Laura Street Trio developer says pieces are in place — except for city funding

[MusicMan]

What precinct do the Brooklyn residents vote in?

[Jax-Nole]

I am going to assume that this is probably the death of this redevelopment attempt for the Trio, but supposedly we will get an update tomorrow morning.

A circuit court judge has ruled in favor of Jacksonville Jaguars owner Shad Khan's Stache Investments in the lengthy foreclosure lawsuit with developer Steve Atkins over the Barnett Bank Building.
In a final judgment of foreclosure filed Thursday, Circuit Judge James Daniel set the amount Atkins owed Stache Investment at $4.6 million.

The amount consists of the $3 million loan Stache provided Atkins to purchase the building and $1.2 million in interest as of Thursday, along with other various fees and taxes. It will continue to bear interest until paid.

A second loan 0f $165,764 to Atkins from Stache Investments was not addressed in the judge's order.

Daniel ordered if the judgment isn't paid, the building will be sold at a public auction Sept. 14 to the highest bidder for cash or as electronic sales via city website allows.

Proceeds would first go to Stache Investments.

Khan's company loaned Atkins and his Barnett Tower LLC $3 million in 2013 to purchase the building at 112 W. Adams St. Atkins had planned to convert the vacant 18-story Downtown tower into a mix of residences, businesses and a ground floor bank.

Stache Investments sought foreclosure on the building last June claiming no payments had been ever made on the loan.

Atkins said it was not a typical loan and his company wasn't supposed to repay the money. Instead, he said, the two parties had an arrangement that third-party funding would help Stache Investments recover its money.

Gunster attorney Bill Adams, who represented Stache Investments in the matter, said he could not comment Thursday afternoon.

Jim Woodcock, a spokesman for Stache Investments, did not immediately return a phone call or email late Thursday afternoon.

Atkins said he will release "a very factual" statement Friday morning detailing "where we have been and where we are going."

A non-jury trial to settle the matter had been postponed several times and was most recently scheduled to take place Sept. 5.

http://www.jaxdailyrecord.com/showstory.php?Story_id=548036

[whyisjohngalt]

Did he ever make a single payment on this mortgage?

[BoldCityRealist]

*fart noise*

[KenFSU]

Per the T-U, Southeast has consented with the foreclosure.

The Barnett will return to auction.