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Annual State of Downtown Jacksonville report released

Downtown Vision Inc. (DVI), the Downtown Improvement District, in partnership with the Jacksonville Office of Economic Development, released the 2011 State of Downtown Jacksonville Progress Report.

Last year, Downtown began to regain momentum, with a strong commitment from Mayor Brown, the completion of improvements to several parks and public spaces and renewed business interest in relocating Downtown.

Several indicators show that Downtown Jacksonville is improving. Though Downtown continues to face challenges, there is a lot of good news for Downtown:

Development – More than $186 million (12 projects) in development was completed in 2011 and several new projects were announced, including the new Parador parking garage, JAX Chamber’s building renovation and a sustainability resource center.

Office Market and Employment – There was more activity in the office market, with nine new leases signed last year. Interest in leasing near the new courthouse continues to increase and additional leasing activity is expected to occur through 2013.

Residential – Sales and occupancy of Downtown residential units improved in 2011 and three new Downtown residential projects totaling more than 660 units have been announced, including 220 Riverside, Riverside Park and The Ambassador Lofts.

Retail – Downtown’s retail vacancy declined in 2011 and several new businesses opened, including six restaurants, four nightlife venues and several clothiers and gift shops.

Quality of Life – Downtown continues to be one of the safest neighborhoods in Jacksonville, with a crime rate that is 59% lower than the average Duval County crime rate.

A copy of the report is available online at http://downtownjacksonville.org/Media/InTheNews/12-04-19/2011_State_of_Downtown_Report.aspx.


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