Monthly Archives: October 2015
It was just announced that Jacksonville is one of only a handful of cities that Google is considering for a Google Fiber upgrade. If Jacksonville is deemed “worthy” of the upgrade, it would be the most significant technological advance the city has seen in a long time, making internet up to 85% faster than the average on the First Coast right now. Mayor Lenny Curry was quoted saying “Jacksonville is quickly growing as a tech and innovation hub for our region, and access to a robust fiber-optic network like Google Fiber will put us in a stronger position.”
Fidelity Investments has announced Jacksonville expansion plans, which include adding 300 jobs and an investment of $13M (renovations and equipment). In exchange, the firm is seeking $2.61M in incentives from the city ($488K) and state ($2.13M). Regarding the new jobs, the positions will be added over a 3 year period, and will be in the customer contact center, located on the Southside, where Fidelity will be leasing additional space. The average salary for the 300 jobs that will be created is $64,300.
Winn-Dixie just announced plans to re-locate its headquarters to the newly renovated Prominence office park, located off Baymeadows Road near I-95. The move is expected to take place in the first quarter of 2016. In addition to relocating it’s headquarters, the grocer is also consolidating several regional offices into the same 160,000 square foot, 4 story building. This comes as good news for the landlord, Crocker Partners, who bought the struggling office park back in 2013 and has since invested $8M+ in the property. NGA Human Resources announced back in April of this year that it plans to occupy 70,000 square feet of space for its North American headquarters.
Tesla Motors, a luxury, all-electric car company, will be opening a small “pop-up” showroom at the St. John Town Center, located near the Anthropologie store. In addition to the showroom (2,058 SF), plans show a charging station behind the showroom, which can accommodate up to six cars. Additionally, the Tesla website says that a service center is also coming to Jacksonville soon, but does not say where.
Colliers International Northeast Florida recently sold Island Walk Shopping Center in Fernandina Beach for $21.8M, anchored by Publix, Staples, Bealls and Bealls Outlet. The deal also included a newly constructed/freestanding Starbucks and Mattress One outparcel. Colliers represented both sides of the transaction- Scott Rogers represented the buyer, Phillips Edison & Co. (HQ’d in Cincinnati) and Robert Selton and Matt Entriken represented the seller, CF Properties (HQ’d in Miami). This is the second Publix anchored shopping center that the Colliers Investment Services Team has sold in the past few months. The team also just listed another Northeast Florida Publix anchored shopping center- contact Scott Rogers or Ernie Saltmarsh for more details.
Blue Rock Partners (Tampa HQ’d) has officially entered the Jacksonville market, with a recent purchase of 3 apartment buildings totaling 1,040 units and were 95% occupied at the time of the sale. The properties are described below:
– Madison Savannah Oaks at 6017 Roosevelt Blvd; sold for $13,582,080; will be renamed The Park at Marbella
– Madison Spring Woods at 445 Monument Road; sold for $30,235,680; will be renamed The Park at Via Veneto
– Madison Bay Pointe at 4500 Baymeadows Road sold for $20,982,240; will be renamed The Park at Avellino
According to Bradley Coe and Doug Blair, directors of the Colliers Multifamily Team, the average sales price for vintage properties built in the 70’s has increased from $63,897/unit last year, to $77,614/unit this year.
The FDOT is tentatively agreeing to begin to set aside money for the controversial harbor deepening project, which will be needed in order to attract larger shipping vessels, referred to as “Post Panamax” cargo ships. The funding will still need to be approved by state legislature, however this is a good sign of progress. The money that is being allocated is as follows:
- 2016-2017: $10,000,000
- 2017-2018: $15,552,000
- 2018-2019: $19,944,000
- 2019-2020: $15,944,000
- 2020-2021: $24,944,000
IKEA held a press conference in Jacksonville today, announcing plans to open up a store in the First Coast. The plan is for a 294,000 square foot facility to be built on 25 acres at I-295 and Gate Parkway. Construction would begin in the summer of 2016, with an open date in the fall of 2017. This will be the 5th location in Florida. This announcement follows several other planned developments nearby, including new phases at the St. Johns Town Center and a Top Golf facility in the immediate area.
Ameris Bancorp, headquartered in Moultrie, GA, recently announced plans to purchase Jacksonville Bancorp, the parent company of Jacksonville Bank. The deal is expected to take place in the first quarter of 2016, assuming it passes regulatory review. Ameris currently has 8 locations in Jacksonville, and recently announced that they would be taking on office space in the Riverplace Tower, which will soon feature the Ameris Bank name on the side of the building, as the bank also purchased the sign rights to the building. The merger will result in a new bank with $5.7 billion in assets, $4 billion in loans and $4.9 billion in deposits with 101 locations in 4 states.