Downtown Investment Authority approves 44-story residential high-rise at former Landing site
The Downtown Investment Authority just gave the green light to build one of the tallest buildings in the city.
A developer can now move forward with plans to build an apartment tower at Riverfront Plaza, formerly known as The Jacksonville Landing.
The board is working with a New York City-based developer on a 44-story tower that includes office and residential space.
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The project would receive just under $36 million in city incentives and also benefit from a $27.5 million construction loan from the city, according to a term sheet.
On Thursday, a DIA committee is scheduled to have a preliminary vote on the deal with developer American Lions LLC.
But with over 300 units in the tower, it begs the question: will there be enough tenants to fill the building?
“There’s no question that we definitely have enough demand to fill a building of that size downtown,” Laura Gonzales, regional managing director for commercial real estate company Franklin Street said.
She says many people moving to Northeast Florida are looking for downtown settings with walkable areas.
“I think with the increased cost of some of our suburbs, it’s going to push more people into the core, which I think is great for the city,” she said.
Lisa Wolff, broker and owner of Wolff Pak Realty, agrees there’d be no trouble filling the tower.
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She says the demand for condos in Downtown Jacksonville is high: those in the area average just two to 10 days on the market.
Right now, Wolff says a 1,500-square-foot condo is going for $589,000 on average.
Wolff said that as of Wednesday, only eight condos were for sale in the 32202 zip (where the proposed new high-rise tower would be).
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Wolff adds that high-rise condos -- especially those on the river -- are selling fast.
And while Gonzales says Downtown Jacksonville is on track to becoming more attractive, city leaders still need to make housing more affordable.
“It’s something that I think is extremely important or we will have a lack of workforce that can be downtown if they don’t have an affordable place to live,” Gonzales said.
American Lions LLC, the New York City-based developer was present at Thursday’s DIA meeting.
A goal is to create an iconic contribution to the Jacksonville skyline
“We are in strong support of this and hope you will be as well,” said one community member during public comment.
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