City set to approve grants for Barnett Bank, Laura Street Trio

[FlaBoy]

As promising as this news is, aren't Jaxons still nursing old saddle sores from all the failed partnerships and broken agreements of the LST 15-20 years? Here's hoping but we've gone through this road before. It's promising that no front-end incentives will be issued and that the parties in questions seem to be in agreement on that.

But until construction cranes are present, Kramer can go f*#@ himself...

The two biggest hurdles this project has faced are:

1) The city and/or DIA not committing to the requested ~$8 million in public incentives for the project.
2) Ongoing legal battles between the Atkins group and Stache.

With the city committing $10 million in incentives, and Shad Khan reportedly in the process of selling the Barnett Building back to Atkins and co, both hurdles have been cleared.

Totally understand the pessimism, but I genuinely believe these next three to six months are going to kickstart some of the most transformational change we've ever seen downtown. There are just too many things all coming together from too many determined people for the city to find a way to bungle it.

Mark my words

Also, I have a short memory and I totally forgot that Michael Richards is a crazy asshole.

So yeah, fuck that guy

Is Khan selling Barnett to the Las Vegas developer?

Also, the article gives a timeline for completion, but what are we looking at for the start of construction?

[Cheshire Cat]

We have heard news like this for years.  Let's hope this time it becomes reality.

Barnett National Bank building could take steps toward actually being redeveloped. The city's Downtown Investment Authority will meet Wednesday to consider resolutions that would give each project $4 million grants once they're done and ready for occupancy.



Plans also call for the city building a parking garage a block away from the project.

The DIA has put earlier applications for incentives off until it was more certain the projects were viable. But according to the DIA's paperwork:

The Barnett National Bank building would require a $34 million renovation and include 50,000 square feet of commercial office space and 100 apartments. Only one commercial tenant is identified: JP Morgan Chase Bank. The apartments would be 513 square feet and up, with rents ranging from $750 to $1,350.

Plans for the Laura Street Trio are basically what they've been for the last several years. The three buildings would become a Courtyard by Marriott hotel, with a small market, a rooftop bar, a small cafe and a small retail space. The Marble Bank building would become The Bullbriar restaurant. The hotel, previously described as having 131 rooms, would require additional construction.

The total price tag for the Trio is $44 million, but the city would rebate 50 percent of the city/county property tax on the new construction for the next 20 years.

The city would either buy or lease the northeast corner of Forsyth and Main streets, where there's now a surface parking lot. There, the city would build a 550-space parking garage. The two developers would lease 250 spaces for $300,000 a year for 20 years. The other 300 spaces would be available to the public.

Click link for full story.

http://jacksonville.com/business/2017-01-31/plans-detailed-redevelopment-barnett-building-and-laura-street-trio

[KenFSU]

...I genuinely believe these next three to six months are going to kickstart some of the most transformational change we've ever seen downtown.

Ever seen?  That's a bold prediction.

Here's hoping you're right.

*In our lifetimes

I genuinely believe it.

I think we'll look back on 2017 as Jacksonville's great leap forward.

If you look at the sheer number of potentially catalytic projects that should conceivably see action this year - not pies-in-the-sky, but projects where we have concrete reasons to believe that they are going to happen - the list is staggering.

- Laura Street Trio
- Barnett Building
- Shipyards/Metro Park Redevelopment
- New Metro Park
- Daily's Place/Flex field completion
- USS Adams moving to the Shipyards
- The District breaking ground
- Regional Transportation Center
- LaVilla's residential resurgence
- The Mayor's office potentially making a big move on Hemming Park
- Coastline Drive project
- Skyway Modernization Program taking shape
- FSCJ Student Housing & Cafe
- Lori Boyer's river initiative
- The Doro District making strides
- Cowford Chophouse
- Residential high-rise adjacent to Aetna
- Broadstone River House
- Berkman II completion
- 200 Riverside
- East San Marco
- Baptist MD Anderson expansion

And on, and on, and on.

Others may disagree, but even during the early 2000s boom, Jacksonville didn't have the palpable sense of momentum that it seems to have now.

We've been burned in the past, but even the most cynical of us should be able to see that there is real reason for optimism in Jacksonville right now.

[KenFSU]

Is Khan selling Barnett to the Las Vegas developer?

http://www.bizjournals.com/jacksonville/news/2017/01/31/city-set-to-approve-grants-for-barnett-bank-laura.html

DIA CEO Aundra Wallace said he's seen a signed purchase agreement between Las Vegas-based The Molasky Group and Shad Khan-backed Stache Investments that would put the Barnett Bank Building in the redevelopment picture.

[KenFSU]

Here's the actual interview from Aundra Wallace.

Really great listen.

http://news.wjct.org/post/1312017-downtown-investment-authority-generation-works-judy-wells

[FlaBoy]

This would be unlike anything else because it truly is the center of the northbank urban core. If this gets off the ground, it will create real momentum. If the District gets going finally and the City makes some real strides with the future of the Shipyards, then wow.

[KenFSU]

This would be unlike anything else because it truly is the center of the northbank urban core. If this gets off the ground, it will create real momentum. If the District gets going finally and the City makes some real strides with the future of the Shipyards, then wow.

Couple of notes from that interview with Aundra:

1) The District is moving forward quickly on their next step, a redevelopment agreement with the DIA
2) Vestcor's second affordable housing development in LaVilla is on the books
3) Sounds like it's a matter of when, not if, the Times-Union sells their property for redevelopment
4) There's a lot of optimism that the removal of that Coastline parking lot is going to be big for downtown, and that the value of the Old Courthouse property is going to skyrocket; demo'ing the Courthouse will be discussed after the city sees what types of proposals come in for the Shipyards/Met Park property
5) The sale of the Barnett building to the Atkins group should close within two weeks.

[Captain Zissou]

- Laura Street Trio
- Barnett Building
- Shipyards/Metro Park Redevelopment
- New Metro Park
- Daily's Place/Flex field completion
- USS Adams moving to the Shipyards
- The District breaking ground
- Regional Transportation Center
- LaVilla's residential resurgence
- The Mayor's office potentially making a big move on Hemming Park
- Coastline Drive project
- Skyway Modernization Program taking shape
- FSCJ Student Housing & Cafe
- Lori Boyer's river initiative
- The Doro District making strides
- Cowford Chophouse
- Residential high-rise adjacent to Aetna
- Broadstone River House
- Berkman II completion
- 200 Riverside
- East San Marco
- Baptist MD Anderson expansion

Granted, even without the projects I excluded this is a big list, but no bigger than 2007-08 with Strand, Peninsula, San Marco Place, 1661 Riverside, FNF, Riverside Partners building, Courthouse, etc... 

[FlaBoy]

- Laura Street Trio
- Barnett Building
- Shipyards/Metro Park Redevelopment
- New Metro Park
- Daily's Place/Flex field completion
- USS Adams moving to the Shipyards
- The District breaking ground
- Regional Transportation Center
- LaVilla's residential resurgence
- The Mayor's office potentially making a big move on Hemming Park
- Coastline Drive project
- Skyway Modernization Program taking shape
- FSCJ Student Housing & Cafe
- Lori Boyer's river initiative
- The Doro District making strides
- Cowford Chophouse
- Residential high-rise adjacent to Aetna
- Broadstone River House
- Berkman II completion
- 200 Riverside
- East San Marco
- Baptist MD Anderson expansion

Granted, even without the projects I excluded this is a big list, but no bigger than 2007-08 with Strand, Peninsula, San Marco Place, 1661 Riverside, FNF, Riverside Partners building, Courthouse, etc...

Agreed. During 2005-2008, Jax went head to head with any town in development and maybe saw more large scale development than places like Tampa or Orlando. Maybe this is our time again after struggling to come back...and hopefully a massive recession is not on the way this time around to kill it.

[Westside Guy]

I have a really good feeling about this one folks. I don't think this will be like times in the past where nothing happened.

Can't tell if you're joking....

With a 30 month construction timeline, the odds of this getting derailed are very high.

My reason from optimism is that the city is finally getting on board. Now they final are and are moving towards providing grants for both projects, which hasn't happened before.  Furthermore, Shad Khan now owns the Barnett Bank building, and he didn't by it to sit on it.

[FlaBoy]

This would be unlike anything else because it truly is the center of the northbank urban core. If this gets off the ground, it will create real momentum. If the District gets going finally and the City makes some real strides with the future of the Shipyards, then wow.

Couple of notes from that interview with Aundra:

1) The District is moving forward quickly on their next step, a redevelopment agreement with the DIA
2) Vestcor's second affordable housing development in LaVilla is on the books
3) Sounds like it's a matter of when, not if, the Times-Union sells their property for redevelopment
4) There's a lot of optimism that the removal of that Coastline parking lot is going to be big for downtown, and that the value of the Old Courthouse property is going to skyrocket; demo'ing the Courthouse will be discussed after the city sees what types of proposals come in for the Shipyards/Met Park property
5) The sale of the Barnett building to the Atkins group should close within two weeks.

I have often thought that since the announcement of the removal of the parking deck, maybe it is wiser to demo the old Courthouse and open the river to Bay St. and the Elbow businesses with a park and marina, especially if they do want to redevelop the shipyards. It is the only building in all of downtown that would make sense to be demo'd and improve the look of things almost immediately. Presently it is just a big concrete wall filled with asbestos between the river and Bay St.

[KenFSU]

- Laura Street Trio
- Barnett Building
- Shipyards/Metro Park Redevelopment
- New Metro Park
- Daily's Place/Flex field completion
- USS Adams moving to the Shipyards
- The District breaking ground
- Regional Transportation Center
- LaVilla's residential resurgence
- The Mayor's office potentially making a big move on Hemming Park
- Coastline Drive project
- Skyway Modernization Program taking shape
- FSCJ Student Housing & Cafe
- Lori Boyer's river initiative
- The Doro District making strides
- Cowford Chophouse
- Residential high-rise adjacent to Aetna
- Broadstone River House
- Berkman II completion
- 200 Riverside
- East San Marco
- Baptist MD Anderson expansion

Granted, even without the projects I excluded this is a big list, but no bigger than 2007-08 with Strand, Peninsula, San Marco Place, 1661 Riverside, FNF, Riverside Partners building, Courthouse, etc... 

To be clear, I wasn't suggesting that shovels were going to be turning dirt on all of the above projects, but that significant progress toward that end was going to take place.

[Tacachale]

Our last real boom in Downtown and the urban core more broadly was in the early 2000s. We currently have a lot of proposals and speculation but the same was true of the year or so before the Great Recession, and we can see what happened then. Proposals and speculation can create good energy, but it would be a mistake to treat them as if the corner has finally turned.

It is a positive sign for the development if DIA is commenting on committing money to the Trio (though, that's a *lot* of money for the price of the project). But, we've heard a lot of news about this project over the years and it's still in the same state. I'm not getting my hopes up.

[vicupstate]

Our last real boom in Downtown and the urban core more broadly was in the early 2000s. We currently have a lot of proposals and speculation but the same was true of the year or so before the Great Recession, and we can see what happened then. Proposals and speculation can create good energy, but it would be a mistake to treat them as if the corner has finally turned.

It is a positive sign for the development if DIA is commenting on committing money to the Trio (though, that's a *lot* of money for the price of the project). But, we've heard a lot of news about this project over the years and it's still in the same state. I'm not getting my hopes up.

+ 1

There's a lot of optimism that the removal of that Coastline parking lot is going to be big for downtown, and that the value of the Old Courthouse property is going to skyrocket; demo'ing the Courthouse will be discussed after the city sees what types of proposals come in for the Shipyards/Met Park property.

How will the courthouse property go UP in value when it is already on the river and will lose parking?

[KenFSU]

But, we've heard a lot of news about this project over the years and it's still in the same state. I'm not getting my hopes up.

There's a key difference here though. In the past, we've heard a lot of news, but it's all been out of the Atkins camp. If nothing else, the man has done a great job keeping this project in the public spotlight. But this time, we're hearing news and buy-in from the city and DIA themselves.

Here's why I think it's the real deal this time:

1) Curry is behind the project. Big time, from the sounds of it. Wallace said that it wouldn't have been possible without the Curry administration. We've been hearing for months now that, with the pension tax passed, Curry wants his lasting legacy to come from transforming downtown Jacksonville. He promised big announcements in terms of public-private partnership beginning early in January, and this appears to be the first of such announcements. He also guaranteed that where others were all talk and no action in the past, he was going to get things done. Whether you like him or hate him, he has a way of getting shit done, and if he's all in on the Trio, then that's a hugely positive sign.

2) The incentives are right, and a win-win for the city and Atkins. Atkins gets more money than he originally asked for, but the city doesn't have to pay out until the project is complete.

3) Shad Khan has stated repeatedly that he wasn't going to sell the Barnett unless it was the right thing to do for downtown Jacksonville. Considering how contentious his relationship has been with Atkins in the past, I don't think he sells Barnett back to him - at what I'm assuming is a fair price - without assurances that the project is going to move forward.

4) The city is serious about building an $11 million parking garage for the project, and has already drafted terms of use with the Atkins group ($300k a year for 20 years for 250 private spots, with an additional 300 spots being open to the public).

If terms get greenlit tomorrow, I think it's off to the races.