Daily Record Financial News &
Tuesday, October 3, 2017
Vol. 104, No. 229 • One Section
www.jaxdailyrecord.com
Downtown Hyatt won’t reopen until Oct. 30 Hotel taking 7 weeks to mop up and rebuild after Irma, will miss Florida-Georgia weekend.
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Hillwood courting warehouse prospects The Conlan Co. built a distribution center at AllianceFlorida. Hillwood Senior Vice President Dan Tatsch said prospects are in the “tire-kicking” stage for its 407,435-square-foot speculative warehouse at AllianceFlorida at Cecil Commerce Center. He was finalizing a proposal Friday for one of them, but declined to identify any prospects. Tatsch said Dallas-based Hillwood’s inhouse prop- Tatsch erty management department completed a “punch-list walk” with general contractor The Conlan Co., a final step before the contractor hands over the completed building at 4660 New World Ave. to
By Max Marbut Associate Editor The Hyatt Regency Jacksonville Riverfront will remain closed until Oct. 30 after the ground floor was extensively damaged Sept. 11 when the St. Johns River overflowed its banks Downtown during Hurricane Irma. The largest hotel in Northeast Florida – 951 guest rooms and 30 ballrooms and meeting rooms – will be out of business for seven weeks, including during Florida-Georgia weekend Oct. 27-29, when thousands of college football fans will visit Jacksonville for the annual game at EverBank Field. It’s not the ideal scenario to lose nearly 1,000 hotel rooms within walking distance of the stadium during what is historically the best weekend of the year for the hospitality business. But unlike Irma, it won’t be a disaster, said Paul Astleford, president and CEO of Visit Jacksonville, the convention and visitors bureau for Jacksonville and the Beaches. “The good thing is that we have 18,000 hotel rooms just in Duval County,” he said. Visitors who would have stayed at the Hyatt will book rooms in hotels outside of Downtown, he said. “It will be a very good weekend for the suburban hotels. A lot of them will be packed,” Astleford said. The aftermath of the storm already has boosted business at the Ramada Jacksonville Hotel and Conference Center in Mandarin. General Manager Fred Pozin said many rooms are occupied by disaster recovery workers who came to Jacksonville after Irma and by residents who had to find temporary housing after their homes were damaged by floodwaters. “I hate to see the Hyatt have to go through this,” said Pozin, a former member of the Duval
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Magnolia Point Apartments sold for $14.4 million From Staff
Photo by Max Marbut
The Hyatt Regency Jacksonville Riverfront Downtown on the Northbank Riverwalk is fenced off while damage caused by Hurricane Irma is being repaired.
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The Magnolia Point Apartments complex at 7507 Beach Blvd. has been sold. On Monday, Mag Pointe LLC closed on the purchase from Magnolia Point Apartments LLC for $14.4 million. The 15.36-acre property includes 300 apartments in 10 buildings. Magnolia Point was built in 1973. Mag Pointe, LLC was incorporated Aug. 10 and has a mailing address of P.O. Box 881078 in Boca Raton. The registered agent is Steven Varella of Kellerman Varella in Miami Beach. The LLC manager is Dan Tokayer of Englewood, New Jersey. The buyer borrowed $10.8 million to make the purchase. The lien holder is Valley National Bank of West Palm Beach. The current tax appraised value of Magnolia Point is $5.84 million. consecutive business days