by Max Marbut
Staff Writer
It was Downtown’s first adaptive reuse residential development. It has been affected by the real estate market meltdown just like every other project. That doesn’t mean the pioneering developer isn’t confident that Downtown can become one of Jacksonville’s premier neighborhood destinations.
The W.A. Knight Building at 113 W. Adams St. was constructed in 1920 by a physician who put his name on the outside of the building and his examination rooms, offices and even a surgical suite inside the three-story structure.
After the doctor retired, Shands & Baker, a commercial concern that later evolved into Florida Rock Industries, moved into the building’s ground floor. The two upper floors remained vacant for close to 40 years. There was also a shoe store in part of the first floor at one time and after the upper floors were vacant for almost 40 years part of the top floor collapsed due to water damage.
All that information is part of the historic data dug up by Mike Langton, the real estate developer who led the effort to purchase the W.A. Knight Building in 1999. Over a period of two years, the building was renovated and converted into a dozen loft-style apartments. They range in size from 700-1,000 square feet and unlike most urban core living spaces, each unit has a different floor plan. Rents range from $850 to $900 a month on available units, including parking near the building.
As part of the rehabilitation of the early 20th-century commercial property, Langton said a considerable part of the project was bringing the building up to modern standards for convenience and safety. Improvements included new electrical, plumbing and air-conditioning systems, installation of modern kitchen cabinets, appliances and an elevator. The building is also wired for high-speed Internet, security systems and satellite television.
While all that was going on, the character and interior architecture of the building was preserved. Most of the apartments have 10-foot ceilings with exposed beams and fully restored hardwood floors and tile work.
“You can’t build things like this anymore. People would rather live in an old building but they have to have the modern comforts,” said Langton.
He also said the building has been a success in one sense in that, “People enjoy that the building has been restored and people enjoy living there,” but the real estate market conditions have created challenges for the business side of the project.
Langton said the cost to acquire the property and restore it was $1.7 million. The redevelopment was partially financed by two low-interest loans from the City and the Jacksonville Housing Authority totaling $600,000.
The challenges come into play because one of the loans has to be repaid immediately if the property is refinanced and the other requires that one of the 12 apartments must be rented at below the market rate. Due to the market, residents are paying less rent on the units now than when the building opened almost 10 years ago and the appraised value has declined from $2 million to $1.4 million.
Langton said add it all up and he’s interested in looking at agreement modifications similar to those being discussed concerning other Downtown revival developments.
“I’m totally committed to creating a 24-hour Downtown. That’s going to take people living down here.
“I’m also an eternal optimist, but the City needs to be a long-term partner in projects like this,” said Langton.
Developer Mike Langton said one the showcase features is the restored staircase in the lobby.
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