The American Land Housing Group Inc.'s plans to build The St. Johns Center, a residential and commercial project on the Southbank. The company is seeking financial incentives to build the project. -- Special

Land developer known for riverfront complexes
Planned Southbank towers like South Florida projects

By Earl Daniels
Times-Union staff writer

Granvil Tracy sees potential in Jacksonville.

For the past seven months, the city and Tracy's company, American Land Housing Group Inc. of North Miami Beach have, been discussing the possibility of the company building 32- and 36-story towers on the Southbank. The plan would include apartments, stores and a six-story office building. The project is estimated to cost $150 million.

The company wants the city to provide about $19 million in financial incentives for the proposed two-phase project, including $4 million of up-front money in the form of a grant. The remainder of the incentives would be in the form of a tax break spread over 30 years.

"I found that the city of Jacksonville is as sophisticated or more sophisticated than other cities when discussing the dynamics of this project," said Tracy, president of American Land Housing Group. "I think urban in-fill in Jacksonville is desirable."

Tracy said building such a downtown project in Jacksonville is attractive because city officials are encouraging growth in the downtown area and there is a potential to attract tenants from a significant number of downtown workers.

City officials and American Land Housing officials won't discuss the details of their negotiations. However, the plan could be presented at an upcoming Downtown Development Authority meeting.

American Land is among a short but growing list of development companies interested in building housing and office space in downtown Jacksonville.

American Land Housing Group Inc. Location: North Miami Beach Employees: 70 Founded: 1979 President: Granvil Tracy Recent apartment projects: New River Village in Fort Lauderdale; The Strand in West Palm Beach; The Cove at Scotia Plantation in Hypoluxo, between West Palm Beach and Boca Raton; Hacienda Cove in Davie, near Fort Lauderdale; Cove at the Landings in Doral, near Miami; Cypress Cove in North Lauderdale; Pembroke Cove in Pembroke Pines; and Planation Cove in Plantation, near Fort Lauderdale.

Downtown addition

The Jacksonville project, called The St. Johns Center, is proposed for about 4 acres of land between the Riverplace Tower at 1301 Riverplace Boulevard and the Radisson Riverwalk Hotel & Conference Center.

The first phase of the project will consist of 362 apartments and a 622-space parking garage.

The second proposed tower, the 36-story building, will be about as tall as the 36-story Modis Building on the Northbank. It would be a part of the project's second phase and have 346 apartments built above a 412-space parking garage.

The second phase also would include a seven-story office tower over six levels of parking.

Like the company's other projects, the residential component will be luxury apartments. The rents will range from $1,000 to $2,000 a month. The apartment towers will include pools, business centers, fitness centers and a cyber cafe.

The project will include about 10,000 square feet of retail space along Hendricks Avenue and overlook a courtyard between the two residential towers.

Finding a niche

Tracy joined American Land in 1993, when the company changed its name from American Land Management Group and its business focus.

The company's focus changed in the early 1990s because land developers began facing competition from builders who started taking on the role of land developer to maximize profits.

"There was not a lot of money, and the company's owners found themselves with some vacant land and decided to build on that land," Tracy said.

About 97 percent of what American Landdoes now is build apartments in downtown areas on small pieces of land, Tracy said. The company has built eight other apartment complexes in South Florida.

American Land receives cash to build apartment complexes from a network of investors, including pension funds, life insurance companies and real estate investment trusts, also known as REITs.

Tracy said he expects some investors to be leery, but he thinks the turbulent economy will not have an impact on the Jacksonville project.

"As we build projects, we have been able to attract more investors," Tracy said. "Right now, people are in a holding pattern to see what is going on overseas in Afghanistan, and people will be uncertain from a point of institutional investing. ... But if there are good sponsors of good deals, investors may be more inclined to invest."

Similar project

There are similarities between the proposed St. Johns Center and other American Land developments.

"If you look at our deals, in nine out of 10 of them there is water," Tracy said.

The proposed Jacksonville project would be along the St. Johns River in the downtown area. The same goes for projects in West Palm Beach and Fort Lauderdale.

However, each project will be unique, he said.

"We don't do cookie-cutter deals. We want it to blend in architecturally and be a complement to the surroundings."

Another common element the projects have is that they will have public areas, including waterfront walkway and plaza areas, which is something Jacksonville city officials want in a riverfront project.

The company's New River Village, a three-phase apartment development being built in downtown Fort Lauderdale, includes a public park, and the company will build a walkway along the river, Tracy said.

The company's West Palm Beach project, The Strand, is a 15-story apartment and retail development and is expected to be completed in June. The upscale project will overlook the Intracoastal Waterway. West Palm Beach officials provided the project with tax increment financing.

The Fort Lauderdale project is a land lease agreement with Broward County.

"I think American Land is a good firm," said Jim Flood, director of the Office of General Services in the Public Works Department in Broward County.

"I find them to be very honest and forthright, and they have coordinated their efforts with the citizens," said Flood, who is the contract administrator for the New River Village project. "They have built a quality project for us."

Kirk Wendland, executive director of the Jacksonville Economic Development Commission, also is pleased with the company's plans.

"I know from dealing with these guys that they have a reputation for building a high quality of urban residential projects," he said.

Staff writer Earl Daniels can be reached at or edaniels.