Plans for Proposed Forsyth and Main Parking Garage Grow

[thelakelander]

Full article link: https://www.jaxdailyrecord.com/article/vystar-will-build-downtown-parking-garage-near-laura-street-trio

VyStar is making a serious investment in downtown. It would be good for the city to follow suit. Hopefully this move speeds up the process of getting the Trio project underway.

[heights unknown]

Good! This is essential to the project though I hate parking garages in downtown Jax!

[Captain Zissou]

Is this design going to have to go back to DDRB for the 3rd time because of this?  I trust Vystar to complete this sooner than Southeast, but how many times must a garage design get approved?

[thelakelander]

Sounds like they're going to build what's already designed. If that's the case, like the former Hotel Indigo project they purchased, they won't need to go back to the DDRB.

[thelakelander]

More info:

https://www.jacksonville.com/news/20190918/new-deal-could-arise-for-restoring-jacksonvilles-historic-laura-street-trio

Seems like the construction cost estimates have increased, which could be why things have been slow to get moving on the garage and Trio.

[Captain Zissou]

As long as they don't ask for $200M, I say give them whatever they need and lets get this rolling. 

[FlaBoy]

As long as they don't ask for $200M, I say give them whatever they need and lets get this rolling.

Of all the projects discussed, this is the most important one for revitalization of downtown.

[Captain Zissou]

As long as they don't ask for $200M, I say give them whatever they need and lets get this rolling.

Of all the projects discussed, this is the most important one for revitalization of downtown.

I agree, but the previous project cost was listed at $44M, so a $200M incentive package would be high even by Lenny/Shad's standards.

I was half joking.  I don't care what they ask. Give it to them and let's go.

[Steve]

More on this:

https://www.jaxdailyrecord.com/article/laura-street-trio-developers-renegotiating-deal-with-downtown-investment-authority

[jaxjags]

Boyer's comments : "We need to look at Trio with a fresh set of eyes," Boyer said. "We need to look at it realistically in terms of demand for hotel space, what you can expect to get in rent Downtown, what does the pro forma look like and what is their (financial) gap? What do they have in the way of a financing structure, how's it going to work?"

Not sure this part of project is going to be as originally planned. We will see.

[thelakelander]

Hopefully, they can figure out what the overall cost and financing gap happen to be for retrofitting long abandoned historic buildings that size.  I'm not sure the DIA is staffed to determine the market for certain types of uses like hotels  (assuming the hotel operator is still on board). I also doubt the majority of the redevelopment costs will be dramatically different regardless of if those +100 year old buildings become hotel, residential, etc.

[thelakelander]

An update on the proposed parking garage at Forsyth and Laura:

VyStar could buy Regions Bank parking lot to expand Downtown parking garage

VyStar Credit Union could expand its proposed Downtown parking garage by acquiring a neighboring Regions Bank parking lot.

VyStar Email Marketing Manager Christina Weber said via email Sept. 15 that the credit union entered into a contract with Regions and is doing due diligence on the 0.26-acre lot at 54 W. Forsyth St.

The Regions lot space would be used to expand VyStar's planned 550-space parking structure to 798 spaces and 293,929 square feet, according to Weber.

Regions and VyStar employees will use the garage and Weber said 250 spaces will be leased to the city.

Plans for the garage expansion include about 12,600 square feet of ground-floor retail.

https://www.jaxdailyrecord.com/article/vystar-could-buy-regions-bank-parking-lot-to-expand-downtown-parking-garage

[Charles Hunter]

Any chance of street-level retail at the corner of Laura and Forsyth?

[thelakelander]

Regions Bank owns the corner surface parking lot at Laura and Forsyth. To have street level retail, they're trying to buy it from Regions.

[Steve]

I'm totally confused by this one. Every single rendering had the garage going to the sidewalk of Laura Street, thus encompassing this parking lot. I completely assumed this arrangement/agreement was already handled.

So we've been showing (literally) years of renderings on this without an agreement for this property? I mean, it sounds like they're close to an agreement but I'm really surprised.