Abandoned Jacksonville: The Laura Street Trio

[thelakelander]

yeah, $5 Million doesn't sound like much... but Jacksonville really doesn't need any more unfilled/unsellable condos on the market right now

IMO, the city's focus should be more on shoring up the deteriorating condition of these structures.  Even if the upper floors of the Florida Life and Bisbee are raw shells until economic conditions improve, I don't think we under estimate the impact on downtown of having them preserved and some life in them at street level.

[Bridges]

Whoever remodels this place, please keep the original bank vault intact. Anyone whose been to Starbucks on King Street in Charleston knows how great that finish can look.

The Sheraton in downtown Columbia does a great job of utilizing the Vault.  They have the Vault Martini Bar.  Not open all the time, but it is a great reuse of an existing building:

http://deals.pricegrabber.com/deals/nestles-within-the-bank-original-safe-this-183673/


That building also has a cool little rooftop bar, open to the public.  I've always thought Jacksonville lacked a nice public rooftop bar.  The city shows so much potential from up high. 

[Kay]

My understanding is that the Historic Trust Funds are on hold waiting for the Laura Street Trio project.  Federal tax credits are available if you complete a restoration properly.  I don't think the City has anything to do with those, except the historic planning division would monitor and report to the feds on it.  They also could get a 10-year property tax exemption on the increased value from the restoration. 

[Tacachale]

yeah, $5 Million doesn't sound like much... but Jacksonville really doesn't need any more unfilled/unsellable condos on the market right now

IMO, the city's focus should be more on shoring up the deteriorating condition of these structures.  Even if the upper floors of the Florida Life and Bisbee are raw shells until economic conditions improve, I don't think we under estimate the impact on downtown of having them preserved and some life in them at street level.

Absolutely. That's why I don't see any downside to the Atkins deal. They only get the tax credit upon completing phase I, the stabilizing and preservation phase. The worst case scenario is that nothing happens at all, which is what would happen anyway. But the best case scenario is that they rescue the buildings, and then move on to a working project.

My understanding is that the Historic Trust Funds are on hold waiting for the Laura Street Trio project.  Federal tax credits are available if you complete a restoration properly.  I don't think the City has anything to do with those, except the historic planning division would monitor and report to the feds on it.  They also could get a 10-year property tax exemption on the increased value from the restoration. 

The article said at least part of the incentive package required JEDC approval, and that nothing had been presented yet. Do you know the story on that?

[Tacachale]

Interesting that these buildings are now commonly referred to as a "trio."  They were built over a period of years by different builders and for different owners.  I would suppose they qualify as a trio because everything around them has either been demolished or replaced with parking garages.  I'm not so sure it's wise to put all three eggs (plus the Barnett Building) into one basket.  Jacksonville has seen that approach fail in the past decade.  Since they really are three discrete buildings, and since there is more risk involved with a mega-project, wouldn't it be smarter to go with an incremental approach, nibbling away with the easiest project first?

The Trio buildings have been grouped together by every buyer since at least 1999, probably earlier. Additionally, being close together and in such a unique configuration makes them a good fit for a more holistic development. I doubt that any of the buildings would have benefited from an incremental approach. What's more likely is that the Marble Bank would sell, being in better condition, the Bisbee and Florida Life buildings would not and be left to deteriorate even further, and then it would be even more difficult to do anything with the bank, let alone the other individual buildings.

I don't think Jacksonville's problem has been in putting too many eggs in one basket; on the contrary some of our biggest failures have been not thinking things through holistically enough.

[fieldafm]

The article said at least part of the incentive package required JEDC approval, and that nothing had been presented yet. Do you know the story on that

The developer needs to get financing lined up and at least sign a new purchase option(the one they had expired a long time ago)... neither of which has happened.

In fairness, the city is not holding up the process.

I still don't see why the Barnett Building isn't pursued by itself.  I mean, I do see it(read: parking garage), but I still don't see why they don't get creative with shared parking arrangements and just do the one bldg as a hotel/apartment/mixed use rehab.

The plans did originally call for a rooftop bar on the Barnett Building... Hotel Duval in Tally has a REALLY cool rooftop bar on it now.

[thelakelander]

^If they are split, the Barnett as a separate project makes the most sense.  If the Trio gets split, the only thing that would have a chance at not being torn down would be the Marble Bank.

[avonjax]

I think if this project can happen it will be the catalyst to bringing real life to downtown. It's a perfect location. Even if the housing piece has to wait, it would bring more people living in the core. I hope the additional housing unit and parking garage get built eliminating two empty lots and that some retail/restaurants sign on.

[Tacachale]

The article said at least part of the incentive package required JEDC approval, and that nothing had been presented yet. Do you know the story on that

The developer needs to get financing lined up and at least sign a new purchase option(the one they had expired a long time ago)... neither of which has happened.

In fairness, the city is not holding up the process.

I still don't see why the Barnett Building isn't pursued by itself.  I mean, I do see it(read: parking garage), but I still don't see why they don't get creative with shared parking arrangements and just do the one bldg as a hotel/apartment/mixed use rehab.

The plans did originally call for a rooftop bar on the Barnett Building... Hotel Duval in Tally has a REALLY cool rooftop bar on it now.

Interesting, thank you. I've been trying not to get my hopes up about the Trio, but these buildings are so key.

I don't understand why Barnett remains lumped in with the Trio now either. If the developer wanted a garage, couldn't they just buy that parcel next to the Bisbee Building and build it anyway? Then later on that developer or another one could deal with the Trio (I remain convinced that they need to be all-or-nothing).

And this developer or another one, the city would do well to find someone who can at least stabilize the Trio buildings.

[Kay]

The article said at least part of the incentive package required JEDC approval, and that nothing had been presented yet. Do you know the story on that

The developer needs to get financing lined up and at least sign a new purchase option(the one they had expired a long time ago)... neither of which has happened.

In fairness, the city is not holding up the process.

I still don't see why the Barnett Building isn't pursued by itself.  I mean, I do see it(read: parking garage), but I still don't see why they don't get creative with shared parking arrangements and just do the one bldg as a hotel/apartment/mixed use rehab.

The plans did originally call for a rooftop bar on the Barnett Building... Hotel Duval in Tally has a REALLY cool rooftop bar on it now.

What I've been told is that the Trio property provides parking for the Barnett building and that's why they stay tied.

And I've also been told the JEDC is not the hold up on the deal.  The hold up is the developer getting financing.

[acme54321]

I thought this guy found financing for the project?

[jcjohnpaint]

Once the structure is gone- it is gone!  Forever.  Aside from market conditions there is a value here for preserving the structure/ at much cost.  This project in no way resembles (not having the demand) for another condo development in the southside/ We are still building these at an alarming rate (at all costs).  We need to do what what is right for the heritage of Jacksonville.  Conservative, Cheap, and Shortsightedness is one thing/ Conservative, Creative, and Innovative is another.  We can be a conservative city, but it does not mean we have to be a stupid city. 

[Kay]

^If they are split, the Barnett as a separate project makes the most sense.  If the Trio gets split, the only thing that would have a chance at not being torn down would be the Marble Bank.

Why do you say that?  All three buidlings are landmarked.

[Timkin]

I think the best plan is to Mothball the larger two buildings , and renovate and bring to life in stages, beginning with the smallest of the three, the Bank Building.

These structures appear to have new roofing systems on them. If so, that is a major plus.

There is a way to do this but as Lakelander stated,  condos may not be the best choice at this stage in the game.. not when we have a horrible real estate market and condo prices at nearly give-away right now.

Like all of our remaining landmarks,  it is merely my opinion that none of these places should be razed.    Instead of putting up another parking garage or new building, we should be utilizing these pieces.

[thelakelander]

^If they are split, the Barnett as a separate project makes the most sense.  If the Trio gets split, the only thing that would have a chance at not being torn down would be the Marble Bank.

Why do you say that?  All three buidlings are landmarked.

Because without significant public money, the narrow footprints and costs associated with bringing them back to code make them pretty unfeasible for the private sector pull off 100% alone.