JWB Actual Property Capital added one other property Downtown to its portfolio Aug. 26 by buying the 218 W. Church St. constructing for $675,000.
The five-story, 26,500-square-foot vacant workplace constructing was developed in 1924 and is landmarked as historic. JWB purchased it from investor Atrium Properties 1 LLC.
“We’re planning on doing a mixed-project with industrial on the primary ground and 24 residential rental models on flooring two to 5,” mentioned JWB Actual Property Capital President Alex Sifakis on Aug. 28.
He mentioned the residences will common about 600 sq. ft and comprise one-bedroom and studio models.
Sifakis mentioned the funding is undetermined.
“We’re working by our plans on the venture proper now,” he mentioned. “We’re getting began as quickly as potential.”
Sifakis mentioned it’s the final constructing Downtown designed by architect Henry John Klutho.
The deed was recorded Aug. 28 with the Duval County Clerk of Courts.
The constructing sits on zero.16 acres adjoining to the Federal Reserve Financial institution Constructing that JWB purchased Aug. three at 424 N. Hogan St.
Subsequent to that, Jacksonville-based JWB purchased the Seminole Constructing, dwelling to the Candy Pete’s sweet retailer, at 400 N. Hogan St. in January.
The 218 W. Church St. funding was anticipated. JWB purchased the Federal Reserve Financial institution Constructing by 218 W. Church LLC, signaling that it meant to make the acquisition.
That offers JWB three adjoining buildings on the block that have been constructed from 1909-1924.
“We consider clustering improvement is necessary and we’re going to tie the venture collectively,” he mentioned.
The acquisition offers JWB a $four.125 million funding in these buildings – $1.75 million for the historic Federal Reserve Financial institution construction in-built 1922; $1.7 million for the Seminole Constructing, in-built 1909; and the $675,000 West Church Avenue constructing.
The Seminole and Federal Reserve Financial institution buildings are reverse Metropolis Corridor.
“We’re engaged on a venture that we predict will probably be an actual asset Downtown,” Sifakis mentioned beforehand.
The buildings are also near the proposed Impartial Life Constructing, Ambassador Lodge and Jones Bros. Furnishings tasks that embody residences, resort rooms and retail area.
And they don’t seem to be removed from the 1.5-acre Porter Home Mansion block that JWB purchased Aug. 20 by 510 N Julia LLC for $2.605 million. The home was in-built 1902 and renovated. JWB plans to lease it for workplace area and later open a restaurant within the basement.
Analysis talks about a number of the historical past of 218 W. Church St.
A March three, 2019, Name Field column by Sandy Strickland in The Florida Occasions-Union reported that when it opened in 1924, about 1,000 folks turned out to see Jacksonville’s latest excessive rise – 4 tales with a basement.
Often called the Florida Baptist Conference Constructing, it was constructed 23 years after the Nice Fireplace of 1901.
Strickland wrote that it was the primary state Baptist conference to assemble its personal workplace and it was the final Downtown workplace constructing designed by Klutho.
The column mentioned the constructing served as headquarters for the conference’s missions and church help packages, a retail bookstore and the Witness printing plant.
A fifth ground was added to extend rental earnings to repay development bonds.
Strickland wrote that historian Wayne Wooden’s “Jacksonville’s Architectural Heritage” e-book describes the construction as a well-proportioned constructing that options “subdued classical ornamentation blended with a crisp 1920s modernism” with a small balcony on the third ground.
The conference occupied the basement, the primary ground and elements of the second, and the remainder was leased. In 1932 the constructing was renamed in honor of S.B. Rogers, the conference’s govt secretary-treasurer.
By the mid-1950s the constructing was occupied completely by the conference, which bought it in 1959.
Strickland wrote it was positioned on the Nationwide Register of Historic Locations in 1984 and bought a number of instances since, however was vacant for some years.
She mentioned some redevelopment proposals for the constructing haven’t labored out.