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Downtown Vision releases the 2018-2019 State of Downtown Report

August 5th, 2019 · Leave a Comment

Downtown Vision has released its newest study of the growth of Downtown Jacksonville. Using more than a dozen sources, Downtown Vision tracks and analyzes key Downtown indicators for the report.

As Downtown grows, so does its impact on the region. Downtown makes up just 0.4 percent of Duval County, yet accounts for nearly 3 percent the county’s taxable value. Property Downtown is six times more valuable than the citywide average per acre, and its taxable value funds services and improvements throughout the county.

Public-private partnerships are driving $1 billion in projects under construction and more than three times that in proposed projects. Figures unmatched in more than a decade. Dollars invested in completed projects is up 64 percent year over year.

Other highlights include:

Riverfront Transformation. The City of Jacksonville has prioritized development on 100 acres of prime riverfront real estate with The District and The Shipyards and is freeing up three additional riverfront sites future development. In addition, the City is investing nearly $8 million in to riverfront activity nodes at Friendship Fountain and near the Times-Union Center for the Performing Arts.

Redeveloping Historical Architecture. Downtown’s unique and historical architecture is being celebrated with adaptive reuse projects like The Barnett, Laura Street Trio, Ambassador Hotel, Jones Bros. Furniture Building, Doro District and Le Mesa Building.

Rebirth of LaVilla. A LaVilla Master Development Plan was created to redevelop Downtown’s LaVilla neighborhood while respecting its rich history and celebrating its cultural impact. It recommends diverse residential development, a LaVilla Heritage Trail and Water Street road diet.

Demand for Downtown Living. Downtown housing is in high-demand with occupancy at 96 percent driving the demand for more units. Downtown has topped 5,000 residents and there’s a clear path to 10,000 residents thanks to 978 units under construction and 3,038 units proposed.

Valuable and Competitive Office Market. Downtown’s office market is extremely competitive among major Florida downtowns. Downtown’s office vacancy rate remains under 15 percent and is set to drop significantly in the coming year thanks to VyStar Credit Union relocating its headquarters to Downtown.

To view the entire 2018-2019 State of Downtown Report, visit dtjaxreports.com.

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