JACKSONVILLE, Fla. – Due to rising costs, two of the biggest housing developments that were set to be built in downtown Jacksonville will have to go back to the drawing board, according to the Jacksonville Daily Record, News4JAX’s news partner.
Downtown Investment Authority CEO Lori Boyer said the city-owned sites of the proposed American Lions tower, at the former Jacksonville Landing site, now called Riverfront Plaza, and The Hardwick at Ford on Bay, at the site of the old Duval County Courthouse, fizzled out due to increased costs of construction and difficulties obtaining large-project financing.
Boyer said the sites may now be offered up for new redevelopment proposals.
“We’ve known that for two years and we’ve been working with them because none of us knew whether the interest rates would keep going up or when they were going to stop or when the fed was going to stop raising them and now you’re starting to see that turnaround. So throughout that entire period both developers have remained engaged and have been continuing to work on plans,” Boyer told News4JAX.
Watch the full interview with Downtown Investment Authority CEO Lori Boyer in the video below:
It’s frustrating for taxpayers like Justin Weakland who want to see improvements along the river.
“It was a huge disappointment. So, this has been in the works for over two years now so for all that work and time just to kind of go away now is definitely disappointing,” he said.
Weakland worked with a team of people to get the Orleck Naval Ship to the north bank. Its now a tourist attraction and he hopes more development happens soon. He’s not alone in his frustration.
“Jacksonville will always be considered a large country town rather than a major metropolitan city as long as downtown remains underdeveloped. Much of the fault has to fall upon city leaders both past and current,” one News4JAX Insider wrote.
The previous project agreements won’t work because of higher interest rates. New proposals have to be considered. After those are approved, a building could be under construction on the old Jacksonville Landing site no later than 18 to 24 months from now.
“I would not consider it starting over, I would consider it that we are now going to, by law, we have to give others an opportunity if they also want to respond if we are changing the terms of the original deal,” Boyer said.
MORE: Design plan featuring massive ‘Jax’ sculpture picked for former Jacksonville Landing site
American Lions had plans to construct a 44-story tower with 332 apartments, a 7,500 SF restaurant, 330-space parking garage on one acre of the seven-acre Riverfront Plaza. Plans included a sky garden terrace and ground-floor retail and was estimated to cost $166 million.
The Hardwick at Ford on Bay proposed a $150 million project with 360 multi-family units, a rooftop and amenity deck, retail space totaling 25,000-square-feet, two restaurants (one on the riverfront) and a 550-space parking garage.
The news comes as a blow to downtown development efforts that have been a priority for city leaders.
Progress at Riverfront Plaza is being made. The infrastructure projects are happening and that will benefit the upcoming park. A complete replacement of the entire bulkhead from Hogan Street to the Main Street Bridge has begun. Work on the park is expected in April.
MORE: Next phase of Riverfront Plaza begins construction; expected to finish in 2025
We want to know: What are your thoughts? Are you frustrated with slow-going development downtown or do you think big changes take time?
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