from staff
Downtown Vision Inc. and the Jacksonville Economic Development Commission Monday released the annual “State of Downtown Jacksonville” 2010 progress report.
Highlights include:
• Development in 2010 was up over 2009 but still down from 2004-08 levels. Three development projects were completed in 2010 totaling $28.67 million. All three projects were private. Since 2000, $1.2 billion in public and private dollars has been invested in Downtown, of which a significant percentage has been invested in regional assets.
• Office vacancy rates are at a high point of 24.9 percent and office rental rates are lower than they have been since 2005. Downtown employment continues to decline. Downtown has eight Energy Star or LEED-certified buildings.
• Downtown residential occupancy increased from 82 percent to 88 percent. The number of residential units has remained flat since 2008 at 2,365 units.
• The Northbank core has a 41 percent retail vacancy rate. However, in 2010, the “Off the Grid” initiative filled more than 30,000 square feet of vacant retail space, occupying 12 percent of the total vacant retail space in the Downtown Improvement District. Last year, there was a net gain of eight retailers.
• Downtown accounted for only 2 percent of crime in Duval County. The Downtown crime rate was 21 per 1,000 population as compared to the Duval County crime rate of 51 per 1,000 of population. Also, crime in Downtown declined 7 percent from 2009 to 2010.
To read the report, visit www.downtownjacksonville.org, select “Media” then click on “In the News.”