by Bradley Parsons
Staff Writer
The construction halt on the new Duval County Courthouse may have cooled the LaVilla real estate market a bit, but one of the area’s pioneering investors still plans to double its holdings on the west edge of downtown.
Law firm Coffman, Coleman, Andrews and Grogan will snap up in January a 60,000 square-foot lot adjacent to its 800 W. Adams St. offices. The land is one of a few remaining City-owned parcels in the area. The purchase is the second phase of a 2002 deal between the City and Coffman Coleman.
The firm used $2.1 million of its own and a $125,000 City grant in phase one to build the 20,000 square-foot building that houses its offices. President Patrick Coleman said the firm wasn’t sure yet how it would use the phase two parcel. The firm’s initial plans are to build a three or five-story building with parking for office rentals. Coleman said he’s heard from several law firms interested in leasing floors, and said the firm would also listen to offers to buy the building.
“You could say our plans are firmly in mid-air,” he said. “There are so many permutations to what could happen. We’ve had indications of interest, but they don’t all pan out.”
One of the variables in Coffman Coleman’s plans is the fate of the new county courthouse. The promise of that building going up just four blocks east of Coffman Coleman’s offices briefly turned LaVilla real estate into hot property. But Mayor John Peyton’s decision to scrap the design and start the overbudget project from scratch has created uncertainty in potential investors, said Coleman.
“The market has lost some of its inertia,” he said.
Coleman said he knew of several law firms that were contemplating a move to the area that were now looking at renewing leases in their current buildings.
But Coleman pointed out that his firm moved to LaVilla before the area was ever identified as the courthouse site. Although his firm assumes the courthouse will eventually be built in LaVilla — the City spent $25 million on the land — Coleman said property in the area will be in demand with or without it.
“Even if the decision impacts us, stopping work on the courthouse was absolutely the right course of action. I’m a big fan of how the mayor is handling this,” said Coleman.
Even without the courthouse, LaVilla still benefits from its access to a pair of interstates, he said. Coffman Coleman views LaVilla as the bridge between downtown and the thriving Riverside commercial district.