Evaluating the remains of Sebastian Inland Harbor

A North Florida technical assistance panel will submit a comprehensive report and recommendation for the failed Sebastian Inland Harbor project located along the San Sebastian River in the City of St Augustine; according to information received by Historic City News last week.

The report, which may be available within the next 30-days, is being compiled by the Urban Land Institute North Florida, at the request of the property’s current owner, Wells Fargo, NA.

“Wells Fargo took this land through foreclosure, so this is them getting their arms around what they have,” Coen Purvis, a senior vice president with NAI Hallmark Partners Inc., told reporters following a two-day evaluation held July 9 and 10 in Jacksonville.

Although none of the participants in the Institute have roles in its development, they each possess expertise that qualifies them to weigh the strengths and weaknesses of the property — it’s an unbiased body. Purvis served as chairman for the Urban Land Institute session, whose participants included Steve Atkins, Southeast Holdings; Russ Ervin, Ervin Lovett and Miller; attorney Doris Goldstein; Steve Lindorff, City of Jacksonville Beach; Hank Staley, PKF Consulting; and Teofilo Victoria, University of Miami.

The more than 13-acre site was originally slated for high end condominiums and a Westin hotel on the water when it was proposed in 2006 by Jacksonville Beach developer Wally Devlin and The Devlin Group Inc. In an effort to attract investors to the project, several floating marina slips were added in 2007. Sebastian Inland Harbor never saw any vertical construction. Wells Fargo, NA, owns 10.6 acres of the site, including 4.1 submerged acres, according to published reports.

“It’s a different market today; and, the plan of a grand hotel, condo, and spa, as originally conceived, just doesn’t make a lot of sense in today’s environment,” Purvis said. The goal of the two-day brainstorming session is to determine the use of the property that will produce the highest current value for its owner.

“Clearly, everybody wants to see something happen with the Sebastian Inland Harbor property,” Purvis told reporters. “You could tell there’s a lot of love for the community, and St Augustine is a unique place, and it’s a special place, and you can tell all the stakeholders share in that feeling.”