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Tel: 715.571.2274

Email: mitch@viegut.com

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Condominiums

About the Building

The structure  is a 23-story residential tower in Jacksonville, Florida which

was built to 18 stories before construction was stopped. The building structure consists

of a concrete frame with posts-tensioned concrete roof slab and post- tensioned

concrete elevated floors supported by concrete columns and concrete walls.

The existing unfinished multi-story building was part of the proposed 23 story, 222-unit condominium (377,863 SF)

 

Northeast Florida is home to the World Golf Hall of Fame in St. Augustine, The Players Championship (TPC) held at TPC Sawgrass in Ponte Veda Beach, and the home of the NFL franchise Jacksonville Jaguars, whose stadium holds many annual events such as the Florida/Georgia Football Classic and the Gator Bowl that is walking distance from property. Some major projects of The Better Jacksonville Plan (approved in 2000) included the sports complex, which contains Veteran’s Memorial Arena and the Baseball Grounds of Jacksonville. The arena seats up to 16,000 spectators for a variety of productions and sporting events including the Jacksonville Sharks arena football team. The Baseball Grounds of Jacksonville is home to the Jacksonville Jumbo Shrimp (formerly known as Jacksonville Suns), a minor league professional baseball team. Another part of The Better Jacksonville Plan is The

Jacksonville Equestrian Center, located off Normandy Blvd. in the Westside area of Jacksonville,

which opened in March 2004. This is a multi-purpose equestrian complex providing facilities to

accommodate premier equestrian events as well as a range of community events.

Finally, the completion of the $90 million 5,500 seat amphitheater9at the EverBank stadium; the

$200 million, 2.3-million square foot distribution center located on the 155-acres along I-295

and Duval Road; and the City of Jacksonville’s pick of the Shad Khan & Iguana to redevelop

the Shipyard site ( next to property) will further stimulate the Jacksonville Market.

HIGHEST AND BEST USE “AS IMPROVED / AS IS”

According to the plan & specifications provided by the client, the existing unfinished multi-story

building was part of the proposed 23 story, 222-unit condominium (377,863 SF) that

commenced in 2006 but the construction of the existing building was stopped in December

200714 due to legal and financial/construction issues. It is legally permissible and physically

possible under the current zoning to complete the building.

The data (see Market Analysis section) indicates that the subject neighborhood is an active

market at the beginning of a revitalization phase of a market growth cycle. The Building

Assessment Report completed on October 2, 2017 by Aaron L. Harris, PE of Harris Solution, LLC,

which was provided by our client, found no indication that the existing unfinished eighteen story

building was not structurally sound. The report indicates that the quality of construction of

the existing unfinished building is good, and all the structural elements can be used and are

useful.

 

 

The building foundation and site work of the subject property are completed to date. The

projected hard cost to complete the existing unfinished building into the proposed

development scenario as a 23 story, 222-unit condominium as of October 2, 2017 was

$63,000,000 or $283,784 per proposed unit.

 

Considering the current rents for office and

apartment properties, historical sale prices for residential units, the recent announcement of the

City of Jacksonville’s selection of Shad Khan & Iguana15 to redevelop the Shipyard site (next to

the subject), and future expected completions (Broadstone River House (263 units) along

Southbank, Bishop Gate (125 units) within the Riverside, and The St. Johns (300 units) along the

Southbank) in the subject area, (see Marketability Section), it is not only financially feasible but

also, maximally productive to not only complete but also expand the subject’s existing

unfinished building for commercial and residential

These are  pictures as of 2018 of  completed building, Berkman Tower 1 next to uncompleted building , 500 Bay Street we will be completing. On lower picture, the Shipyards are next to 500 bay and you can view  St Johns river heading to Jaguars stadium.

March 2018 Photo from Across the river taken by Mitch VIegut. This is un -doctored photo.'

This is current picture from 2 building to west  of tower.

This is real picture of tower on the left and backgrounds, but an artists rendition of completed tower on right.

CURRENT PROPERTY 2018

500 Bay Street