the community aged and the amenities and investments went elsewhere. As Jacksonville University President Tim Cost noted Thursday, Arlington has “been at the end of the line with economic development opportunities.” “They’re not at the end of the line I know anymore,” he said, surrounded by Arlington. well over 100 peoI don’t see ple celebrating the groundbreaking of Arlington Dolphin Pointe. The commitment the way other of the riverfront people see skilled-nursing center adjacent to the Arlington. school’s campus signaled the comGreg Nelson munity had stepped Developer of up in line through Dolphin Pointe an opportunity not seen for some time. An $18.5 million investment, 325 construction jobs, 240 permanent jobs and, as Curry said, “a catalyst for what is yet to come” for Arlington. The Renew Arlington Community Redevelopment Area approved last year will look to keep tax dollars in the community to improve those commercial corridors that haven’t seen improvement over time. Crescimbeni told the crowd Thursday there’s no reason Arlington can’t experience a renaissance like the one Brooklyn has seen in the past several years.
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Special to the Daily Record
By David Chapman Staff Writer
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