Let’s get it started: 220 Riverside ready to sprout

Let’s get it started: 220 Riverside ready to sprout

 

By Susanna P. Barton –
Resident Community News –

Local developer Hallmark Partners plans to begin construction on the 294-unit 220 Riverside in early October. The development will be one of the biggest mixed-use projects to be built in the neighborhood in recent years — and one of the first in a post-recession climate.
Firm principal Alex Coley said he is confident the firm is coming into the market “with divine timing” and is also looking for other multifamily residential projects to develop in the Brooklyn, Riverside and Avondale area.
“I’m actually really grateful to be right here right now — it’s been quite a journey,” Coley said. “We like the Brooklyn, Riverside, Avondale area, we think that the market is right for multifamily and are looking at everything from a duplex opportunity to building another 300 units and beyond.”
He said Hallmark would like to “participate in the neighborhood multifamily market there in a variety of ways.”
The first major project will be getting the $38 million 220 Riverside into a vertical development position following a long regulatory process that culminated this summer. In late-July, Mayor Alvin Brown signed legislation to assist with the 220 Riverside project. The legislation was an agreement between the city and Hallmark for up to $4.9 million in Recapture Enhanced Value Grant reimbursements over a 20-year period. Hallmark agree to invest $38 million into the vacant property at Riverside Avenue and Jackson Street by building the 294 units ranging in size from 600 to 1,200 square feet. The project also includes 16,500 square feet of retail space and a new park.
The football field-sized public park can accommodate about 1,000 people, according to city officials.
“I’m excited about the Hallmark project’s potential to stimulate even more private investment Downtown as we see young professionals and families look for new opportunity in the city center,” Brown said in a release. “We must continue to work closely with the private sector to make Downtown a more competitive center of commerce and entertainment to increase our standard of living, grow revenue streams and make Jacksonville a destination.”
The planned enhancements to the property are estimated to generate $6.9 million in additional property tax revenues for the city and Duval County Public Schools throughout the next 20 years. The project has the potential to increase residency in Jacksonville’s Downtown area by 15 percent.
Coley said the firm has not finalized an agreement with a construction builder yet, but expected to make an announcement in the next several weeks. Studio 9 principals Craig Davisson and Jason Faulkner are project architects. Coley said the building design will be a “great addition to the area.”

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