by Miranda G. McLeod
Staff Writer
How well does Phillip Parsons know Jacksonville?
His father William owned a lumber yard here. His mother, Sydney, was the society columnist for The Florida Times-Union for 17 years. His has six siblings, including a brother who works with him Downtown at Colliers Dickinson Commercial Real Estate Consultants.
As a native of Jacksonville, the fiftyish Parsons grew up playing around the St. Johns River. As an adult he admires it from the 24th floor of Independent Square where he is vice president of Colliers Dickinson.
For all this, Parsons knows nearly every nook and cranny of the River City.
“Our information is based on product knowledge,” said Parsons. “We do our homework.”
Parsons is a broker who specializes in site selection for local, regional and national companies. He is also in charge of management and leasing of retail and industrial properties. There are eight Colliers Dickinson offices in Florida and 247 internationally.
Parsons has been with Colliers Dickinson for 10 years.
“I was No. 1 or 2 in total sales for a while,” he said. “It was tough for a while. There is a lot to real estate. But I caught on. I learned quickly to ask questions and take good notes. We also don’t take ourselves too seriously.”
But there are some serious transactions going on in the city. Parsons said the Mitsui deal with the Jacksonville Port Authority will bring in as much revenue as three Super Bowls.
The $200 million agreement with Japanese shipping firm Mitsui OSK Lines opens the Asian market and generates jobs and revenue for the city.
Construction on the 158-acre terminal between the Port Authority’s temporary cruise terminal and existing cargo berth begins this year. Ships will start sailing with consumer goods between Jacksonville and ports in Asia beginning late 2007 to early 2008, according to Port Director Rick Ferrin.
Products made in China are predominantly shipped to the West Coast and trucked into the middle and eastern parts of the United States. This plan creates a direct link with Asia for local businesses, according to Ferrin.
“Mitsui is driving the industrial product. It’s a container driven market. Everyone’s coming out of the woodwork. These companies need distribution centers. There is a need for affordable land,” said Parsons. “(The deal) will make Jacksonville a true national port and more companies will be interested in Jacksonville. It will benefit the industrial market and trickle down to others.”
As examples, Parsons noted the Wal-Mart deal, which will bring 4.5 million square feet of warehouse space to Cecil Field and the Bacardi deal, 1,200 acres of mixed-use industrial space.
Because the need for single family property and the desire to have I-95 frontage land is so high, so is the cost.
The land around the Northside’s Bacardi plant went from $10,000 an acre to close to $50,000 an acre.
But who is filling the land?
The vacancy rate for offices is just over 20 percent and, in the suburbs, it’s just under 20 percent.
“It’s a soft market for offices but it’s improving,” said Louis Galant, director of research at Colliers Dickinson. “Space will fill up as Jacksonville continues to be on the radar screen. It’s a recycling of events.”
Jacksonville is on a plateau, according to Parsons. He said there are certain key events that take place in any great city’s development.
“The Mitsui deal will be a key event,” he said.
Parsons said that Mayor John Peyton has done a good job, but there are still two major concerns for the City: the completion of the new County Courthouse and the renovations at the Landing.
“Parking has always been an issue but it’s an issue in any downtown,” said Parsons. “People are tired of commuting. They’re wanting to live downtown. People are coming in from out of the market, and they need some place to be.”
More importantly, Parsons said the courthouse project has to get off the ground.
“It’s holding everything up,” he said, “but once it opens, the area West of Main Street will be hot.”
Parsons said thanks goes to a few companies that helped put Jacksonville on the map. He said it’s a blessing to have Fidelity National Financial in Jacksonville and the Jaguars are helping. But both Parsons brothers say it was the Mayo Clinic that really put Jacksonville in the forefront.
Regarding Parsons’ hometown busting from its seams, he said “You just can’t stop growth. You can only help growth the best way you can.”