05:10 AM EST Share A Downtown Investment Authority board resolution would allow its staff to complete negotiations with Johnson Commons LLC if no other bids are received.
Downtown Investment Authority board members signaled March 15 they still want for-sale town houses in the historic LaVilla neighborhood west of Downtown.
The board’s Retail Enhancement and Property Disposition Committee voted 4-0 to support a 30-day notice of disposition on the 3.45-acre parcel after The Vestcor Companies Inc. abandoned its plan to build on the site.
If approved by the full board March 17, the resolution will direct DIA CEO Lori Boyer to negotiate with Johnson Commons LLC, which bid on the site in August 2019.
Jacksonville DIA to discuss Laura Street Trio, LaVilla Townhomes and BID border expansion bizjournals.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bizjournals.com Daily Mail and Mail on Sunday newspapers.
06:25 PM EST Share The for-sale residential project was meant to complement the city’s plans to build Lift Ev’ry Voice and Sing Park in the historic Downtown neighborhood.
The Vestcor Companies Inc. has abandoned plans to build town houses in LaVilla, but the project could gain a familiar new developer.
Documents released March 5 by the Downtown Investment Authority state Vestcor will not proceed with the 88 for-sale town houses it planned for the Downtown community, but a partnership of JWB Real Estate Capital and Corner Lot Development is interested in the site.
The city narrowly selected Vestcor for the project over JWB and Corner Lot in 2019.
JACKSONVILLE, FL – Franklin Street has arranged the construction financing and equity placement for Duval Crossing, a 270-unit, Class A, garden-style apartment community in Jacksonville.
Franklin Street’s Laura Gonzales, Director of Capital Markets, Debt and Equity Origination, secured the financing and equity on behalf of developer Corner Lot Living. Based in Jacksonville, Corner Lot Living is a recently formed division of Corner Lot Development Group. Led by Andy Allen, George Leone and Scott Hobby, the division focuses on multifamily development throughout Northeast Florida.
The construction loan was secured through a regional bank relationship that features extremely competitive pricing, interest-only payments throughout the development process and ample time for completion and lease up. In addition to securing the debt financing, Franklin Street leveraged its vast investor network to arrange a joint-venture equity partnership for the developers. The partnership was arrang
Managing Director and CEO, JEA
Jay Stowe, the new CEO of Jacksonville’s municipal water and electric utility since Nov. 30, inherited an organization cooperating in a federal grand jury probe and preparing a five-year, $2.5 billion capital investment plan.
His hiring ended a 1½-year period that saw an attempt to sell JEA to a private company, resulting in U.S. Department of Justice and City Council investigations and the firing of former CEO Aaron Zahn and his senior leadership team.
Stowe plans to repair trust within JEA while moving on plans to invest $1.6 million to modernize its its water and wastewater system.