by David Chapman
Staff Writer
On a scorching July day in 2007, members of the building and real estate community, former Mayor John Peyton and other elected officials gathered near the St. Johns River in Jacksonville’s Lakewood area to celebrate a groundbreaking of one of Northeast’s Florida newest and promising planned communities, Old San Jose on the River.
But, not unlike other communities of all sizes and stature, the project was heavily impacted by the coming economic downturn.
“In 27 years, I’ve been through all the cycles,” said Jay McGarvey of McGarvey Residential Communities. “This one has been the worst of them all.”
McGarvey was one of the ones in attendance that day and has seen the project through the tough and now upward trending times.
The community has closed in on several residents for completed condominiums and townhomes and will begin construction on single-family homes by the end of the year. An amenities center that will be a centerpiece of the community broke ground in late July and is under construction. Realtor incentive programs are being offered. Curious prospects are coming back to the site.
“Our sales are really doing OK,” he said.
Though the market still hasn’t seen huge gains, McGarvey said the time was right to reintroduce the project to the community, which it did earlier this year. Late in 2010, the project was sold to Condo Capital Solutions, which instilled needed capital to kickstart the project and make it ‘show ready.’
“I’ve learned you can’t beat the market,” said McGarvey, on the timing of the project’s re-emergence. “You’ve got to meet the market it’s too big, too powerful.”
“I think we’ve done that here,” he said. “We are doing the right thing for the right price.”
The townhomes and condominiums are currently available from the $300,000s-$790,000s.
“I am really looking forward to seeing this progress,” McGarvey said. “It’s all about gaining momentum and I think we are doing that with our redesigned community.”