by J. Brooks Terry
Staff Writer
According to those in know, Jacksonville’s urban housing market is finally learning to crawl, but it will still be some time before it can stand up and walk on its own.
Friday at the University of North Florida, a panel of residential experts and development gurus provided insight into the opportunities and the potential pitfalls facing downtown in the not-too-distant future.
Led by moderator Maxine McBride, president of Clockwork Marketing, many on the panel said the perception of living downtown is just wrong.
“One thing we have to understand is that crime is not an issue in downtown Jacksonville or Springfield,” said Mack Bissette, chief executive officer of SRG Homes & Neighborhoods. “If you watch TV, you’ll notice they’re never even mentioned. They shouldn’t be perceived that way.”
SRG Homes is among the high profile groups working to revitalize Springfield. To date, Bissette said the company has already sold over 150 homesites there and, within two years, will experience a spike in market value.
“If you haven’t driven through the area recently, you won’t recognize it,” he said.
TriLegacy Group president Hamilton Traylor agreed.
“There are many nights when I am downtown long after it has gotten dark and you’ll see that it’s perfectly safe,” he said. “People are jogging and walking their dogs.
“People mention the jail, but when you think about it, it’s really its own gated community. That perception is going to have to change.”
TriLegacy is overseeing the multi-phased Shipyards project along the Northbank near the Sports Complex.
Traylor said the Super Bowl has forced TriLegacy to work under a decidedly different timeframe.
“It’s a bit of a mixed blessing,” he said. “The challenge we’re facing is that we have to have certain things ready in time for heavy crowds.
“Over a billion eyeballs will be looking at downtown Jacksonville and Alltel Stadium when the Super Bowl is here and we’re very close the epicenter.”
Traylor, who confirmed a marina will be completed early next year, said much of the Shipyards’ property along Bay Street will be used as a “staging area” and transportation hub for tourists.
Offering a bit of a different point of view was Mark Farrell, CEO of The Vestcor Companies, Inc.
Unlike others on the panel, Farrell could boast about an existing and thriving downtown residential project in 11E.
“We’re 98 percent full, which is very exiting,” he said. “It was a bit of a unique project, from the beginning, but to see it thrive is rewarding.”
Vestcor is currently working on a second project, The Carlington.
Farrell and Granvil Tracy, president of American Land Ventures, were among the more vocal on the panel, insisting that to develop a strong residential component downtown, the City should be prepared to continue offering incentives.
“The City has been very good about encouraging and stimulating interest downtown living,” said Farrell, “but we need to be prepared to continue in the practice of offering incentives until the private market can take over.”
Tracy, who is overseeing much of the continuing work at The Peninsula and The Strand on the Southbank, agreed.
“It really is a bit of a chicken and the egg scenario,” he said, “but what we ultimately need downtown is a strong national retail presence that we don’t have now. To get that, you need the residential. I’d say we’ll need to get somewhere between 4,000-6,000 units before we’ll be in a better position.”