by Max Marbut
Staff Writer
If you’ve arrived at the decision that it’s time for you to move Downtown Jacksonville and rent an apartment in a historic building, you are on the clock and it’s ticking.
As of last month, The Carling on West Adams Street was 100 percent leased and there were less than a dozen units available at 11 E. Forsyth, Vestcor Companies’ other urban core residential property.
Vestcor has developed more than 5,000 apartment units in Florida and Texas, but Mark Farrell, president of Vestcor Companies, Inc., said that The Carling and 11 E. were viewed as a unique opportunity. The 226 apartments in the two buildings combined are the only historic high-rise properties in Vestcor’s portfolio.
“To me, these two buildings are the signature historic buildings Downtown. We had constant inquiries from our suburban residents about the possibility of something Downtown. When the opportunity came up, we said ‘absolutely’,” said Farrell.
He also said that the old Roosevelt Hotel could not have been transformed into The Carling without financial assistance.
Vestcor received $5 million in City grants including $2 million from the Historic Preservation Trust Fund and also borrowed $15.5 million from the City at 1.4 percent interest.
“We knew that for revitalization, the new concept of loft living was running rampant in other metropolitan areas, but there was nothing like that happening in Jacksonville,” said Farrell. “We took a chance, but so did the City. The timing was right, but we couldn’t have done it without the City’s incentives. It has worked out well and we’re very proud of it.”
The first deal the City did with Vestcor was on 11 E., said Council Member Suzanne Jenkins, whose district includes both buildings.
“We committed to both structures because they were so far gone that the only way you could ever bring them back and preserve the historic nature was for the City to be involved,” she said. “We saw where it had worked in other cities. There was no guarantee that it would work in Jacksonville but it has and I’m thrilled with that.”
The revival of the buildings has also been a victory for the preservation community , according to Emily Lisska, president of the Jacksonville Historical Society.
“We advocate saving pieces of history,” she said. “The fact that private enterprise did it is particularly important. You can’t save all the historic buildings with public funds.”
Lisska added that the Historical Society considers The Carling special because the organization held its first meeting at the Roosevelt Hotel on May 3, 1929 — the 28th anniversary of the Great Fire of 1901. The founding of the Historical Society is commemorated by a plaque installed on the front of the building.
When The Carling opened its doors last July, less than a third of the 100 apartments were leased.
Farrell pointed out that when the renovation began, “I think people were anxiously waiting to see what we could do with it and what would happen after it was complete,” he said. “I don’t think anybody questioned whether or not we could do it, but I think people wondered how the market would receive the building and whether or not people would actually move Downtown.”
Michelle Santiago, manager of both properties, said that it may be quite a while before an apartment is available at The Carling.
“We don’t even have one on notice. It could be August when one will come open if any do. That’s the way it should be; that’s success,” she said.
Santiago thinks one reason The Carling is fully leased less than a year after the day it opened is the building itself.
“It’s beautiful. I used to say I worked at a spa when I was managing conventional courtyard-style properties. Now I feel like I work at a hotel. We call it ‘Titanic on the ground’ because when you walk in you see the majestic staircase,” she said.
Santiago added that The Carling offers a different living experience than 11 E., and that factor may have also contributed to the property bringing new residents Downtown.
“The Carling was converted from a hotel while 11 E. was originally an office building. In my opinion, The Carling is an easier transition. It’s very suburban-like. Once you get into your apartment, it’s almost like an escape from Downtown, while 11 E. feels very urban,” she said.
The properties have attracted a wide range of residents according to Santiago.
“There are retirees, college students and everything in between,” she said. “The majority of our residents work Downtown. I wouldn’t categorize them by age or social status. They just want to be Downtown. They enjoy the atmosphere and the surroundings.”
Jenkins believes that the success of The Carling and 11 E. will have a positive effect on future Downtown development.
“We can point to successes that are working. Success attracts more success which is experienced developers who know the market and can come here and build on what we’ve made happen. As a community, we know how to be successful because we’ve done it,” she said.