Cameron Kuhn's properties found no buyers at auction.

[JeffreyS]

Developer's downtown projects belong to lender now
http://www.jacksonville.com/tu-online/stories/080808/bus_315543464.shtml

Cameron Kuhn's properties found no buyers at auction.


By David Bauerlein, The Times-Union

JDI Realty of Chicago lent tens of millions of dollars for developer Cameron Kuhn's headfirst dive into redevelopment of abandoned buildings in downtown Jacksonville. 

Now, JDI Realty owns those landmarks after no one bought them Wednesday at a foreclosure auction.

The auction came after JDI foreclosed on Kuhn's ownership of the old Barnett Bank building at 112 W. Adams St. and a group of buildings known as the Laura Street Trio. The trio - the Bisbee, former Florida Life and former Marble Bank buildings - are on Laura Street between Adams and Forsyth streets.

Court judgments in the foreclosure cases determined Kuhn's companies owed JDI $9.5 million for the former bank building and $7.2 million for Laura Street Trio when unpaid loans, interest and fees were tallied.

Kuhn bought the Laura Street buildings for $6.4 million in 2007 from the Jacksonville Police and Fire Pension Fund.

John Keane, executive director of the fund, said Thursday the organization isn't interested in buying back the property. He said the downtown market is bleak.

"I think housing has come to a screeching halt," he said. "For offices, there's some space in the downtown area, so there's not much motivation to build a new building."

JDI Realty did not return phone calls or respond to e-mails about its future in Jacksonville.

Later this month, another foreclosed Kuhn building will be up for bid in an auction of the SunTrust Tower, located across the street from The Jacksonville Landing. Kuhn bought the downtown tower in 2005 and turned it into office condominiums, selling about half of them.

JDI filed a foreclosure lawsuit and won a $17.3 million judgment for unpaid loans on that venture. The auction is scheduled for Aug. 25.

david.bauerlein@jacksonville.com, (904) 359-4581

Sad day Cameron was a great developer if not business man.