Apartments, not condos for 3rd and Main
10/17/06 • Posted in: Springfield by Joey Marchy 16 Comments »
I heard from someone yesterday that Cesery plans to build apartments and not condos at Third and Main streets in Springfield. The Lofts on Main sign that graced the property for months has now been removed, replaced by a campaign sign. However the Lofts on Main website is still up an running.
I guess the demand for luxury condos in Springfield just wasn’t there. Should we blame the falling housing market? The neighborhood? The glut of luxury condos on the Southbank? Maybe all of these variables factored into the equation. I am happy to see Cesery still wants to proceed with the project, however scaled back it may be.
Here is something I read about condo sales on one blog:
They have a 600 unit project that is 100% up for resale. This means no one is going to close when the building is completed in January. Every single buyer will walk from their 20% deposits. The developer will simply going to turn the keys over to the bank.
Although in some places condo sales are strong and condo construction is outpacing rentals.
tags: jacksonville, lofts on main, springfield
Lofts on Main was priced over $300/sf. Most upscale properties in Springfield are priced between $180 and $225/sf. My guess is that they we’re overpriced for a neighborhood that has all the potential in the world, but hasn’t reached that level of luxury yet.
I would be happy if they would just spruce up the lot!
As much as I hate to see growth stunted, I am 100% pro apartment buildings. Downtown and Southbank living is all condo oriented, and even if you set aside the expense issue, buying is a huge deal!
I mean, I can hardly commit to a nail polish color, and you want me to buy a permanent home?
There are a lot of people who want to be a part of urban renewal who don’t want to buy. Many times it will be your young, fresh out of school crowd who really want to live in an urban setting.
Apartments make more sense, and you can always condo them later.
I think condo conversion at a later date is the idea.
I posted a comment to someone about this about a month ago (can’t remember where). The person was kind of tweaked that Cesery was “pulling out.”
From talking to Mr. & Mrs. Cesery, they seem to be good people and have a genuine interest in the success of Springfield. I don’t think anyone should worry.
As long as the apartment building is well done, as this one apparently will be, I think it’s good for the ‘hood. Look at the precedent in Riverside. The apartments across the street from the new Publix were one of the first new things to be built over there. Once that got established and helped anchor the area, retail and restaurants in 5 Points and the Publix complex ticked up significantly. And now a luxury condo building is being built across the street. (Hey Hionedes, are you noticing the parallel here? How about that lot of yours across the street from Cesery’s?)
I actually prefer this. I rent a house right around the corner, and I’d much rather have young people renting than 30 something yuppies buying these.
Hey Hionedes, How about ANYTHING!
I like Macks comment from the Business meeting it was something to the effect of “would you mind taking down the Barbwire on Main St to make it look a little less like a prison camp”
The word is barbed wire not Barbwire or Bobwire.
I thought Barbwire was Pamela Anderson? Maybe that’s what Downtownparks is talking about :-D
So wouldn’t it be the words are barbed wire, not the word is barbed wire? ;)
But isn’t “barbed wire” a single article? I don’t know - I hated English. And why care? We’ll all be speaking Spanish before long anyway :D
Someone may want to confirm this….I have heard that the apartments at third and Main will be rented by Shands or Shand patience that are being treated (and their families), and need a place to stay….not sure if there will be a certain number of units for Shands and the rest just rentals or???….but the first floor is supposed to be retail and that within itself is pleasant thought.
Did I spell everything right?!?!?!…LOL
They do have an agreement with Shands, but I dont know the details of the agreement (ie, can they rent out to others if units are open)
Condos would have brought in a more stable, settled type of people. Ones that would stay there and have real concerns about the upkeep of the condos / area(Springfield) because they would be actual residents of Springfield with a financial interest. They are always more desirable in an up and coming area - it helps to seed the area - especially, in a transitional environment. With apartments you get transitional people and depreciative properties - not really what a neighborhood renovating needs. Sad to hear!