Daily Record: Hillwood, Florida State College at Jacksonville projects approved at $21 million
Financial News & Daily Record
http://www.jaxdailyrecord.com/showstory.php?Story_id=549139
By Karen Brune Mathis, Managing Editor
Two major projects — Hillwood Investment Properties’ Westside speculative warehouse and Florida State College at Jacksonville’s Downtown housing — were approved Friday for construction.
Together, the developments total almost $21 million.
The Conlan Co. pulled a permit for the $15.7 million warehouse for Hillwood at 4660 New World Ave. in AllianceFlorida at Cecil Commerce Center.
The one-story, 407,435-square-foot building will be developed on 35.43 acres that Hillwood recently bought from the city for $322,531.
Hillwood is the city’s master developer at the former naval air station, which now is a business park.
The city issued a site-clearing permit in mid-November for Conlan to clear the land at a cost of $800,000.
Senior Vice President Dan Tatsch said then that no tenants have committed to lease the building, which he expects will be completed by mid-September, barring delays.
The building is designed to accommodate a single or multiple tenants.
Downtown, Danis Construction LLC pulled the permit to convert the six-floor historic Lerner Building at 20 W. Adams St. into student housing for FSCJ.
The permit shows an almost $4.8 million renovation of the 44,100-square-foot building into 20 apartments and a ground-floor restaurant.
Danis Construction also is handling the exterior renovations, shown on a separate permit as a $400,000 job.
Each of the top five floors is designed with four apartments each.
The ground level is planned for a “farm to fork” Culinary Café for FSCJ to train students in its Culinary Arts & Hospitality program.
Spokeswoman Jill Johnson said previously FSCJ hopes the building is occupied for the fall. Rental rates will be $3,300 to $3,700 per term.
The former Lerner Building is owned by Phoenix Adams Rising LLC, led by investor Eugene Profit. FSCJ will lease it upon completion of renovations. Naming rights are available.
The Downtown Investment Authority anticipates a $6.2 million private capital investment to restore the building.
Through the DIA, the developer was approved for $600,000 from the Downtown Historic Preservation and Revitalization Trust Fund to restore the exterior and some interior elements.
Another $600,000 is available for FSCJ in zero-interest loans over 10 years to cover any shortfall between the school’s revenues from student rentals and its financial obligations to the developer.
kmathis@jaxdailyrecord.com
@MathisKb
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