600-Space Downtown Garage Opens in Jacksonville CBD

600-Space Downtown Garage Opens in Jacksonville CBD

JACKSONVILLE, FLORIDA – July 15, 2015 – (RealEstateRama) — Cushman & Wakefield is pleased to announce the grand opening of the highly anticipated SunTrust Tower parking garage in downtown Jacksonville.

The six-story, 600-space garage, located at 37 South Hogan Street, opened on July 1, 2015. The garage is adjacent to the SunTrust Tower, a building acquired for $31 million in April 2015 by a joint venture between Mainstreet Capital Partners and CarVal Investors. Mainstreet Capital Partners is a Fort Lauderdale-based real estate investment and management firm and CarVal Investors is a leading global alternative investment manager.

“This is a watershed moment for both downtown Jacksonville and the SunTrust Tower,” said Mainstreet President Paul Kilgallon. “We’re all-in on Jacksonville’s downtown revitalization efforts. This garage will help alleviate the current dearth of parking while reinforcing SunTrust Tower’s long-standing reputation as a Jacksonville landmark.”

The opening marks the end of a 19-month construction phase. The garage will be used by SunTrust Tower tenants, downtown visitors, and guests of The Landing – a waterfront retail, dining, and entertainment venue. The structure is accessible via Bay and Hogan Streets and will offer ground-floor retail in the future.

The state-of-the-art project received $3.5 million in incentives from the City of Jacksonville in exchange for the public use of 200 spaces on weekdays and 375 spaces on weekends. A reserved space in the garage is expected to cost $155 per month with unreserved spaces priced at $115 per month.

“There is a lack of convenient parking in the urban core downtown,“ said Cushman & Wakefield Senior Director Traci Jenks, exclusive leasing agent for SunTrust Tower. ”This garage will fill a huge need for businesses, which are increasingly moving downtown, and is a catalyst for more development.”

The SunTrust Tower is a Class A, 23-story, 369,408-square-foot office building offering a central location in the Jacksonville CBD within walking distance of restaurants and hotels, exceptional waterfront views, access to a high-speed fiber data connection along Laura Street, efficient floor layouts, on-site property management, 24-hour security, and the potential for tenant signage.

Leasing interest has increased since construction on the garage began. For more information, please contact Traci Jenks at (904) 731–9500.

Cushman & Wakefield advises and represents clients on all aspects of property occupancy and investment. Founded in 1917, it has 259 offices in 60 countries, employing more than 16,000 professionals. It offers a complete range of services to its occupier and investor clients for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, appraisal, consulting, corporate services, and property, facilities, project and risk management.

Traci Jenks, CCIM
Senior Director
(904) 731-9500
traci.jenks (at) cushwake (dot) com

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