It's All About Lifestyle

Dan and Ruthie Sharp can't wait to occupy their new digs in The Peninsula, a fully-amenitized, 37-story luxury condominium complex now under construction near downtown Jacksonville along the banks of the St. Johns River.

The couple recently purchased the two-bedroom, 1,400-square-foot unit because of the fabulous views and the resort-style ambience.

"We're on the east side of the building, and our view looks straight at the Hart Bridge," says Ruthie. "I get energized when the city lights come up, and I can't wait to sit on my porch and watch the moon rise over the bridge."

Having lived in New York City and Paris, the Sharps are already attuned to the energy and excitement that comes with urban living. And in resurgent downtown Jacksonville, restaurants, nightspots and performance venues are just steps away, and you can hear the roar of the crowd from Alltel Stadium when the NFL Jaguars are playing.

Dan and Ruthie, both in their mid-50s, will move into their new home at the end of next year and plan an earlier-than-usual retirement. But while they'll be leaving the nine-to-five routine behind, they plan to be more active than ever.

"We're not ready to slow down, but we like the freedom of a small home," Ruthie says. "My husband is done with yard work and the worry and cost of home maintenance. We want to be active and enjoy ourselves. What's great is that we're right across the street from the people mover [Jacksonville's Skyway Express], and in Europe we had the metro."

Dan and Ruthie are part of a growing number of homebuyers who want to maximize their leisure time and enjoy the ease and convenience of condominium living, many of whom are choosing to live in downtown Jacksonville.

And why not? In addition to 5.6 miles of water frontage, the urban core boasts 256 acres of parks and public spaces, at least 90 restaurants of every type and such venues as the Florida Theater and the Times-Union Center for the Performing Arts. Sports lovers have Alltel Stadium and the Baseball Grounds of Jacksonville.

Additional downtown projects include a new federal courthouse at Hemming Plaza, a new downtown public library and a renovation and expansion of The Jacksonville Landing, a riverfront entertainment and retail complex.

Just how hot is the city center? According to Amy Harrell, director of business development and communications for Downtown Vision, nearly 1,600 condominium units are now available downtown, while 808 are under construction. More than 6,400 units have been proposed.

Since most projects on the drawing board will target the luxury market, Harrell says the city is encouraging developers to build more affordable projects in the Brooklyn area, a historic neighborhood tucked between the Fuller Warren Bridge and the Prime Osborn Convention Center.

"But the Southbank is especially attractive because it's often perceived as being in San Marco and property can be purchased on the waterfront," Harrell notes.

One of the most high-profile Southbank projects is a 45-acre mixed-use complex on the site of the old Jacksonville Shipyards. LandMar Group, a Jacksonville-based company, plans to transform the vacant property into a bustling complex of condominiums, town homes, offices, shops and hotels.

Randy Shelton, vice president of sales for Ameriland Realty, agrees. Ameriland is the sales and marketing arm for Miami-based American Land Ventures, developer of The Peninsula and The Strand, a 28-story condominium project also under way on the Southbank.

"Several things separate Jacksonville from other Florida markets," says Shelton. "The first is more sustainable rather than hype-driven growth, which gives investors continuous appreciation." Also, he says, Jacksonville's downtown still has fewer residential units than the downtown workforce could absorb.

"We're confident that there's a real demand from people who want to live, play and work downtown," Shelton says.

Hines, developer of master-planned Palencia in St. Johns County, is also banking on downtown denizens for its new condominium project on the Southbank, The St. John, a 51-story, all-glass tower located near Baptist Hospital.

Prices at The St. John range from the $300s to more than $2 million for each of the 15 penthouse units. Construction is slated to begin late this year, with completion expected in 2009.

"Hines has so much experience designing and building high-rises that we can deliver a signature building with world-class architecture and luxury finishes and still keep prices competitive," says Walt O'Shea, vice president. O'Shea also notes that The St. John is being built without the benefit of city incentives, which he says is "a huge milestone" for Jacksonville and a reflection of the company's confidence in the downtown market.

But downtown isn't the only hot spot for condominiums. And downsizing fiftysomethings aren't the only buyers.

"We sell about 50 percent of our condominium homes to young, first-or second-home buyers and about 50 percent to empty-nesters," says Rick Dalton, vice president of operations for Pulte Homes' Northeast Florida Division.

Young families are going the condominium route in part because multi?family developments are becoming a bastion of affordability. As land prices skyrocket, higher-density projects are enabling builders to keep price points at a level where entry-level buyers aren't forced out of the market.

Plus, younger buyers like the fact that many condominium projects, in addition to being affordable, are packed with amenities, such as swimming pools, fitness centers, tennis courts, clubhouses and much more.

"I think it's a lifestyle choice," Dalton says. "With our hectic lives, many people want convenient locations and to go out and be entertained. They're seeking good products in well-positioned locations."

Pulte has four condominium projects now under construction. Wolf Creek, located in the Intracoastal West area about four miles from Jacksonville Beach, is a 400-unit project where prices range from the $160s to the $280s.

Other Pulte projects include 302-unit Twinleaf at Bartram Park, located on St. Augustine Road in Mandarin, and two projects in Sweetwater by Del Webb, an active adult community located on C.R. 9A and Baymeadows Road East.

Dalton says that sales have leveled off this year in relation to last year's frenzy, but that the current pace is more sustainable and the outlook for condominium development remains strong.

That's especially true on the Southside, which is generally considered to encompass the area north of J. Turner Butler Boulevard, south of Atlantic Boulevard, east of University Boulevard and west of St. Johns Bluff Road.

The area has emerged as a mecca for shopping and nightlife, spurred by such leisure-time destinations as the Cinemark Tinseltown movie complex and the St. Johns Town Center open-air mall.

As a result, the area has been a hotbed for new condominium construction and apartment conversions aimed at a younger market. In fact, nearly a third of Southside residents are between the ages of 25 and 34, according to figures from the U.S. Census Bureau.

Condominium development is also booming at the Beaches, where few undeveloped tracts remain. At least 20 new condominium projects have been proposed for Jacksonville Beach alone, which is remarkable considering the fact that none were built between 1987 and 2002. In addition, most master-planned communities in Clay, Nassau and St. Johns counties contain multifamily components.

Ray Rodriguez, market consultant for Real Estate Strategy Center of North Florida, says the trend toward multifamily living will continue, although the focus may shift more toward town homes and other kinds of attached housing besides condominiums. Plus, as the population ages, multifamily housing in active-adult communities will boom, he notes.