Jacksonville developer under contract to acquire historic Downtown building

[thelakelander]

Good news and bad news. First the good:

1. JBJ has an exclusive story about Mike Langton's plans to rehabilitate a historic building near the Florida Theatre that would add a 5,000 sf street level restaurant and an arts organization on the second floor.

Mike Langton, managing partner of L.B. Jax Development LLC, said Monday that he has entered an agreement to purchase the 11,000-square-foot building adjacent to the Florida Theatre for $450,000. He expects the transaction to close Sept. 15.

Now the bad:

2. He wants public money and part of those funds would be from the $9 million council wants to take away. If the $9 million goes, he says he's taking his investment money to cities serious about investing in their downtowns like Sarasota, Gainesville and Delray Beach.

"If the City Council doesn't support the mayor and sends the message to developers that 'We're not willing to partner with you,' then I'm taking my investment dollars and spending them in Gainesville, Sarasota and Delray Beach," Langton said. "I'll go forward with this building, but I won't do anymore."

full article: http://www.bizjournals.com/jacksonville/news/2013/08/12/jacksonville-developer-under-contract.html


Low blow, but that is the reality of Jacksonville's situation.  People don't have to invest in our downtown, when you can risk less and find more support in other communities.

[Tacachale]

Point taken, but "supporting the mayor" and handing out a limited, non-recurring budget is not equivalent to investing in downtown.

[Noone]

Nice building. This has to be all positive.

Mike Langton allowed me to speak before he closed out the Public comment period. I shared with everyone the Jim Love, Kevin Kuzel, 26' Berkman Floating dock compromise (ShipyardsIII) misrepresented by OGC to the Jacksonville Waterways Commission during the 2013 FIND grant application process.  Mike Field back me up on this one you were sitting right behind me and shared this with you after the meeting. Scott Wilson, Don Redman, Jacksonville Waterways Commission meeting just one day out. Has anyone seen an agenda? I haven't The Public Trust just totally crushed in Jacksonville.

Aundra Wallace just 6 days out. The man will lead the ribbon cutting ceremony.

A new Authority
Embrace It
Or
It will Embrace Us

[fsujax]

good luck to him.

[mbwright]

good luck.  Can I get some money to fix up my house?  It would create some jobs, or at least keep some employed for a time....

[thelakelander]

LOL! Keep it up.  We got a $350 million courthouse funded that way!

[Debbie Thompson]

good luck.  Can I get some money to fix up my house?  It would create some jobs, or at least keep some employed for a time....

On one level, I agree.  On another, we have been incenting developers and companies to move downtown for some time, and the amount he has requested is very modest.  So why not?

[Ming The Merciless]

We can laugh all we want about "government giveaways" but Langton is right: there's a pot of money that is going to be given to someone to develop something, somewhere and if the City (and her citizens) aren't willing to spend that money downtown, why would you invest here?  The $9MM is under threat because of the massive giveaway to developers; if you keep that in mind, Langton's point is that the City is choosing suburban sprawl development over redevelopment and urban infill.

I don't blame him one bit.

[Intuition Ale Works]

I see the biggest issue for any developer is how to justify the costs associated with more stringent life safety and energy codes.

It will more than likely be cheaper to demo and build new than renovate.

[thelakelander]

It's cheaper and less riskier to take your money elsewhere. That's our harsh reality. Sometimes I think we forget this when dreaming about a vibrant downtown Jax returning. This isn't 1820. People can (and do) invest anywhere and when you're putting your own cash on the table, you're less apt to risk it on charity cases and feel good stories.   So I can see where Langton is coming from.  If the city isn't ready to seriously invest in its own downtown, why should the private sector?

[mbwright]

There needs to be a level playing field, and it seems like developers will lean towards who gives the most.  There needs to be accountability, and a long term plan that is followed through, by both the city, and the developers.  Jax has gotten burned too many times.  I too, would rather see redevelopment and infill.

[vicupstate]

Don't forget that Langton has already 'pioneered' once in DT Jax, with the Knight building.  That was just about the very first residential project in DT Jax in modern times.

He also wanted to do the Laura Trio years ago, and the city went with someone else, that obviously didn't follow through.