Earlier this month, Hallmark Partners revealed plans for Beacon Riverside, a luxury condominium tower on the St. Johns River in historic Riverside. Beacon Riverside is the first condominium building under development in Jacksonville in nearly a decade.
Located directly on the St. Johns River at 500 Bishopgate Lane, the 16-story building will feature 55 exclusive for-sale residences ranging in price from $600,000 to nearly $2 million. The 2,200 to 4,000-square-foot luxury residences will showcase ten-foot ceilings and spacious terraces offering expansive views of the St. Johns River, the downtown skyline and/or city views of historic Riverside.
Private elevators will access upper floor penthouses that will be priced according to individual owner input and design. The building is framed by a 7,500-square-foot single grand penthouse residence on the top floor. Privacy abounds with most residents sharing a private elevator corridor with just one neighbor.
The building embodies the rich traditions of Riverside architecture refined to reflect an updated design with modern features and amenities.
Coming out of the great recession, the majority of the commercial real estate transaction volume consisted of three general types of assets:
NNN leased properties (primarily single tenant)
Trophy and high quality commercial properties in major "gateway" cities
Distressed REO assets
Small private investors weren't able to compete effectively with large institutions in buying the majority of trophy properties and the large volume of one-off distressed assets never materialized. Instead, the private investor focused primarily on buying NNN leased credit properties. The demand was fueled primarily by access to debt financing with historic low interest rates combined with the desire for higher yielding investments compared to alternative asset classes (stocks, bonds, bank savings accounts, etc.) This demand drove cap rates on these assets to historic lows. With the recent rapid rise in treasury rates, the question now becomes where do private real estate investors go from here.
Welcome Holli J. Scott to the Asset Management team
Hallmark is pleased to welcome Ms. Holli Scott to the asset management team. Ms. Scott brings with her over ten years experience in customer service and administrative positions. She has managed numerous real estate projects with a great record of on-time, on-budget delivery. She is a passionate student of the real estate business specializing in residential and commercial property management. Prior to joining Hallmark, Ms. Scott managed a local real estate office and associated for-rent properties throughout the Jacksonville area. Ms. Scott attended Florida State College for Fine Arts and Business. She recently attended the Florida Real Estate Institute and will soon receive her Florida real estate associate license. She plans to continue her real estate education and obtain a broker license in the future. Ms. Scott is joining the Institute of Real Estate Management and will seek her CPM designation for property management.
220 Riverside update
220 Riverside has seen several important milestones accomplished in the past few weeks, especially the start of the residential wood framing. The 220 Riverside retail space shells have taken full shape and currently a Feedback Forumis being conducted to request citizen insight on the best and brightest independent retailers in Jacksonville. We are currently interviewing prospects for several "best in class" independent restaurateurs from the Jacksonville landscape and beyond. We have also engaged VSAG - a thought-leading, globally renowned, holistic-based food and beverage company - to hold our restaurant selection process to an international cuisine and design standard, while celebrating native talent and the plaza's uplifting mission.
Unity Plaza design and programming continues with a focus on ultimate visitor experience and comfort. This includes a state-of-the-art digital landscape developed by studying some of the most inspired and impactful spaces around the nation and globe. Next month the Unity Plaza team visits Manhattan's Bryant Park to meet with its founder Dan Biederman. Then it's on to Charleston with the JAX Chamber to meet with the founder of the Charleston Art & Wine Fest. The month rounds out with a visit to Sante Fe's Railyards Park and then onto Charlotte with the JAX Chamber Leadership Trip. As you can tell, great things are in the works for Unity Plaza!
Hope McMath, Director at The Cummer Museum of Art & Gardens, Alex Coley, NAI Hallmark Partners Co-Founder/Principal and Jen Jones, Executive Director of Unity Plaza, with Jacksonville Jaguars owner Shad Khan at Future Retro: The Great Age of the American Automobile celebration and lecture by Kahn on July 31, 2013.
Delivering clean and safe drinking water to Rowanda
The 2nd annual Clean Water Music Fest, sponsored in part by NAI Hallmark Partners and Unity Plaza Inc., raised $23,877 which means that at least 1,193 people in Rwanda will have clean, safe drinking water in the near future, via charity: water!
If you would like to donate to continue to give more people in need clean water, you can still make a donation.
NAI Global is one of the world's leading providers of commercial real estate services. NAI manages a network with 5,000 professionals and 350 offices in 55 countries worldwide. We bring together people and resources wherever needed to deliver outstanding results for our clients and complete over $45 billion in transactions annually. Our clients come to us for our network. Hallmark Partners has developed more than $250 million of commercial real estate in Northeast Florida and is currently involved in the leasing and/or management of a portfolio in excess of 3 million square feet in the Jacksonville MSA. For more about NAI Hallmark Partners Inc. visit www.naihallmarkpartners.com