by Mike Sharkey
Staff Writer
If “location, location, location” is the most tried and true real estate adage, then its hard to believe the old JEA building is still for sale. After all, it’s only a soft pitching wedge from what will become Jacksonville’s legal epicenter and a block from City Hall.
Well over two years ago, JEA moved the rest of its employees into its new building on West Church Street. Since the Navy vacated the building — they were occupying a couple of the building’s 16 floors — it has remained empty and on the market.
The situation is quite surprising for several reasons. Considering where it is and what’s planned for adjacent blocks, the building may be in one downtown’s premiere locations. At the corner of North Julia and West Duval streets, the building is across from the new United States Courthouse at Jacksonville and will eventually also be near the new $211 million county courthouse complex.
“It’s in an ideal location,” said JEA spokesperson Bruce Dugan.
According to Dugan, the price is right, also. For between $4 and $5 million, a buyer will get 16 floors of office space, a first floor lobby and parking. Dugan says JEA is not looking to make a killing on the building, they just want to find a buyer. As of today, the electric company is trying to sell the building on its own, but that may change.
“We have had some interest in the past, but nothing real serious,” said Dugan. “We are looking at maybe hiring a [commercial] broker. We are not in it to make money.”
Dugan admits the building needs work, but it doesn’t need a complete, ultra-expensive renovation.
“It’s dated,” said Dugan. “It looks like the 1970s, but the air has been updated.”
Dugan said he’s surprised area law firms haven’t been inquiring more.
“I would have thought a law firm would have bought it, taken their pick of floors and leased the rest,” said Dugan.