We asked commercial realtors: Which of the four new residential downtown housing projects — 11 E. Forsyth, Berkman Plaza, The Shipyards and The Strand at St. Johns on the Southbank — do you think has the best probability of success and why? Do you think people would rather rent or own in relation to the four projects being built downtown?
“I know that there are many detractors to the downtown development projects that are planned but I think that they all have a strong potential for success. The projects all have a different makeup and different target customers. Some are rentals and some will be for purchase. We need a mix of both if downtown ultimately becomes a work, play and residential area. My biggest concern so far is the cost to the consumer. The rents for the apartments and the prices for the condominium/townhomes are not inexpensive. I think we can only attract so many rich folks and there has to be some balance to include the ‘working class.’ [Meaning myself in the latter category] If the downtown renaissance is to be successful I believe we need a mix of middle class and more affluent.”
— Tom Adair
Washington Mutual Bank
“All of the projects have a chance at success. Each is unique and will appeal to a different population group. If each development was exactly like the rest, I would be very concerned about the likelihood of their success. But they are not. With proper marketing, the target audiences will be reached and Jacksonville will finally have the downtown housing that should lead to a vibrant core city.”
— Steve Tool
Grubb and Ellis Phoenix Realty Group
“In time, all of these residential housing projects will be full. The downtown area offers so much, including waterfronts, restaurants, shopping, and good employment. It is a beautiful downtown and becoming better every day with these projects, as well as commercial projects and Mayor John Delaney’s Better Jacksonville Plan.”
— Walter Dickinson
Colliers Dickinson
“Berkman Plaza will probably make it easier for The Shipyards because they are pioneering the concept of upscale condominiums on the riverfront and why shouldn’t we, because we have such a great river to deal with. Actually, probably the best probability for success is the Strand at St. Johns because people are more inclined to accept the south side of the river as a place to live. It’s going to take some doing to get people to pay the prices to live in downtown Jacksonville. There is such a history of not being terribly inviting. You’d have to get people who haven’t been around a long time that are coming in and saying they would like to live downtown and see that Shipyards or Berkman Plaza is beautiful place to live. I don’t know how many are coming in, but there is probably quite a bit of it with relocation. Overall, The Strand at St. Johns would be better because there are people who have been here for years that want to get closer in [to downtown] for a variety of reasons. You have restaurant support on the Southbank that you simply don’t have downtown.”
— Arnold Slott
Slott and Barker
“All of the projects will do well. 11 E. Forsyth, The Shipyards and Berkman Plaza will do very well provided the support businesses, including grocery, liquor, dry cleaners, etc. begin to make their presence known on the Northbank. The proposed Strand at St. Johns will do very well because a lot of the support services and upscale restaurants are already in place in that neighborhood. I believe there is a lot of demand for downtown housing. Every time a story runs regarding downtown housing, our firm [because of the amount of properties we have listed] receives a tremendous amount of calls from people wanting to buy or lease downtown loft apartment space.”
— Bob Ascher
Schultz Foster Addison Real Estate Inc.
“Would I spend several hundred thousand dollars on a condominium/apartment downtown? I personally wouldn’t, but then again I grew up here and can’t picture anyone wanting to live in the midst of homeless people and crime, etc. Perhaps in a few years things will be different, but right now everything downtown is closed and boarded up by 7 p.m. Once you can walk to a corner Publix or other shop, maybe then. I know a lot of people are taking the risk and buying houses in Springfield, and they are quite attractive homes. But the crime would keep me from sleeping at night. If I were single and worked downtown, I might consider it. The big plus would be the view from a 30-story window.”
—Timothy Rogers
attorney