Daily Record Financial News &
Thursday, April 21, 2016
Vol. 103, No. 114 • One Section
Need for senior housing growing
www.jaxdailyrecord.com
Pharmacy close for growing Brooklyn?
Bonds would fund $22M in updates
By David Chapman Staff Writer
Heavy lifting along East Bay Street
Photo by Max Marbut
By Max Marbut Staff Writer The demand for one of the basic necessities of life already exceeds the supply in Jacksonville. And the gap is going to widen. The product is affordable housing for seniors who live at or below federal poverty benchmarks and those whose retirement income doesn’t allow them to afford market-rate rent. In order to maintain existing housing stock, the city is considering bonding about $22 million to refurbish two facilities. Baby boomers are entering their senior years and they are healthier and living longer than their parents, said Teresa Barton, executive director of Aging True Community Senior Services, St. John’s Cathedral’s nonprofit that manages three properties Downtown for seniors. Many residents at Cathedral Terrace, Cathedral Towers and Cathedral Townhouse live on fixed incomes and qualify for subsidized housing. “They didn’t save enough for their retireBarton ment,” said Barton. “Subsidized housing is the only option if they are going to have a decent place to live that they can afford.” The market for senior housing is predicted to grow substantially and so will the need for rent assistance. According to ElderSource, a local nonprofit that serves the needs of low-income seniors, more than 150,000 Duval County residents — about 20 percent of the county’s population — are age 60 or older. By 2030, it is projected that nearly 30 percent will be seniors. In addition, Duval County has the highest rate of poverty among seniors in Northeast Florida with about 10 percent living at or below the federal standard. Housing continued on Page A-4
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East Bay Street at the Police Memorial Building has been blocked since Tuesday so a crane could lift a new air-conditioner to the top of The Plaza Condominium at Berkman Plaza and Marina tower across the street. The equipment is scheduled to be removed today. See story and more photo on Page A-3.
Three years after plans were scrapped to bring a national pharmacy to Brooklyn, the growing area could be close to securing one. Downtown Investment Authority CEO Aundra Wallace said Regency Centers Corp. — the developer responsible for much of the retail in that area — and the unnamed pharmacy are entering what he called final negotiations to bring the store to the area. Once those two sides are satisfied, Wallace said the DIA has a plan that essentially would swap land with Regency Centers for the project. The city would provide what’s known as the “jughandle parcels” bordered by Riverside Avenue and May and Leila streets to house the pharmacy. Those parcels have an appraised value of $400,000, according to the DIA. In exchange, Regency Centers would contribute land valued at $288,000 for a surface parking lot for the area. The DIA would first lease that back to Regency Centers for $1 a year for 10-20 years before taking it over. Wallace said that would provide much-needed parking for the area. In the end, the city would get a private business that contributes about $46,000 in property taxes a year, almost $25,000 of which would go to the city. It’s not the first time a pharmacy was proposed for the area. When the retail center anchored by The Fresh Market was planned for the area in 2013, a pharmacy was part of the project. However, design issues and the area’s relative newness caused the pharmacy, later identified as CVS, to pull out. Wallace said given the success and residential infill of the area the past several years, the “timing is right” at this point. “There is a real true market demand now for the pharmacy,” said Wallace. “This is not a speculation situation.” Wallace said if negotiations are successful, his hope would be to introduce the plan to the DIA board this summer. dchapman@jaxdailyrecord.com (904) 356-2466
Designer Tory Burch joins St. Johns Town Center
Public
as well as at toryburch.com. It also has outlet stores in Orlando and Sunrise. Chair, CEO and designer Tory Burch designs and sells women’s wear and accessories. Tory Burch is considered an American lifestyle brand known for color, print and details. Burch also offers branded eyewear, fragrance and beauty products. A 2014 story at fastcompany. com said Tory Burch “blossomed into a global lifestyle brand more quickly than any other in the last decade,” and was set to exceed $1 billion in revenue that year. Burch worked in fashion, pub-
legal notices begin on page
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Work to start on exterior at 20 W. Adams St.
lic relations and marketing before opening her own store, whose inventory almost sold out on the first day. Since 2009, the Tory Burch Foundation has worked to encourage and support womenowned small businesses in the U.S. Tory Burch’s media representative did not return an email or phone call Wednesday.
Work could soon be visible on a Downtown building slated for college student housing. The city is reviewing a permit application for Danis Construction LLC to repair and recondition the exterior of the 20 W. Adams St. building. The permit shows a $400,000 project to perform restorative cleaning of the six-story structure, which Florida State College at Jacksonville intends to lease for residential housing for students. KBJ Architects is the architect Mathis continued on Page A-2
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Photo from Toryburch.com
New York women’s clothing designer Tory Burch will open a store in St. Johns Town Center, making Jacksonville the ninth location in Florida operated by the popular brand. The city is reviewing a permit for a $350,000 interior renovation for Tory Burch at 4835 River City Drive, No. 101. The 3,200-squarefoot space is near the southern end of the Town Center, not far from J. Alexander’s. The brand launched in 2004 in Manhattan. The business has more than 150 freestanding boutiques and a presence in more than 3,000 department and specialty stores,
Burch
consecutive weekdays