by Mike Sharkey
Staff Writer
It’s been rumored for a while that a Starbucks was going in the ground floor retail space in 11E. Rumor is now fact.
“We will open, if all goes as planned and we complete our build-out on schedule, we hope to open in late May or early June,” said Tim Greene, development manager for Starbucks whose territory ranges from Jacksonville to Ocala to Pensacola.
11E is owned by Vestcor Companies, Inc. which purchased the 17-story building — formerly the Lynch Building — from Irish real estate investor Sean McElvaney in September 2001. Vestcor also bought the old Roosevelt Hotel on West Adams Street and refurbished it into The Carling. Vestcor spent $14 million renovating 11E into modern, rental apartments.
Steve Frick, vice president and general partner of ownership for Vestcor, said a coffee shop was always the intended retailer for the space.
“We think they will attract people to that corner,” said Frick, adding Starbucks will have a few spots in the building’s parking garage.
Greene said his company liked what it saw in the renovated building.
“I was impressed by the quality that Vestcor brought to the market in The Carling and 11E and I was encouraged by everything on the drawing board for Downtown Jacksonville,” he said. “As an industry leader and good corporate citizen, I wanted to help lead the way in the resurgence of Downtown Jacksonville and this was the best way to do that.”
Frick said the building is currently 92 percent occupied and is still a for-rent apartment building. Per its contract agreement with the Jacksonville Economic Development Commission, Vestcor has the option to sell the units as condominiums.
“There are no plans to do that it this time,” said Frick.
The new Starbucks will be the 45th in the Jacksonville area, including three at Jacksonville International Airport and three at the beach. In the Downtown area, there are several locations including the Landing, San Marco, Riverside and inside the Hyatt. Greene said the success of the new location will dictate further expansion Downtown.
“As we do with all our new opportunities, we will evaluate the market and our performance at the location,” he said. “We will make the best business decision at the time. Our customers tell us where we need to be.”
Starbucks facts
• The company was started in 1971 at a location in Seattle’s Pike Place Market.
• Starbucks was named after the first mate in the Herman Melville novel, Moby Dick.
• In 1988, there were 33 stores in the United States.
• In 1998, there were 1,886 stores in the U.S.
• In 2001, Starbucks opened its 300th location in Japan.
• There are 6,010 Starbucks in the United States; 3,391 of those are licensed stores, the others are company owned and operated.
• Starbucks is in 38 foreign countries; of those stores, 1,511 are company owned and operated while another 2,256 are joint-venture or licenses stores.
• As of 2006, there were 12,440 Starbucks worldwide.
• The company’s chairman is Howard Schultz and its President and CEO is James Donald.