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Challenges Ahead for Downtown Jacksonville Apartment Growth

September 26, 2012 | | Comments 0

downtown jacksonville real estateMany beautifully constructed, historic building pepper the streets of downtown Jacksonville, and at a time when the real estate market is starting to improve, many builders are considering these prime Jacksonville real estate opportunities.

One of the most sought-after buildings currently is the former public defender’s, the Groover Stewart Building at 25 Market St. Several general contractors have laid out plans to turn this building which features exposed brick walls and copious amounts of natural lighting into apartments.

However, finding investors for this and other similar projects is a challenge. Many investors aren’t looking for smaller scale projects that would reap less returns in a still somewhat shaky market.

Building the popular garden-style apartments have been flooding the Southside with new multifamily opportunities is nearly impossible in an urban environment, and high-rise condo costs aren’t justifiable. This means that only the rehabilitation of old office buildings remains as a valid opportunity to bring more residents into the downtown area.

For more information and updates on the trials of downtown apartment living, which is being reported by the Jacksonville Business Journal, visit their website.

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