With rising construction costs and supply chain issues running rampant, developers are running into unprecedented challenges starting up new projects. Additionally, permits are taking longer to approve, leading to a backlog of projects that have already been planned.

Although inflation and the challenge of retaining skilled workers have led to increased uncertainty in the world of construction, Chase Properties, a commercial real estate development and brokerage firm in Jacksonville, Florida, has weathered storms like this before and is moving forward with business — mostly — as usual.

“With all of the ups and downs we’ve seen in the real estate industry in our 30 years, we’ve been fortunate to adapt to the challenges,” Chase Properties President and CEO Michael Balanky said. “Even with a pandemic slowing certain aspects of real estate development, we’re still pounding the pavement with new projects.”

Balanky will speak on a construction and development panel with other developers, investors and brokers at Bisnow’s Jacksonville State of the Market on March 15.

Bisnow spoke with Balanky about the challenges facing construction and development in Jacksonville and his suggestions for navigating these obstacles.

Bisnow: What inspired you to speak at Bisnow’s Jacksonville State of the Market event?

Balanky: I find the Bisnow events to be entertaining and informative. This is my third year speaking at the event.

We’re celebrating our 30th anniversary at Chase Properties and I believe the key to our longevity is keeping our ears to the ground to track the different political and economic trends in Jacksonville. As someone who grew up in Jacksonville, I’m always curious to see what’s happening in the city and who’ll play a role in its advancement.

Bisnow: What topics will you speak about at the event? 

Balanky: I want to speak about the surplus property issues in downtown Jacksonville. There are a lot of vacant lots, and I have put together some solutions to help relieve urban decay and create more opportunities for development and growth in the community.

Bisnow: Can you describe your role at Chase Properties and what projects you’re working on? 

Balanky: I founded Chase Properties in 1993. We’re working on numerous projects, such as a 4-acre urban infill development for 80 townhomes. Also, we are in the process of procuring entitlements for a 256-unit, mixed-use, multifamily project in St. Johns County. We’re finishing up a five-year development called Parkland Preserve, which is an active adult community in St. Augustine.

We’re in the beginning stages of a 27-acre redevelopment in Jacksonville that’s been subject to urban decay. It was once the site of a Home Depot project that was abandoned. However, we took it over and we want to bring the building to fruition to help lower crime in the area and provide opportunities across I-10 at Lane Avenue.

Bisnow: What do you think are the most pressing construction and development challenges in Jacksonville? 

Balanky: One of the challenges is getting permits for buildings. Different departments are overwhelmed with the city’s growth and there’s a backlog of things to get done. To bring these projects to fruition, we need more skilled workers who can help see these developments through. It’s not as much a money issue as it is finding the right people to do the work. I’m confident that, in time, we’ll increase our skilled labor force.

Bisnow: What are you most excited about experiencing at the Jacksonville event? 

Balanky: I’m one of the founders of the Urban Land Institute chapter in Jacksonville, and we’re big believers in encouraging more sustainable developments. I’m curious to see what some of my ULI partners are doing with their current projects. It’s fun to catch up with people I’ve known in the industry for years and to network and have discussions about what everyone’s working on.

Also, it’s easier to cut through the red tape and get things done by actually speaking to the Department of Public Works or the Downtown Investment Authority in person, rather than trying to get on their calendar. These are excellent events to help out some of your colleagues or even create a joint venture where both sides can benefit.

Bisnow: What is Chase’s development philosophy?

Balanky: We’re big on striving to make the community better. While the money is great, it's more important for Chase to develop projects that will create a positive and lasting impact on the city after completing it. My family has been in Jacksonville for over 100 years and we want family and community members proud of the things we’re doing in the city.

We believe in treating our neighbors how we want to be treated when it comes to developing places that matter to the community. Essentially, this will create a strong ecosystem and legacy for years to come.

To hear more of Balanky’s take on Jacksonville's CRE market and more, register here for the March 15 event.

This article was produced in collaboration between Chase Properties and Studio B. Bisnow news staff was not involved in the production of this content.

Studio B is Bisnow’s in-house content and design studio. To learn more about how Studio B can help your team, reach out to studio@bisnow.com.