Redevelopment Plan Scrapped For CenterState Bank Property On King Street In Riverside
Plans for the redevelopment of the CenterState Bank property at 1232 King St. appear to be delayed.
The Riverside Avondale Preservation newsletter reports the proposed redevelopment plans from the potential purchaser are scrapped.
J.B. Ritz Inc. presented proposed development plans to RAP for a multifamily mixed-use project on the site that included the construction of a smaller bank building.
The economics of the development would require the development of 118 dwelling units, which in turn required relaxation from the overlay district height restrictions, according to the RAP newsletter.
The newsletter said the developer likely would not receive the relief needed to make the project work, which would be determined by the city with a recommendation by RAP.
CenterState Bank of Florida received a certificate of appropriateness to demolish their existing 28,215-square-foot bank building.
The newsletter quotes Scott Gay with J.B. Ritz saying: “We have many projects in other areas that we will turn our attention to.”
Bryan Hunter, CenterState director of corporate real estate, and Gay did not return calls seeking comment.
CenterState Bank of Florida received a certificate of appropriateness from the city July 25 to demolish the existing 28,215-square-foot bank building with the condition that plans for redevelopment be approved by the city prior to demolition.
The bank is on a 2.97-acre block at southwest King and Forbes streets. The application for the COA to demolish the building stated the location is “prime real estate in a re-emerging Jacksonville neighborhood.”
The bank finds “the size of the current building is both overwhelming and inefficient.” It said the best use would be to redevelop the property with a small bank branch along with mixed uses.
Riverside Avondale Preservation approved of the demolition at the time, conditioned upon meeting the historic district guidelines and zoning codes.
District 14 City Council member Jim Love said neighborhood residents objected to the proposed number of multifamily units contributing to traffic and the height and mass of the buildings.
“It is important to me to get it right,” Love said. “Somebody else will come along and they can meet in the middle” with residents.
“It is about fitting into the community,” he said.
This story was originally published by our partner The Jacksonville Daily Record.