by Mike Sharkey
Staff Writer
If the Palencia development in St. Johns County is any indication, then the Southbank is in for a real treat when what is now called “Riverpointe” comes out of the ground early next year. The 40-story, 200-plus unit condominium project just north of the Aetna Building will be another in a growing list of downtown condominium towers. It also represents a real estate venture and opportunity that simply didn’t exist a few years ago.
Hines is the master developer for both Palencia, the St. Johns County residential development, and the condominium tower.
Hines Vice President Walter O’Shea is overseeing both projects.
As hard as it may be to imagine, O’Shea says there are plenty of similarities — from a real estate perspective — between the properties despite their obvious geographical differences.
“You use the same tools and techniques to sell both,” said O’Shea. “At Palencia, part of the success there is based on the fact we focus on the target market and the unique lifestyle and we did our market research. Downtown, we will use the same disciplines. We will do good market research and target the right customers.”
And O’Shea will need help.
He has a team of 12-15 real estate agents at Palencia that focus solely on that development. O’Shea has yet to form his downtown tower team but, with 200-plus units to sell, it’s a safe bet he’ll start assembling that team in the near future.
Interestingly, O’Shea believes that both Palencia and Riverpointe will appeal to a very similar market to an extent. He says both developments will attract the empty-nesters, an older clientele with grown kids. At Palencia, that market likes the condos and attached homes and the fact they can walk to many of the amenities. At Riverpointe, that same clientele will appreciate the maintenance-free, waterfront lifestyle, an emerging downtown and established areas like San Marco and Riverside.
“The downtown development will also appeal to the young urbanite that’s either single or has a dual income. They probably won’t have any kids, work downtown and want to live downtown for two or three years,” said O’Shea, adding he expects the buyers of the condos to be a mix of locals and those looking to either relocate to Jacksonville or establish a low-maintenance second home here. “Some will live here in town and be willing to relocate downtown because of the public improvements, the retail and the proximity to places like San Marco. Jacksonville is growing and it will continue to become more urban as people from the Northeast, Midwest and Mid-Atlantic move into the area. Some will come back from South Florida where they have lived for some time for a change of climate and to get away from the congestion.”
O’Shea said building a riverfront residential tower downtown is both an entrepreneurial opportunity as well as a chance to be a part of a downtown modern Renaissance.
“There is a great history of developing architecturally historic high rises downtown,” said O’Shea at the official 50th anniversary celebration of the Aetna Building on the Southbank (originally the Prudential Building). “We want to build a landmark downtown tower.”
He also said The Strand and Peninsula development just down river, which is about a year ahead of O’Shea’s project, is not a deterrent.
“It energizes us,” said O’Shea. “This market is not a matter of sharing a limited piece of the pie, but rather sharing a growing market.”