Laveranues Coles buys Downtown building

[thelakelander]

By Karen Brune Mathis, Managing Editor

Former NFL wide receiver Laveranues Coles Jr., a Jacksonville native and veteran player for Ribault High School and Florida State University, appears to be making a property play Downtown.
Could he be planning a bar, restaurant or housing – or a combination? Those uses are allowed for the almost 110-year-old building he bought at 323-325 E. Bay St., which is across from the old Duval County Courthouse.

Coles acknowledges the purchase but hasn't been available yet to discuss more details.

full article: http://www.jaxdailyrecord.com/showstory.php?Story_id=540914

[fsujax]

Good. Great to see a local, FSU guy doing something to help Downtown. If only more with the ability would step up.

[Dapperdan]

Lost of potential for this building. I am interested, if you were a developer, what would you do with this building? It sounds like essentially there are three levels including the basement.

[JeffreyS]

Worked in that building for a few years great space with a big storage basement.

[CityLife]

$750k is around what it costs for a 50' by 100' lot a few blocks from the beach in Atlantic Beach these days...pretty crazy that for the same amount of money you can get a building like that in a prime location Downtown.

[mtraininjax]

Bay street? How many concussions did he suffer while playing?

[Tacachale]

I love that building. So much potential.

[DDC]

Bay street? How many concussions did he suffer while playing?

What is wrong with Bay Street?

[RockStar]

Good. Great to see a local, FSU guy doing something to help Downtown. If only more with the ability would step up.

Class of '96 here.

>>---------->
fear the spear.

[simms3]

Awesome news!  Now all he needs is an experienced development/operating partner   But it sounds like it will be Jonathan Insetta (can't go wrong there)

<$50/sf!!!  air-conditioned basement space, 1982 renovation, hardwood floors, original brick, only vacant for 5-6 years...past purchase was $1M, $332K assessment based on higher past purchase.

Man, I'm seriously jealous of anyone who has cash to throw at these kinds of things.  Jonathan Insetta loan for a whopping 85% LTC...I'm sure with strings attached, but that only means you already have a proven successful tenant lined up and no lender approval hurdles since the lender is your tenant, heh!

So jeals.

[Coolyfett]

Sounds like Good News!!! Always liked Coles, I wonder what Jaber Gaffney is up to these days, I can remember when those guys were in the Super 11 for FTU. There was a cornerback too who played for the Eagles not sure if he was a Nole or Gator, his name escapes me right now. Whatever Coles does its great to see him investing in Home.

[Rynjny]

Sounds like Good News!!! Always liked Coles, I wonder what Jaber Gaffney is up to these days, I can remember when those guys were in the Super 11 for FTU. There was a cornerback too who played for the Eagles not sure if he was a Nole or Gator, his name escapes me right now. Whatever Coles does its great to see him investing in Home.

Lito Sheppard?

[mtraininjax]

What is wrong with Bay Street?

There is nothing wrong with Bay Street, but in that block across from the old courthouse, it is sort of empty. If you are going to invest that chunk of change, why not invest it in a part of downtown where there is walking traffic? The courthouse is closed, so no traffic there. Just thinking there are more robust parts of downtown to invest in and capture more walk-around dollars.

[ben says]

Like a lot of good real estate deals, it involves speculation. Tons of naysayers when a guy speculates like that, but for the sake of downtown, let's hope he gets the last laugh.

The courthouse area won't be dead forever!

[mtraininjax]

Tons of naysayers when a guy speculates like that, but for the sake of downtown, let's hope he gets the last laugh.

True, and maybe he knows something we don't about this space and those around him. Wish him the best.