by Mike Sharkey
Staff Writer
West Forsyth Parking, LLC has purchased an entire city block in an area of downtown that will one day be within a block of the new county courthouse complex.
The buyers also own the 550 Water Street building and the deal was negotiated through Miami-based Foram Management and Leasing and CB Richard Ellis of Jacksonville. The block — which is bounded by Jefferson, Forsyth, Broad and Houston streets — was purchased from Clarkson Broad Street Investors, LLC for $2.125 million.
“We had an expensive mortgage on it and wanted to get rid of it,” said developer Bucky Clarkson, head of Clarkson Broad Street Investors, who bought the block about 10 years ago. “There are some environmental issues they [Foram] were more than willing to tackle and they gave us a good price.”
Foram president Wayne Stringer said the block was acquired with an immediate use in mind but added his company is certainly aware of the long-range plans for the area.
“We were probably a unique purchaser of that property,” said Stringer. “One, it was an extra city block available that was big enough that it may help shift the city’s epicenter. Over time, it will become even more valuable as a development site. I can imagine another office tower there. Two, it’s right between another of our investments — 550 Water Street — and the new county courthouse.”
For now, the block will be used primarily as a surface parking lot. Stringer said 550 Water Street is about 75 percent full with three recent additions — the Super Bowl Host Committee, the Jacksonville & the Beaches Visitors and Convention Bureau and the Internal Revenue Service. With limited on-site parking, the newly acquired property will be used as overflow parking for 550 Water Street tenants.
Eventually, Stringer said plans are to build a multi-level parking garage and there are no plans to split the lot or ever put it up for resale.
“We did not purchase it to flip it or spec build,” explained Stringer, adding he’s been pursuing the block since the third quarter of last year and closed on the property in December. “I see us building a parking garage and we’d be hard-pressed not to build one that could support an office tower on top with about 15 stories of Class A office space.”
Like others interested in property surrounding what will be a new $211 million county courthouse complex, Stringer believes the block will eventually become one of several legal centers downtown. Foram was successful in a similar venture in Miami where they leased space in a building to 50 different law firms and sole practitioners across the street from the new Dade County Courthouse.
“We know what happens in that environment,” said Stringer.
Currently, the block is used by several dozen cars on a daily basis and it’s in terrible condition. The lot is strewn with pot holes, broken glass, rocks and cracked tile pavers. Stringer said now that Foram has control of the property, some work will be done to improve the conditions, but nothing major.
“There are no plans to pave the lot,” said Stringer. “But we will clean it up some, possibly make it more secure.”
Clarkson and his development companies own several other parcels on land in the area and further west in LaVilla. At this point, he intends to hold onto them.
“We are not unhappy with the Better Jacksonville Plan and some other projects. The future in that area is bright,” said Clarkson.
Foram, which was founded in 1978 in Atlanta, also has offices in Savannah, Boca Raton and Ft. Lauderdale.