by Mike Sharkey
Staff Writer
There’s an early taker for the Haydon Burns Library once that facility is closed and the new $95 million downtown library is built.
Although several people have informally inquired about the property, Vestcor Companies chairman John Rood is the first to formally pursue the 37-year-old building.
In a letter to Mayor John Delaney, Rood said he was interested in purchasing the old library for the amount equal to the current assessed value of the property. According to property appraiser records, the land is worth $661,500 and there have been $5,160,580 worth of improvements over the years, brining the total assessed value to $5,822,080.
Rood’s interest in the library doesn’t surprise City officials, especially considering his company is currently renovating the Lynch Building — which is adjacent to, and on the same block as, the library — into loft apartments. The building, when completed, will be renamed 11 East Forsyth.
“His interest makes an awful lot of sense,” said Audrey Moran, Delaney’s chief of staff. “He has invested a great deal of money in the adjacent property. Vestcor has a vested interest in making sure the library property is renovated and makes a good neighbor.
“A lot of people have asked about what we intend to do with the old library, but he’s the first to show a formal interest in the property.”
Once that project is completed this fall, it’s expected that Vestcor will then receive the promised financial incentives to begin work on the Roosevelt Hotel, which is a block west. Plans are for the Roosevelt to become loft apartments.
Although he couldn’t be reached for comment, Rood indicated to Delaney that he would like to convert the library into more residential housing.
“Since we own the adjacent property, we feel it would be an excellent location for a residential development similar to the property we saw in Denver,” wrote Rood.
Jim Citrano, chairman of the Downtown Development Authority, a member of the Jacksonville Economic Development Commission and president of CB Richard Ellis Commercial Real Estate and Institutional Management Services, said he’s glad to see someone from the private sector interested in the building and the simpler the process the better.
“Obviously, if someone wants to buy the building, we ought to consider their offer,” said Citrano, who is a major proponent of the resurgence of downtown housing. “Right now, because it’s owned by the City, the library isn’t on the tax rolls. If it was sold, it would be on the tax rolls.
“I’m sure the library people and City Hall has plans for the building, but if someone jumps up and wants to buy it, that would be the simplest thing to do.”
From a commercial real estate standpoint, Citrano certainly understands Rood’s desire to control the entire block. What the library is used for, however, should be indicative of the market at the time. Citrano believes that if 11 East Forsyth becomes a hot commodity, creating more downtown residential quarters is justified. If 11 East Forsyth receives a lukewarm reception, the library site may be better suited for commercial development with shops and restaurants that are publicly accessible.
“It’s a good call from real estate perspective,” said Citrano. “The building, with its age and present use, you might argue that it’s worth the land value minus the demolition costs.”
Even if the 11 East Forsyth location isn’t the most demanded address in Jacksonville, Citrano is sure the most important objective has been met.
“The big casino was doing it [a downtown housing project] in the first place,” said Citrano. “If the market demand doesn’t prove itself, then we ought to consider other things.”