Daily Record Financial News &
TUESDAY, DECEMBER 20, 2016
Vol. 104, No. 026 • oNe SectioN
35¢ www.jaxdailyrecord.com
Hendricks site slated for project
San Marco rejuvenation continues as property between the Southbank and the historic neighborhood continues to be attractive to developers. Next up, property owned by the Florida Baptist Convention Inc. along Hendricks Avenue could be redeveloped with apartments, condominiums and retail space. Jacksonville-based Block One Ventures is pursuing plans to buy and clear the 3.45-acre site at 1230 Hendricks Ave. to develop a multistory structure with up to 345 residential units and 30,000 square feet of retail and commercial uses.
The first floor would feature restaurant, commercial retail, office and parking space as well as residential units with an amenity center, courtyard and pool. Upper floors would contain parking and residences of studio to multibedroom units. It would include structured parking and vehicle access at Hendricks Avenue and Naldo
Avenue. The project is described in a rezoning application filed with the city. Florida Baptist Convention seeks to rezone the site to a planned unit development. It also requests a land use amendment. The building would be seven stories. Block One Ventures Senior Vice President Christian Oldenburg said Monday his group was not ready to comment about the plans, although he confirmed the project would be new construction. MATHIS
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Photo by Karen Brune Mathis
Impact has Baptist Convention, regional council moving
Northeast Florida Regional Council CEO Brian Teeple and Policy Director Margo Moehring at their new offices at WJCT Studios Downtown.
Demand up, building pace is down for housing field Realtors and builders optimistic about 2017
Photo by Max Marbut
By Carrie Resch Contributing Writer
Open for business and ahead of schedule The sidewalk maintenance and renovation project at City Hall is finished except for a few final touches and the entrance to the building facing Hemming Park is again open to the public. In addition to improved steps and new columns at the Duval Street entrance, there are larger tree beds and the entrance is compliant with the Americans with Disabilities Act. The $549,000 project began in May and was intended to be finished in January, but contractors stepped up the schedule to get the entrance open for the holidays.
Safety remains issue in Hemming Park By Max Marbut Staff Writer On Nov. 10, Sam Mousa, Mayor Lenny Curry’s chief administrative officer, told the City Council Special Committee on Hemming Park “the mayor wants to take over the park.” Whether the city will take over Hemming Park in April after 30 months of private management and programming remains to be seen. But the bigger question is what the city would do if it does take back day-to-day control of the 1-square-block public space in front of City Hall. Mousa’s declaration came as a surprise
Public
to the committee. Council member Bill Gulliford said he doesn’t care who runs the park — he just wants it to safely be available to everyone. The committee will continue studying the future of the park in January. The nonprofit Friends of Hemming Park took over management and programming Sept. 30, 2014, with a $1 million budget –– $800,000 from the Downtown Investment Authority and $200,000 from the city for its first 18 months of operations. As the project progressed, questions were raised about the group’s fiscal policies and its ability to raise private funds — a requirement in the contract. Council approved an additional $100,000
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this past March and $150,000 in May from contingency accounts to cover the group’s expenses through March 2017 while the committee studies the future of the Friends. The group focused on programming, such as small events on weekends and setting up a food truck and music during lunch Monday-Friday. Safety and security — one of the primary reasons council agreed to turn over park operations to a private entity — proved to be a challenge. A few months ago, the Jacksonville Sheriff’s Office was replaced in the park by a private security firm other than when security staff calls for police officers to HEMMING
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With shifting demographics, a crowded field of competition and millennials entering the market, staying on top of the latest trends is essential for Realtors and builders in an ever-growing field of competition. Area Realtors and builders are optimistic about next year’s market. Reverberation from a recovering market, many predict, will create an increase in first-time homebuyers and therefore an increase in demand for the Northeast Florida housing market, particularly in homes under $200,000. The increase in demand, for both new construction and existing houses, will most likely be impacted by the continued shortage of construction labor. Homebuyers who lost their property during the downturn also are expected to re-enter the market in response to the better economy. Budnick A decrease in REO and short sale properties are likely trends for 2017. Christy Budnick, executive vice president of Berkshire Hathaway HomeServices Florida Network Realty, said most homeowners are now either at break-even or above water and REO properties are down by another 55 percent this year.
First-time buyers jumping in
First-time homebuyers will be on the rise in the coming year, according to local industry leaders. “I believe we will see an increase in firsttime homebuyers and buyers coming back into the market that had financial difficulties during the recession,” Sherry Davidson, president of Davidson Realty Inc. said. 2017 FORECAST CONTINUED ON PAGE 4
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