by Miranda G. McLeod
Staff Writer
For the first time in a while, Landing owner Tony Sleiman liked what he read in the morning paper.
For months, Sleiman has been battling the City over parking for his river front mall. However, news of a huge development across from the Landing made his day.
“I’m so excited I can’t even see straight,” he said. “I saw it in the paper and just got fired up some more.”
Cameron Kuhn is the catalyst for River Watch at City Centre, and he sees greater opportunity in downtown Jacksonville than any other city. He unveiled a $250 million project Tuesday to reshape Jacksonville’s skyline.
Kuhn bought the 23-story SunTrust Tower Jacksonville Center from Capital Partners Inc. for $37 million. He plans to convert that into office condominiums. He has already sold and closed on $20 million and has $40 million under contract.
But that’s just the beginning. He also acquired the rights to buy a 1.6-acre parking lot for $5.5 million and foresees closing in 30 days.
Melding into the skyline would be a proposed 33-story tower with residential condominiums, a four-star hotel including hotel condominium suites, parking facilities and first-floor retail and commercial space across from the Landing.
The project, called River Watch at City Centre, is slated to begin December 2006 and will take 18 months to build. It’s built as a contribution to its citizens, Kuhn said.
“It’s synergy for the city,” said Kuhn, an Orlando-based developer. “This city has everything you need to be spectacular. It’s amazing and we want to be part of that puzzle.”
Landing officials believe Kuhn’s project will be a catalyst for both the Landing and the rest of downtown, which has seen a resurgence in the past few years.
“The Landing has always been proponents of downtown development,” said Landing spokesperson Rachel Kaltenbach. “It creates an economic stir.”
Kuhn has also bought the former Barnett Building at 112 W. Adams St. for $4.95 million and has plans to take immediate action. The upper floors of that building will have work/live lofts and the lower four floors will have office condos.
“Cameron Kuhn is going to change downtown forever,” said Tom Cook of Tom Cook Commercial. “In 1998 Orlando, buildings were the same as they are here; boarded up with vacant storefronts and falling apart. Cameron wasn’t intimidated by those issues.”
Kuhn purchased and renovated more than 20 properties in Orlando with retail shops, cinema, and luxury condominiums.
“Orlando is in the final stages of that change and it is really benefiting,” said Cook.
Now Kuhn’s focus is on Jacksonville. Roger Soderstrom, founder of Stirling International Realty Inc., calls Kuhn a “true visionary” and says Kuhn is turning to downtown Jacksonville to guide the city through its downtown renaissance.
“SunTrust has everything [we] want. You won’t be able to replace this building because the construction cost is rising 200 to 300 percent,” said Kuhn.
“Cameron is the real deal. The graph starts going up today. There is half a billion dollars worth of real estate on this side of the river. In the next five to seven years, it’s going to happen. And you won’t believe it,” said Cook.
Kuhn is looking at as many properties as possible, but only in Jacksonville’s central business district. There are 14, nine he feels good about and five of them under contract, and all of which are within walking distance of each other. Kuhn hopes to bring in retail, office space and residential housing. He wants the artist or businessperson to be able to have a studio or workspace and be at home with a great view. A place, Kuhn calls it, to work, live and play.
Kuhn said there was more opportunity here than in any other city because of the product and quality in downtown Jacksonville.
River Watch at City Centre will be 386,750 square feet of office space, 200 hotel condominiums and 200 residential condos, including parking and street-level retail.
Offices range from $145 to $210 per square foot and run in size from 1,200 square feet to entire floors. Plans and models are available at the sales center on the first floor of the SunTrust Tower.
The residential condos will start at $290,000-$350,000.
Leasing information is available on the project’s Web site at www.riverwatatcitycentre.com.