Downtown Domiciles

Housing choices growing in the city core

Downtown housing options? Until recently they were few and far between. However, thanks to Jacksonville's past and current government's vision and innovative developers, a phoenix has risen from the ashes.

The revitalization of downtown Jacksonville has been an ongoing process. New monolithic skyscrapers have made some of the early 20th century buildings obsolete. Today many of these buildings have been immaculately restored and stand sentinel beside their modern glass brethren.

With newer, more modern tower-type buildings dominating the Southbank, a few developers have decided to make right the injustice that has been wrought upon the city by urban flight by breathing new life into the downtown market. They are busy rejuvenating pieces of history on the Northbank.

"Presently, there are several developers who have purchased older buildings in the heart of downtown and are converting them to condos," said Mary Anne Hashem, director of building sales and marketing for Prudential Network Realty. "These old buildings will offer immediate housing which is needed. The towers that are on the drawing board take a year plus for pre-sales and then two years to build. The conversions are being delivered quickly and offer a rather unique boutique-type product at an affordable price."

These old buildings may be vertically challenged but rather than trying to dominate air rights, they make up for their lack of height with their abundance of character. The Exchange Building at 218 W. Adams St., a seven-story historic building, is being converted.

The conversion will include 30 residential condos on floors two through seven with retail businesses occupying the first floor. Pricing will range from the high $100,000s to the low $300,000s with reservations to begin soon. Prudential Network Realty will be the marketing company.

To date the only residential resales located in the downtown Northbank area can be counted on both hands and those are only in one building, Hashem said.

"Just watch out. There are several in-fill condos and lofts in downtown that will have residents in 2006 and 2007," she said. "The resale selection will be wide and varied in the not too distant future."

"We are currently marketing the last of the townhomes at Berkman Plaza. I think we are down to one or two at the most," Hill said. "Housing in downtown Jacksonville is headed in a positive direction and more popular than ever."

The flood that was suburban sprawl has been stemmed and the tide has started to turn.

"Urban renewal" is the buzz term of the day. Millions of dollars are being spent on renovations and conversions, as well as new construction along the banks of the St. Johns River.

According to the July Downtown Development Update from Downtown Vision Inc., there are 1,572 residential units in the downtown core, with an additional 800 units under construction and more than 6,000 units proposed.

Fueled by the city's efforts to jump start the immediate downtown area with the Sports Complex, Metro Park and the new multi-million dollar Jacksonville Main Library; neighborhoods near the St. Johns River such as San Marco, Springfield and the Riverside/Avondale areas are showing signs of renewed life.

Springfield, a neighborhood just north of the urban core that is in the throws of revitalization, is an example of this trend. Chiropractor Shane Silver of Silver Chiropractic and Wellness saw the potential in Springfield when he purchased a home there a little over a year ago. Although Silver's practice is located on Margaret Street in Riverside, he is pleased with the decision he made to move to his neighborhood.

"We chose Springfield for the central metropolitan location, and value of its charming houses that are full of character, size and uniqueness," Silver said. "We hope that the area will parallel historic Hyde Park's revitalization in South Tampa. That area has undergone a real estate transformation with roots similar to Springfield. It is now the hottest place to be in that city. We look forward with vision for the same outcome here in Springfield." Silver and his wife, Chris, have refinished the home.

"When Shane bought this house only the downstairs was finished," said Chris, a decorative painter. "We have since turned the second story into a master retreat and are thinking of finishing another attic area for a guest suite or possibly a nursery."

Across the river a new development, the St. John, is under construction. The modern high rise will soon dominate the skyline of the Southbank next to the Aetna building and Baptist Health in San Marco. The St. John opened its sales office on Prudential Drive a month ago and has hosted more than 130 prospective buyers.

Walter O'Shea, vice president for Hines Interests, said Jacksonville is the perfect market for his product.

"The St. John represents a logical expansion of Hines' presence in Northeast Florida," O'Shea said. "At Palencia in St. Augustine, we have demonstrated the importance of quality architectural design and innovative planning, to value creation in residential real estate. We now have a chance to combine our local residential knowledge with our international, high-rise expertise.

"Apart from Hines' sponsorship, the St. John is also a distinct offering for prospective downtown residents given its location at a 90-degree bend in the St. Johns River and its floor-to-ceiling exterior glass wall designed to maximize the striking views of the Jacksonville skyline and the river. We held a Realtor event recently on the 11th floor of the adjacent Aetna building and those attending were amazed by the views. We expect to begin executing purchase contracts at pre-construction pricing in mid-August and very quickly generate the sales we will need to then begin construction before year end."