Amid a burgeoning grocery business following the Great Fire of 1901, C.B. Gay built Union Terminal Warehouse, which sat along railroad tracks that led to the largest rail yard in the state at the time — Union Station — and served as a dry goods distribution center with barge service from Hogans Creek.
More than a century later, Columbia Ventures, an Atlanta-based developer with a track record in historic, adaptive reuse, purchased the building in 2018. Then, it was a 97% occupied, industrial building mostly home to storage, but it also hosted a range of tenants like a signage company and a guitar maker.
Now, seven years and $73 million later, the 330,000-square-foot warehouse is home to 228 apartment units, 43 small offices of about 100-500 square feet, a restaurant space, a basement with 11 flex spaces and Vantage Point Coffee, which will build-out the existing shell space soon. The first resident will move in on Feb. 1, and a ribbon cutting ceremony will be held March 6.
“This building existed long before we showed up, and we’re not coming in and tacking on new, we’ve patched and weaved with what’s going on here while investing $73 million to bring this building up to code,” partner Ryan Akin said.
The two-football-fields-long hallways are air conditioned for the first time in the building’s history. The historic windows, with help from the National Park Service, have been fully customized. The old elevator shafts have been kept and restored, serving as entry ways into the leasing office and hallways of offices called Workhouse.
Elevator grates from its industrial days hang from the ceilings. A wooden display case will hold the centuries old artifacts found during site work like ginger beer bottles from 1913 and ceramic license plates.
Leasing is ongoing, and although December and January are slow leasing months, Akin said, there have been three tours Tuesday and another three Thursday. Pegasus Residential will serve as property management for both the residential and office space.
About 70% of the apartments are studio or one bedroom, but there are also two- and three-bedroom units. Rents start at $1,314 for studio units up to about $3,000 for three-bedroom units.
Of the 228 apartments, there are 34 floorplans, Akin said, but it might be closer to 228 as each unit comes with its own character — some have stamps on the walls or columns from the warehouse’s industrial days. The floorplans bear names that pay homage to the companies that once used the warehouse like Maxwell, Libby and Edison. Throughout the halls, historic fire and barn doors are displayed.
“You can’t walk into two units and say they’re exactly the same,” he said.
The Emerald Trail, a city project that will connect the downtown neighborhoods, or stitch together the city as Akin said, will run through Union Terminal Warehouse.
The developers kept the iconic water tower as it tried to keep as many architectural components as possible. Some things had to be removed because of floor plans or code compliance, but to remember those lost pieces, local photographers in a public photo contest took photos and signed over rights to Union Terminal Warehouse for those lost pieces to be displayed throughout the building.
That red water tower marked with the letters UTW sit on the roof, which has been transformed into a common space for residents, Workhouse tenants and events. From the roof, people get a 360-degree-view of the city from the Central Business District office towers to the Jacksonville Jaguars stadium.
Due to the property’s historic designation, UTW was eligible for federal historic tax credits as well as local tax exemption for 10 years. The Downtown Investment Authority approved $8.3 million in incentives from the Downtown Preservation and Revitalization Program in 2021. It also is in a federally designated Opportunity Zone.
Columbia Ventures has restored the 1913 building and brought it into 2025 living, Akin said.
What else does Columbia Ventures have in store?
The developer purchased the concrete plant behind to UTW on April 10 through Eastside Jax Property Owner LLC for $4 million. The current tenant will continue leasing the property at least through October and likely after that, Akin said. Eventually, the plan is to develop multifamily on the site.
Columbia Ventures will be constructing a pool and pickleball courts for Union Terminal Warehouse next year as a second phase of development, and Daev Momo will soon paint a mural on the Union Street wall. The design was chosen via an Instagram Story poll this month.
By Emma Behrmann, Reporter
Jacksonville Business Journal