Public-Private Partnership to Add ‘Central Park’ to Brooklyn, Jacksonville Development

By Georgiana Mihaila, Associate Editor

A public-private partnership is looking to bring a signature park to historic Brooklyn. Mayor Alvin Brown and Jen Jones—executive director of Jacksonville Unity Plaza Inc.—accepted the deed to the premiere ‘central park’ for Jacksonville at the construction site of 220 Riverside, a mixed-use development aiming to revive Brooklyn.

Jacksonville Unity Plaza Inc., the non-profit that will manage Unity Plaza, promises to deliver a new entertainment hub that will host events year round. Developers have projected a plaza with a fountain, a lake and a staging area flanked by an amphitheater able to accommodate 2,000.

The Unity Plaza concept is the vision of Alex Coley, principal and co-founder of Hallmark Partners, currently developing the adjacent 220 Riverside mixed-use project. The public-private partnership is part of a redevelopment agreement that obligates the private developers of 220 Riverside to donate the Unity Plaza property, establish the 501(c)(3) non-profit and fund the basic operations of the non-profit entity that will manage the property as a community ‘central park.’

“We have said all along that the 220 Riverside is actually a community service project disguised as a real estate deal,” said Coley, who presented the deed to the Mayor and Jones. “Unity Plaza will host and nurture the diversity and spirit of our community while revitalizing downtown and fulfilling our mission of place-making.”

Unity Plaza is the cornerstone in the current redevelopment of Jacksonville’s Brooklyn neighborhood. It is located at the corner of Riverside Avenue and Forest Street, adjacent to the 220 Riverside project featuring 294 market rate apartments and 18,000 square feet of retail. The Unity Plaza project development team is led by Hallmark Partners Inc., and Jacksonville-based Studio 9 Architecture is leading the park’s design. Programming in development includes seasonal events, concerts, educational programming and unique activities that utilize the nearby St. Johns River.

Image courtesy of Hallmark Partners

Improving Jacksonville Industrial Market Attracts 1M SF Distribution Center

By Georgiana Mihaila, Associate Editor

The local commercial real estate community is talking about a mystery firm’s plans to develop a one million-square-foot distribution/warehouse center in the St. Johns Water Management District, ever since the Jacksonville Business Journal first reported on the project.

According to the publication, a permit application has been filed at the beginning of the month for two centers, one encompassing 600,000 square feet, and the other 400,000. The two would rise on a 102-acre site located at the intersection of Normandy Boulevard and 103rd Street and runs along Alcoy Road.

The City of Jacksonville, the landowner, applied for the permits on behalf of Hillwood Investment Properties. There have been rumors that FedEx Ground Shipping or Amazon.com could be the anchor tenants of the proposed facility, but no official announcements have been made yet.

CBRE Research has revealed that the Jacksonville industrial market experienced a great start to the year, with positive indicators of recovery. The first quarter 2013 closed with a vacancy rate of 10.8 percent. The overall vacancy rate is the lowest it’s been since 2009. In 2007, at the market’s height, there were more than 4.5 million square feet of industrial projects underway. Very few developments have been delivered to the market since the recession, mostly due to high vacancy rates and economic uncertainty.

Currently, in addition to the warehouse/distribution center, there are 22 buildings proposed in the Northside, Westside and Southside submarkets. These developments could add up to 4.3 million square feet of space to the market. Yet developers seem to be awaiting a further decline in vacancy rates to break ground on the projects, as there is currently no construction underway in the Jacksonville industrial market.

Chart courtesy of CBRE

Nordstrom Adds 35K SF Rack Store to Local Retail Options in Jacksonville

By Georgiana Mihaila, Associate Editor

After announcing last year that it will be opening a 124,000-square-foot, two-level, full-line store at St. Johns Town Center, Nordstrom is now planning a 35,000-square-foot Nordstrom Rack store at The Markets at Town Center in Jacksonville. The opening date has been set for fall 2013.

The Markets at Town Center is a retail, dining, and entertainment center conveniently located at Gate Parkway and Town Center Parkway just off I-295/J. Turner Butler Boulevard. The location will place the new Nordstrom Rack across from St. Johns Town Center where the new Nordstrom full-line store will open in 2014. The new Rack store will be part of the final phase of the center and will be joining a vibrant business, retail and restaurant scene. Nearby stores include REI, Ulta, Best Buy, West Marine, Brio, Black Finn, Whiskey River, Suite and a variety of boutiques.

“We could not be more excited to be welcoming Nordstrom as our neighbor and Nordstrom Rack to our incredible array of one of a kind merchants and restaurateurs at The Markets at Town Center,” said Steven Cadranel, president of Arris Realty Partners.  “Our vision and success for attracting the most desired retailers and creating a truly unique shopping and dining experience for all of northeast Florida continues to build on itself.”

Nordstrom currently operates nine full-line stores and eight Rack stores throughout Florida, and has recently revealed plans to open a new 35,000-square-foot Nordstrom Rack shop at the Shoppes at University Town Center in Sarasota. The next two targeted markets for Nordstrom Rack stores are Chicago and Louisville, Ky.

Image via The Markets at Town Center

Omni Amelia Resort Unveils Outcome of Massive $85M Renovation

By Georgiana Mihaila, Associate Editor

Omni Amelia Island Plantation Resort opened its doors on March 5 to reveal the completion of a massive $85 million renovation. The renovation had consisted of extensive remodeling work on the entire building and the addition of 155 rooms.

Omni Amelia Island Plantation Resort now features a new 155-room wing—called the Oceanside wing—that will function alongside the rejuvenated Sunrise wing that features 249 rooms, totaling 404 oceanfront escapes. Of the 27 suites, most notable are the Infiniti Suites, which occupy the farthest edge of Oceanside, and boast wrap-around porches offering extensive views of the Atlantic coastline.

Directly off the hotel lobby, the new outdoor area offers the largest pool deck in Northeast Florida with lounge seating for sun-seekers, three fire features, additional food and beverage services and expanded changing facilities. The tiered poolscape includes the Serenity Pool, an adult, infinity-edge pool; the family-friendly Splash Pool; Splash Park, a water playground perfect for toddlers and small children; and two hot tubs – all featuring uninterrupted Atlantic Ocean views. In addition, a full service luxury spa housing 16 treatment rooms has been added.

Omni Amelia Island Plantation now features more than 80,000 square feet of versatile function space in the onsite Conference Center and across the 1,350-acre property. The space, which will accommodate meetings, banquets, weddings, social events and conferences for up to 1,800 attendees, includes the 16,800-square-foot Magnolia Ballroom, as well as the 11,165-square-foot Amelia Ballroom and the 5,465-square-foot Cumberland Ballroom. Pre-function and exhibit space and 37 breakout rooms complete the new Conference Center, while the Magnolia Garden, located just outside, features 11,000 square feet of lawn edged by majestic magnolia trees and herbs used daily by the resort’s chefs.

Originally built in 1976, the Omni Amelia Island Plantation Resort is a gated luxury resort acquired by TRT Holdings Inc.—owner of Omni Hotels & Resorts—for $67.1 million. The owner kick-started renovations work on the 1,350 acre-property in November 2011.

Image via Omni Amelia Island Plantation

NorthMarq Arranges $11.1M Mortgage for Two Orange Park M-F Properties

By Georgiana Mihaila, Associate Editor

Real estate financial intermediary NorthMarq recently arranged combined acquisition financing of $11.1 million for two multifamily properties located in Orange Park, Fla.

Financing was based on a 10-year term and a 30-year amortization schedule and was arranged for the borrowers, Fieldstone Group, LP and Millstone, LP, by NorthMarq through its seller-servicer relationship with Freddie Mac. Ryan Whitaker, vice president of NorthMarq’s Jacksonville Regional office, spearheaded the operation.

“Each property was an acquisition with legal complexity associated with the HOA and separate CDD and had to close by year-end 2012,” Whitaker said. “Freddie Mac understood the time sensitivity and legal complexities added by the HOA and CDD structures and delivered another successful closing for NorthMarq.”

The two properties make up for 160 market rate units, with Fieldstone Village Apartments—located at 573 Oakleaf Plantation Parkway—consisting of 96 units, and Millstone Village Apartments, set at 4190 Plantation Oaks Boulevard, of another 64 units. Both properties are part of a Home Owner’s Association (HOA) and Community Development District (CDD).

Image courtesy of NorthMarq