What Does The Future Hold?
The Hallmark Partners-led project was ambitious, certainly nothing like Jacksonville’s urban core had seen before nor since. While the residential portion of 220 Riverside remains strong, a few missteps ultimately showed that the retail portion was a bit ahead of its time. Hallmark continues to successfully push for redevelopment in Brooklyn, having just broken ground on Vista Brooklyn to the North of Unity Plaza, and having just facilitated the transaction that will bring a Marriott Residence Inn to the West of Unity Plaza. Further south, Hallmark owns and leases a building at 725 Peninsular Place to a leading tech company called Analytics Partners.
The never-built beer garden space in Unity Plaza, is one of several untapped opportunities to further monetize the space.
There is no denying the importance 220 Riverside had on finally kick-starting Brooklyn’s comeback. As Alex Sifakis, president of JWB Real Estate Companies, told the Daily Record, “220 Riverside is the reason anything in Downtown Jacksonville is getting developed right now. It gave the comps for all the projects getting done today.”
Help is on the way for the viability of 220 Riverside’s retail space, for whoever the new owners may ultimately be. Pictured is a Residence Inn and new multifamily structure that will soon be adjacent to 220 Riverside within the next 24 months.
Sometimes change is necessary, and real estate development always exists in a state of change. A new ownership group will have the benefit of learning from the costly mistakes of the past, providing a fresh perspective, curating a tenant mix that is more in line with the market, be given the opportunity to further monetize unused spaces in Unity Plaza and hopefully provide better management of the space- which still possesses exciting potential.
John Crotty an Joshua Ladle of Avison Young in Miami are currently marketing the property, and can be reached at 305-447-7865.