Daily Record Financial News &
Wednesday, January 27, 2016
Vol. 103, No. 053 • Three Sections
35¢ www.jaxdailyrecord.com
Festival’s changes cause concern
One Spark
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Promenade to include grocer, hotel
Aundra Wallace, CEO of the Downtown Investment Authority, is ready to begin discussions on what he calls DIA 2.0, in which the agency will prioritize its projects.
Building confidence, building downtown Aundra Wallace has earned praise for leading DIA through difficult times
By Marilyn Young Editor
Core Property Capital LLC’s plans for its 30-acre development near Town Center might be adjustable, but marketing materials online show it’s now called Town Center Promenade. It fronts Town Center Parkway opposite the St. Johns Town Center. A draft site plan of the project, earlier referred to as Town Center Exchange, show an almost 18,000-square-foot grocery store; a 42,250-square-foot fitness center; three standalone restaurants from 3,125 to 7,000 square feet; a 4,500-square-foot branch bank; an almost 8,000-square-foot building with a restaurant and retail space; and an almost 6,000-square-foot structure with a coffee shop and retail space. Plans also show 335 apartments units among four buildings and another acre for retail development. A vice president of the Atlanta-based developer said in September that Core Property Capital would develop the apartments, which front a lake. Mathis
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When Aundra Wallace arrived in Jacksonville to become the Downtown Investment Authority’s first CEO, he stepped into a Pandora’s box. An ineffective board, a stagnant Downtown, an intrusive administration and a heap of criticism about lack of progress greeted Wallace in August 2013. He came with issues, as well. Wallace was linked to financial controversies in Miami and Detroit, over how millions in taxpayer dollars were spent on projects in those cities while he was there. That brought early concerns from City Council members and others about Wallace, who actually ranked third in the DIA board’s scoring of its four finalists. But almost immediately, Wallace began a quiet methodical campaign to build consensus and confidence that could eventually help build Downtown. He worked to understand the players, the politics and the potential landmines. Wallace did that concurrently during his first 18 months while creating the authority’s Community Redevelopment Area plan, a blueprint for what should be Downtown’s future. “I think he was politically savvy,”
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The One Spark board of directors said Tuesday afternoon the 2016 edition of the crowdfunding festival will be a one-day event, April 6. Following the free public festival on Wednesday — in conjunction with the April Art Walk — a private “Shark Tanktype event” intended to connect some of the projects showcased at the festival with venture capitalists will be held Thursday and Friday, said spokeswoman Kristen Sell. The abbreviated festival was announced Tuesday morning to a group of Downtown residents, property owners and other urban advocates by Chris Byers, One Spark chief operating officer. Elton Rivas, event co-founder and CEO, was originally scheduled to make a presentation, but resigned from the organization this month. One Spark was kept on the agenda despite his departure, said Jake Gordon, CEO of Downtown Vision Inc., which hosted the stakeholder meeting. He said after Rivas’ resignation became known, people contacted DVI wondering what they could do to help preserve the event. “Elton leaving was big,” Gordon said.
Photo by Fran Ruchalski
By Max Marbut Staff Writer
He didn’t get out in front on a lot of things until he started to understand who the players were and what was going on.
City Council Vice President Lori Boyer about DIA CEO Aundra Wallace
said council Vice President Lori Boyer, who has been liaison to DIA for several years. “He didn’t get out in front on a lot of things until he started to understand who the players were and what was going on.” And understanding that means being willing to listen, which many say Wallace does well. As he talks about Downtown’s progress and its future, Wallace focuses on catalytic projects, the value of timing in the market and the necessity for return on investment for everyone — especially taxpayers. When The Cowford Chophouse opens this year at Bay and Ocean streets it will be the first real catalytic project during Wallace’s tenure.
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But there are many other signs of success: the Southbank is flourishing with activity; Intuition Ale Works and Bold City Brewery have begun working on breweries less than a mile apart from each other on Bay Street; a retail incentives program has brought 110 new jobs and $3 million in capital investment to the urban core; and a project Wallace helped broker could have college students living Downtown in the fall. More importantly, there’s a confidence in Downtown’s future that hasn’t been here for years. “We have the strongest foundation, a stronger spine to build from,” said Jim Bailey, the DIA’s board chair who’s been watching Downtown’s ebbs and flows Wallace continued on Page A-6
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