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What’s News – JAX Residential Real Estate: 220 Riverside Leading A Comeback

April 30th, 2014 · Leave a Comment

Projects like 220 Riverside being developed by Hallmark Partners are leading the return of commercial real estate development, the Financial News & Daily Record reported in a story on April 29.

The project – an apartment complex with a full floor of restaurants and retail – seems to occupy the epicenter of Jacksonville’s recovery of the retail market and the launch of mixed-use projects Downtown, the article said.

Since peaking at 12 percent in 2010, industrial property vacancy in Jacksonville has steadily fallen to 9.2 percent, according to CoStar, a market research company for commercial real estate.

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No one bid on the unfinished Berkman Plaza II residential tower near Downtown at a public auction April 29, so now owner Choate Construction will look elsewhere for a buyer, according to reports in several newspapers, including The Florida Times-Union.

Choate received ownership of the building as a result of a $10.2 million foreclosure judgment after having been the general contractor for the building when it began to be constructed in the mid-2000s.

Construction on the building stopped seven years ago when the parking garage collapsed, killing one worker, the newspaper reported.


For the first time in nine months, pending sales of existing homes in the U.S. rose in March over the previous month, American City Business Journals reported April 28 citing National Association of Realtors figures.

Nationally, NAR’s index of pending home sales – which is based on contract signings – increased 3.4 points over February’s number to 97.4 in March, the first monthly increase in the index since last summer.

A score of 100 is equal to the average level of contract activity in 2001.

Lawrence Yun, chief economist for the National Association of Realtors, said the index’s increase was due to the end of “a dismal winter.”

 

Jacksonville Beach-based The FaverGray Co. won a contract to build a $30.7 million student housing community at Kennesaw State University in Cobb County, Ga., according to The Jacksonville Business Journal.

The newspaper reported April 30 the company began construction this month on Stadium Village, a community of 11 four-story apartment buildings with a total of 198 units as well as a fitness center and a parking deck.

The FaverGray Co. will build 66 first-floor, four-bedroom apartments as well as 132 four-bedroom, three-story townhomes over the flats. The total building area will be more than 450,000 square feet, with completion slated for August.

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