A look inside the Laura Street Trio

[MusicMan]

Who owns it today?

From MJ Dec 22 2014:

"Schwartz, who also owns 29 South Restaurant in historic Fernandina Beach, Florida, signed a lease for the entire building and plans to begin interior design exercises immediately."

Hasn't it been foreclosed on since then? Or was it separate from the other 2 buildings?

[Tacachale]

Who owns it today?

From MJ Dec 22 2014:

"Schwartz, who also owns 29 South Restaurant in historic Fernandina Beach, Florida, signed a lease for the entire building and plans to begin interior design exercises immediately."

Hasn't it been foreclosed on since then? Or was it separate from the other 2 buildings?

The Laura Trio is owned by Steve Atkins' group, which is who the Bullbriar signed the lease with. I believe Khan only foreclosed on the Barnett building across the street.

[MusicMan]

So why the 2 + year delay if Atkins Group owns it?

[thelakelander]

I'm not in position to post the link at this exact moment, but there was an article earlier this year that explained delay. Off the top of my head, it dealt with the overall incentive package, which includes the Barnett property. The deal moved forward when the Barnett was acquired by Southeast's Las Vegas-based partner.

[MusicMan]

OK.

The space is amazing. If Scotty has enough $$$$$$$$$$$$$$$ then it could be a truly spectacular destination downtown.

[thelakelander]

Curry vows Barnett Building and Laura Street Trio renovation will get done

Top administrators for Mayor Lenny Curry gave a go-ahead Monday for using up to $9.8 million in city incentives for restoration of the historic Barnett Bank Building and Laura Street Trio, which city officials have tried for years to get occupied again in the middle of downtown.

Full article: http://jacksonville.com/news/metro/2017-05-08/curry-vows-barnett-building-and-laura-street-trio-renovation-will-get-done

[Tacachale]

^According to that story, the required incentives required to redevelop the Laura Street Trio and Barnett will be up to $9.8 for the $78 million project. That's 12.5% of the total cost, at least:

*$8 million in direct incentives after completion ($2 million for the Barnett, plus $6 for the Trio)
*A 50% property tax rebate for 20 years, capped at $1.8 million
*PLUS a garage and retail space at the corner of Forsyth and Main which doesn't have a cost estimate included in this.

We are seeing how much a project like this would truly cost to get off the ground.

[FlaBoy]

I don't know if he actually vowed, but wow, the most encouraging thing we have had a Mayor say in years about a major redevelopment in DT. He is definitely sticking his neck out there on this one. Very encouraging. 

"With a keen focus on increasing economic development throughout the city, building public-private partnerships, and ensuring a return on the city's investments to taxpayers, my administration has been able to successfully negotiate a redevelopment agreement where others have stalled and failed," he said in a statement after the Mayor's Budget Review Committee gave its support.

[FlaBoy]

^According to that story, the required incentives required to redevelop the Laura Street Trio and Barnett will be up to $9.8 for the $78 million project. That's 12.5% of the total cost, at least:

*$8 million in direct incentives after completion ($2 million for the Barnett, plus $6 for the Trio)
*A 50% property tax rebate for 20 years, capped at $1.8 million
*PLUS a garage and retail space at the corner of Forsyth and Main which doesn't have a cost estimate included in this.

We are seeing how much a project like this would truly cost to get off the ground.

For sure. They will also be getting 25% federal tax credits for the historic preservation piece from the Federal Government.

In the end, if DT is going anywhere. Laura has to be vibrant. And this is right in the middle of it all.

[KenFSU]

^Totally agree.

In a situation like this, it's better to think of it as an investment by the city than a freebie or incentive.

Really happy that Curry shot down the CFO rumors.

Love him or hate him, the guy is committed to getting things done.

[ProjectMaximus]

First time I met Curry was at the Legend Series in the Barnett Bldg. I sat across from him and he seemed absolutely enamored with the potential of Jax, downtown, and the history of the building. iirc, it was still a good 9 months or so before he formally announced intentions to run for mayor. Anyway, whatever my opinions of him, I've always hoped that my early conversation with him was a sign that he'd at least really genuinely want to get downtown moving forward. 

[Tacachale]

It certainly is nice to have a mayor committed to downtown and making projects happen. We haven't had that in a loooong time.