by Max Marbut
Staff Writer
“I’ve been in Florida real estate since 1974. I’ve been through several cycles, but I don’t get concerned because the fundamentals are still there,” said Roger Postlethwaite, COO of LandMar Group, at the May 18 meeting of the Downtown Council of the Jacksonville Regional Chamber of Commerce.
Postlethwaite and Joseph Beaudoin, Florida land acquisitions manager for Miles Development Partners, were invited to share their views on the current and future state of local real estate development.
Postlethwaite said he believes the recent softening of sales occurred because the market was “overheated” and he expects it to fully recover by the end of next year. He believes, “All developers Downtown will be successful.”
He also said interest in LandMar’s Shipyards project is “exciting” with reservations for more than 200 of the 331 units in the first phase of construction already inked.
“There have been four to five reservations a week. The ‘empty-nester’ interest is stronger than we thought it would be. We’re also seeing a lot of interest from people who want to move out of south Florida. We even have a reservation from Hawaii.”
Miles Development Partners is developing Brooklyn Park on Riverside Avenue, the company’s first venture in Jacksonville. Beaudoin said the residential and commercial markets change faster now than ever before and developers have to keep up with trends in order to survive, much less succeed.
“We pride ourselves on maintaining flexibility and we assume things are going to change. That’s why we’ve made it when some others have not.
“We realize the national population is aging and fuel costs are rising, so people are buying condominiums in urban developments that are being designed as self-sufficient communities. We expect that trend to continue for at least 10 years,” he said.
Beaudoin also said Brooklyn Park is designed around a new park, specialty retail and workforce housing. Rent for a one-bedroom unit in the first phase will start at under $700 a month and condominiums can be purchased for as little as $200,000.
“We’re going to start by offering the services and retail we believe the surrounding neighborhoods want. We think Riverside and Avondale is looking for niche retailers.”
When Beaudoin pointed out Miles’ ground breaking is scheduled for August, Postlethwaite commented congenially, “It’s a perfect marriage. Those waiting to move into the Shipyards can live in Brooklyn Park while they wait for construction to be completed.”