Poor economy has slowed plans for downtown Jacksonville

[thelakelander]

Talks still active over Laura Street Trio, Barnett Bank site.

By David Bauerlein

Developers planning to renovate the abandoned Laura Street Trio and Barnett Bank building in downtown Jacksonville continue to talk with the city about the project, but the economy has made pulling together financing a tough proposition, officials said.

The development team unveiled its plans in May at a news conference attended by Mayor John Peyton, who spoke favorably of the proposal.

Since then, the concept has won the blessing of the Downtown Development Review Board, which signs off on whether development meshes with the downtown master plan.

But the Jacksonville Economic Development Commission and the developers have not reached any agreement on what financial incentives can be offered by City Hall for the project, JEDC Executive Director Ron Barton said Wednesday.

“There is no doubt that we are in the toughest market in my 30-year career to put this type of deal together,” Barton said.

Steve Atkins, managing principal of Linea LLC of Jacksonville, said he expects the development team will be ready in December to lay out its financing strategy.

Full article: http://jacksonville.com/business/2010-11-03/story/poor-economy-has-slowed-plans-downtown-jacksonville

[fsujax]

Shocker! Who didnt see this being delayed.

[thelakelander]

While a good project, if everything goes right and there are no delays, you're still looking at probably three years before anyone steps foot in a completed project.  Throw in delays, which should be expected due to the economy, and who knows for sure?

[duvaldude08]

This is was almost expeceted. Atleast they are taking their time and doing it right. Look how long 200 Riverside took to finally break ground. As long as it happens, Im good with it. Any project, even if its delayed, it still good considering the economy. After reading the entire article, I am very impressed that the developers are still pushing forward to find private funding and that the city will close the gap with money from the preservation fund.

[jcjohnpaint]

I do agree these things do take time.  With all eyes on the Laura Trio I do believe something will happen there eventually. 

[Non-RedNeck Westsider]

I do agree these things do take time.  With all eyes on the Laura Trio I do believe something will happen there eventually. 

Parking Garage anyone?

[fsujax]

Dont give JEDC ideas!

[Coolyfett]

Man just get it done already!! lol this bad economy business is getting on my nerves.

[duvaldude08]

Man just get it done already!! lol this bad economy business is getting on my nerves.

Well Collyfett it is what it is man. Things just dont happen that fast anymore. We are lucky that anything is happening at all in this economic environment. FYI- I am ready to see this happen though, im not gone lie.

[JeffreyS]

Lake three years does not sound so bad. I think you will see some "organic" growth in proximity to this project once people can see it is on track. The key on this one is to keep moving forward.

[thelakelander]

I believe you can have organic growth now, with or without this project, by better integrating existing downtown businesses with the street.  Look for a front page article on this tomorrow.

[jcjohnpaint]

I am also curious what is meant by the project fitting in the the City of Jacksonville's greater plan? 

[fieldafm]

Nothing suprising at all.
Also, bear in mind, Hotel Duval was about a two year project when the economy was good.  I have always been suprised at when they announced these plans without the financing further along than it was.  The land still hasn't been purchased yet.  But, knowing Capital City... Im extremely confident they know enough about their own internal numbers that this will get done.

What I did find intriguing was:

One change since the concept was first unveiled is the redevelopment would incorporate a 5,000 square foot store for groceries. Atkins said a business, which he declined to identify, approached the developers about leasing space for the bodega-style store.

Just purely speculation, but is this Gallery Restaurant Group? 

I am also curious what is meant by the project fitting in the the City of Jacksonville's greater plan?

Im assuming the adherance within the The Downtown Master Plan, specifically the emphasis on Laura Street becoming the main walkable artery within the core... its available in pdf on the COJ website.

I believe you can have organic growth now, with or without this project, by better integrating existing downtown businesses with the street.  Look for a front page article on this tomorrow.

Interested to see this.  There are quite a few restaurants and service related business self-contained within many downtown office buildings.  Quite a bit of downtown Jax is hidden from the street level.

[Non-RedNeck Westsider]

Interested to see this.  There are quite a few restaurants and service related business self-contained within many downtown office buildings.  Quite a bit of downtown Jax is hidden from the street level.

This is a fairly large problem for the here-and-now - visibily.  Didn't I see another thread that was mentioning a cafe expanding from the interior to the outer units of one of the buildings DT? 

And knowing the way things are shouldn't there be a push from the landlords to entice thier existing tenants to the street level to increase exposure and entice other businesses to move in to the building?   

[fieldafm]

^Drive two hours South to Orlando and the difference in the street level interaction downtown is a night and day difference.

This really isnt rocket science, just turn the inside out.