JACKSONVILLE, Fla. — A part of the Southbank will be in the market soon. Starting next week, the Southbank Medical Pavilion, one of the largest independently owned healthcare sites in the area, will hit the market, offering what real estate experts call a “rare opportunity” to reshape the district.
The massive listing at 841 Prudential Drive spans nearly eight acres and includes the iconic 22-story tower, along with a parking garage boasting more than 1,000 spaces. This will also come with two parcels of land that could be developed.
For those who walk these halls daily, the news came as a shock. Aleicia Broomfield, who works in the building, admitted she was caught off guard by the sudden announcement.
“Definitely surprised that the building is going to be up for sale,” Broomfield said.
Her primary concern lies with the stability of the workforce during the transition. “I hope it doesn’t mess anything up for the employees because times are rough right now.”
Transwestern Real Estate Services, the firm handling the sale, confirmed that any new owner would take over existing leases. The building, a fixture of the area since the 1950s, has a portion that is currently 94 percent occupied by clinical clients and office tenants.
The sale isn’t just about the existing tower or the parking area, but what could be added to the parcels of land.
Steve Leathers, Senior Managing Director with Transwestern, believes the site is a crown jewel for the right investor. “To have the opportunity to come in and own a piece of property that could also be redeveloped and repositioned is a very special time,” Leathers said.
According to Leathers, the development potential is significant:
One part of the parcel, Leather said, could support a 99,000-square-foot multi-story building tailored for senior living, residential units, or expanded healthcare.
The other space is for an additional 48,000 square feet to further bolster medical services.
As news of the sale spreads, people in the area are already weighing in on what they want to see rising from the vacant lots. While the Southbank has long been a medical and office hub, the consensus among locals is a desperate need for more places to live.
“Luxury apartments,” suggested Jay White, a local resident. “It’s the main factor of the city, so luxury apartments.”
Broomfield, however, hopes the redevelopment takes a more philanthropic turn, suggesting that the city’s vulnerable populations be considered. “Some housing for the homeless,” she added.
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