INSIGHTREALTY GROUP, Inc.

Dames Point to get $50 million project

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Jacksonville Business Journal - April 13, 2007

by Christian Conte

Staff Writer

NORTHSIDE -- A 37-acre mixed-use project estimated to cost $50 million that includes industrial distribution space, office/flex space, retail space and a condominium with a marina is about to begin construction near the site of the Mitsui O.S.K. Lines Ltd. container terminal.

Plans for Dames Point Center include up to 600,000 square feet of distribution center space, 30,000 square feet of retail space, outparcels for restaurants and banks, office/flex space and a hotel. A 20-unit condominium project with a 50-slip marina called Palm Pointe will also be on the site.

Planet Five Development Group LLC owns the site at the intersection of Heckscher Drive and State Road 9A near the Jacksonville Port Authority's Dames Point Marine Terminal. It is on the north side of Heckscher Drive, north of the terminal that Mitsui's TraPac Inc. subsidiary will operate.

Dana B. Kenyon Co. is the contractor on the project, which is expected to start construction in about 90 days and may be completed by late 2008, just in time for the expected completion date of the Mitsui terminal.

"The development will front Heckscher Drive and includes warehouse and other industrial opportunities that are perfect for easy access to the port and this growing area of Jacksonville," Planet Five Principal Paul Rohan said.

Since the Japanese ocean carrier Mitsui announced in 2005 that it planned to build its East Coast terminal in Jacksonville, interest in and the value of industrial land in Jacksonville have skyrocketed, local brokers said.

Mitsui the driver

Colliers Dickinson is the brokerage company for Dames Point Center. Brokers Phillip and Paul Parsons are marketing the project.

Colliers Dickinson Vice President Phillip Parsons said that although no users have signed contracts on the site yet, he is negotiating with several prospective retail and industrial tenants.

"The market is just phenomenal," he said. "Mitsui is just driving everything out there. It's a great location and our timing is excellent."

Dames Point Center is on 74 acres. The remaining 37 acres are wetlands. The condo units are sold out, Rohan said.

First project

Planet Five is a privately held real estate company based in Jacksonville that develops, owns, invests in and manages residential, commercial and industrial properties. It has 1.5 million square feet of mixed-use space under construction throughout Florida.

This is the company's first project in Duval County. Rohan said he is seeking other local development sites for multifamily and retail uses.

 

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