Khan: Downtown's Laura Street Trio redevelopment deal 'alive but on life support

[thelakelander]

Too bad....

As the Jacksonville Jaguars unveiled their new brand identity Tuesday afternoon â€" “proud, bold and committed” â€" it was hard not to think of owner Shahid Khan’s attitude toward the city.

full article: http://www.bizjournals.com/jacksonville/blog/2013/02/khan-downtowns-laura-street-trio.html

[simms3]

Khan is a good glimpse into a whole society of hometown investors who shape and define their respective cities.  I've been crying for some time now that a key missing ingredient in Jacksonville is a vested backer.  Khan is definitely one.  Jacksonville needs more freed up private cash allegiant to the city in some way, and it needs more distruptive thinkers who have connections to this cash who can make things happen.  VC for the city, essentially.

One thing that is sad is that the city's banking industry has left.  A lot of good things that have come about in the city came from the principals of the banks that were founded and based in the city.  Now since they have left, most of the companies based in the city are not dependent on the success of the city for their own success.

Too bad that the Trio hasn't panned out yet, or downtown in general.  Fingers crossed that reinforcement from such backers as Khan reassure the right people/backers that downtown has bottomed and can only improve.

[I-10east]

Hopefully the Trio project will stay on course this time.

www.bizjournals.com/jacksonville/blog/2013/03/historic-downtown-trio-back-in-play.html

[urbaknight]

I'd love to see the buildings reused. But I'll believe it when I see it. I'm going to expand on my conservative (no pun intended) prediction and say that none of these high-rise buildings will ever see a civilian walking across their lobbies again until they're empty lots. And unfortunately that's what they will all become.

I really hungry so, I hope I end up eating these words too.

[blizz01]

Shad Khan finances $3M deal to buy Laura Street Trio

http://www.jaxdailyrecord.com/showstory.php?Story_id=539139

[duvaldude08]

Shad Khan finances $3M deal to buy Laura Street Trio
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Khan

04/02/2013
by Mark Basch, Contributing Writer

A development company led by Stephen Atkins, with financing from a company led by Jacksonville Jaguars owner Shad Khan, has bought the old Barnett Bank Building and the three Laura Street Trio buildings in Downtown Jacksonville, according to City records.
Property records filed Tuesday at the Duval County Clerk's office show two affiliated companies bought the four buildings for a total of $3 million.

A company called Barnett Tower LLC acquired the Barnett building from JDI Adams Street LLC of Chicago. Documents list Atkins as the manager of Barnett Tower. The nearby Florida Life Building, Bisbee Building and the Marble Bank Building, collectively known as the Laura Street Trio, were acquired by a company called Laura Trio LLC.

There is no document filed showing Atkins' role with Laura Trio LLC, but the deeds filed for Barnett Tower and Laura Street Trio show that both sales were "part of one transaction."

The $3 million mortgage for the sale was provided by Stache Investments Corp. Corporate records filed with the Florida Department of State show that Khan is the president of Stache Investments.

mbasch@baileypub.com

[JaxJag]

Wow good news cant wait to see what happens now.

[ProjectMaximus]

Wow good news cant wait to see what happens now.

Me too! Cautiously optimistic over the news...I don't think Khan would finance something without good reason.

[ronchamblin]

Looking good.  Now the real money will have to be spent.  It will be interesting to see how money will be made via ownership of these buildings.  I sense that a way will be found.  The time has come. 

[acme54321]

"Stache Investment Corp"

Lol!


Great news though.

[WmNussbaum]

I looked at the recorded mortgage and believes it covers not the Trio but the old Barnett Bank Building. Look it up and read the legal description on the last page - begins at the west line of Laura at its intersection with the south line of Adams.

On the Cler's website, search for just "Stache" and you'll find it. It's slightly mis-indexed as "Stache Iinvestment" - investment with two I's.

[Dapperdan]

3 Million is s steal for that property. I am really surprised it hasn't been snatched up before now for redevelopment.

[downtownjag]

3 Million is s steal for that property. I am really surprised it hasn't been snatched up before now for redevelopment.

IMO, not really.  The property is worthless as it stands and it's the cost to develop the property that's expensive.

[duvaldude08]

Im sure theres more to come with this. I dont think Khan would have agreed to financing without an actual plan in being placed. He just said his self it was on  "life support". So apprantely things worked out... In Khan's famous words "stay tuned." lol

[WmNussbaum]

Correction: On further research, the $3 million was for both the Trio and the Barnett Building.