Khan's Jacksonville Shipyards Plans Revealed

[Jumpinjack]

Moving Metropolitan Park to a new location would allow Khan to have more waterfront for his development. It is very unlikely that a new location for Metropolitan Park would be on the waterfront since it is prime development property. Feels like the public is being shut out of waterfront space once again. 

[RattlerGator]

Moving Metropolitan Park to a new location would allow Khan to have more waterfront for his development. It is very unlikely that a new location for Metropolitan Park would be on the waterfront since it is prime development property. Feels like the public is being shut out of waterfront space once again.

Oh, come on. Shut out ? ? ? The waterfront figures prominently is the conceptual design I saw. This is just the beginning of the process. Many, many people I'm sure will be on the look-out to ensure public access to the waterfront.

[TimmyB]

If I'm reading it correctly, the business journal quotes Aundra Wallace as stating the project will take 17 years to complete!! How in the world when Khan expresses he wants to see a total build out at simultaneously? I'm confused now. I would like to enjoy this thing before in my 40's

40's?  HA!  I'd like to see it before I ... well, I'd just like to see it.  Period.   

[downtownbrown]

If I'm reading it correctly, the business journal quotes Aundra Wallace as stating the project will take 17 years to complete!! How in the world when Khan expresses he wants to see a total build out at simultaneously? I'm confused now. I would like to enjoy this thing before in my 40's

40's?  HA!  I'd like to see it before I ... well, I'd just like to see it.  Period.   

really.  Friggin kids.

[downtownbrown]

Moving Metropolitan Park to a new location would allow Khan to have more waterfront for his development. It is very unlikely that a new location for Metropolitan Park would be on the waterfront since it is prime development property. Feels like the public is being shut out of waterfront space once again.

Oh, come on. Shut out ? ? ? The waterfront figures prominently is the conceptual design I saw. This is just the beginning of the process. Many, many people I'm sure will be on the look-out to ensure public access to the waterfront.

Agree.  Last year the Jazz Fest put up a main stage in front of Maxwell house, aimed at the Berkman.  It was a great venue.  But it sounds like to me that Harden is just agreeing to everything just so they can get some ink and lock it up.

[mtraininjax]

Moving Metropolitan Park to a new location would allow Khan to have more waterfront for his development. It is very unlikely that a new location for Metropolitan Park would be on the waterfront since it is prime development property.

If Met Park is moved to a Peyton Pocket Park, Mayor Brown should be run out of Jax on a rail. Why would you take a tax payer funded facility and move it off the water, to give to a developer? So little public space remains on the river, this is on Mayor Brown's watch.

You have my permission to implode WJCT Channel 7 and move them elsewhere.

[Tacachale]

I believe the discussion was to move Met Park west (ie to where the Shipyards is now) with Khan taking over part of the Met Park property. The Shipyards may well be a better location for a waterfront park. But it would take a lot as I believe Met Park is still owned by the Park Service, not the city.

The much bigger issue is what the city's getting out of the whole deal. If it's just giving away our land to a billionaire, then paying him to do it and letting him off the hook for taxes, no thanks.

[KenFSU]

Moving Metropolitan Park to a new location would allow Khan to have more waterfront for his development. It is very unlikely that a new location for Metropolitan Park would be on the waterfront since it is prime development property.

If Met Park is moved to a Peyton Pocket Park, Mayor Brown should be run out of Jax on a rail.

It would be a legal nightmare to relocate Metropolitan Park. We've already seen it when Delaney proposed converting the park into a 17,000 seat amphitheater back in the late 1990s. It's important to remember that Met Park was federally funded, and in the past, the State of Florida and National Park Service have not looked kindly on city's attempting to convert federally funded public spaces into for-profit private developments. They get particularly agitated when proposed land swaps do not appear to be genuinely in kind.

Here's a memo outlining the problems that Bill Potter, then director of Parks & Rec, sent Delaney in 1998:

"I attended a meeting called by the DDA converting Met Park and turning it over to a private vendor. . . I walked away with some significant concerns regarding the Metropolitan proposal... Metropolitan Park is our last green waterfront area in that quadrant of the City. It affords access to literally thousands of school children during school outings, as well as a backdrop and venue for various public functions, weddings etc. that are free or at little cost to the public. The conversion would virtually eliminate this public component of the current Metropolitan Park. . . Finally, and most importantly, the conversion of Met Park would be in conflict with our required agreements currently in place with granting agencies that have funded acquisition and development of major portions of Metropolitan Park. . . By converting the property, we would be reversing on our commitment. . . As an advocate for public lands, I am not comfortable with the current proposal for Met Park. It is my position in this job to be an advocate for the public."

[finehoe]

It affords access to literally thousands of school children during school outings

[edjax]

Wow, people are really running with this Met Park thing. Melody Bishop seemed to suggest something to consider. Melody Bishop, not Khan. They said sure, we can look at that possibility. We now have it being moved on Browns watch and children being hurt. Just wow.

[downtownbrown]

Wow, people are really running with this Met Park thing. Melody Bishop seemed to suggest something to consider. Melody Bishop, not Khan. They said sure, we can look at that possibility. We now have it being moved on Browns watch and children being hurt. Just wow.

Agree.  Like I said, Harden is just agreeing to everything in order to move the ball.

[Marle Brando]

If I'm reading it correctly, the business journal quotes Aundra Wallace as stating the project will take 17 years to complete!! How in the world when Khan expresses he wants to see a total build out at simultaneously? I'm confused now. I would like to enjoy this thing before in my 40's

40's?  HA!  I'd like to see it before I ... well, I'd just like to see it.  Period.   

really.  Friggin kids.

Can't help when I was born. But I'll be more than happy to push you around the shipyards access ramps when your hoveround battery dies

[TimmyB]

If I'm reading it correctly, the business journal quotes Aundra Wallace as stating the project will take 17 years to complete!! How in the world when Khan expresses he wants to see a total build out at simultaneously? I'm confused now. I would like to enjoy this thing before in my 40's

40's?  HA!  I'd like to see it before I ... well, I'd just like to see it.  Period.   

really.  Friggin kids.

Can't help when I was born. But I'll be more than happy to push you around the shipyards access ramps when your hoveround battery dies

That's mighty kind of you.  As long as you meant you'd push us AND we'd stay on the dry part of the shipyards!

[ProjectMaximus]

If I'm reading it correctly, the business journal quotes Aundra Wallace as stating the project will take 17 years to complete!! How in the world when Khan expresses he wants to see a total build out at simultaneously? I'm confused now. I would like to enjoy this thing before in my 40's

40's?  HA!  I'd like to see it before I ... well, I'd just like to see it.  Period.   

really.  Friggin kids.

Can't help when I was born. But I'll be more than happy to push you around the shipyards access ramps when your hoveround battery dies

That's mighty kind of you.  As long as you meant you'd push us AND we'd stay on the dry part of the shipyards!

You might be able to get around in those jet packs that everyone will have by then.

[simms3]

Just thought I'd post a couple parallel developments taking shape right now in the Bay Area.  Conceptually very much the same as the Jacksonville Shipyards.  I was privileged to look into the underwriting of one of these projects in a larger move by a consortium of investors looking to cash out equity in a bundled public offering, so in doing so, I have learned quite a bit on some of the ins and outs from a high level.  I see infinite possibilities for crafting a solid financial structure for the Jacksonville Shipyards (one in which the City of Jax isn't hogtied), but I don't quite see a market.

http://brooklynbasin.com/
Under construction now, backed by Chinese money (don't expect the same for Jax).

http://thesfshipyard.com/vision/
Hunters Point and Candlestick Point, being redeveloped by Lennar/Five Point Communities (a sub of Lennar)...first phase is well underway with ~200 homes already sold/occupied and the next 300+ homes under construction, Google in talks for much of the office space, and Macerich gearing up to start construction on its retail center once Candlestick Park is cleaned up (about 80% demo'd to date)

Lennar is the master developer, but funds come from a variety of sources, including a variety of hedge funds on the equity side (and there may or may not be a NewCo formed whereby aside from some carve-outs, there will be public equity involved on a go-forward), as well as some traditional financing, EB-5 (about $500+M), CFD (Mello Roos) and TIF.

http://www.pier70sf.com/#future
Forest City received voter ballot approval last year for a height increase and for the ability to proceed with plans at this former Shipyard site.  It is closer into the city than Hunters Point, but it is about a year away from actually "starting"



I think it's quite easy to pick up on commonalities between all three developments, as well as how their respective developers are going about the process.  Other similar developments for consideration here would be the Giants' Mission Rock development (waterfront...in fact they just upped the ante and got a very progressive supervisor's approval today by agreeing to include 40% affordable housing), as well as Forest City's 5M development.  All are large-scale, mixed-use developments, at least 4 of the 5 will include a process very similar to what will take place at the Jacksonville Shipyards (master developer, subs, vertical and horizontal components with various profit participation schemes, use of non-traditional financing and money sources, etc etc).

Interesting developments to watch and learn from as they all get going (and hopefully it isn't the case that the Jacksonville Shipyards continues to languish).