by Mike Sharkey
Staff Writer
It’s very subtle, but progress is being made at The Strand project on the Southbank. A sturdy sign advertising the project and providing development and financial contacts has been placed on the property, which is adjacent to the Riverplace Tower parking garage and next to The Chart House restaurant.
Not much, but considering just a couple of months ago the condition of the property itself was questionable, the sign is an indication American Land Ventures, Inc. is moving closer to closing on the property.
“I haven’t heard anything different, but I know they are hoping to close in November,” said Kirk Wendland, executive director of the Jacksonville Economic Development Commission.
Several months ago soil samples were taken at the property and unacceptable levels of petroleum and arsenic were found. City Council moved quickly to have the site designated a Brownsfield area, making it eligible for state and federal clean-up assistance. According to the Brownsfield regulations, the Florida Department of Environmental Protection will handle the arsenic while the federal government will provide funding for the petroleum remediation.
At this point, the site has not been remediated, but Wendland said the Miami-based development company has basically two options that will allow them to proceed with the project from a financial and developmental standpoint. One, ALVI could simply work out a deal with its financial backers to close before the site is cleaned up or, two, they could close on a percentage of the property with the understanding the rest of the money will not be provided until the remediation is complete.
“But the sign is progress and I am under the assumption they are still on schedule,” said Wendland.
The Strand project calls for two, 30-plus story high-rise apartment buildings and accompanying parking garages. The $146 million, two-part project is also the last major development to receive City incentives and drew heavy scrutiny when it was working its way through the Downtown Development Authority, JEDC and City Council. Eventually, Council approved $19 million worth of various incentives for the project, which also promises to provide plenty of green space and river access for the public.