The Barnett and Laura Trio about to be sold

[thelakelander]

• Addison Commercial has had “For Sale” signs on the Barnett Building and the Laura Trio across the street for several months, but it looks like those signs may be coming down. A developer has signed a contract on both properties. The seller, JDI Realty, foreclosed on the properties which were previously owned by Kuhn Development and partially renovated. According to broker Bob Knight, it’s too early to announce details but the buyer “is local and paying cash.”

http://www.jaxdailyrecord.com/citynotes.php

[fsujax]

wow. I wonder what this means? I always thought it would be a good idea for Vestcor to take the old Barnett Bank building and convert it to apartments like 11E and the Carling.

[Dapperdan]

Does anyone know any details? I always thought the Barnett was a steal since most of the gutting has been done and the outside windows replaced. It is perfect for someone to come in and finish the job. The Laura Trio is a different story.

[ChriswUfGator]

Local and paying cash?

In this market, that may well be A: COJ or B: Some company buying the Barnett for an office building.

Not sure who would undertake a residential project of that magnitude in the current environment, or could pay cash for it even if they wanted to. Of course I guess that really depends on the sales price.

[Jason]

If the properties foreclosed then i would imagine the sale price is quite cheap.

Can't wait to hear more on this one.

[samiam]

I hope its not first baptist church

[blizz01]

I hope its not first baptist church

Buzz-kill.......

[Basstacular]

I heard this rumor last week from a reliable source and if the second part of it is true then we will all be excited.  My source would not elaborate, because he knew I would "spill the beans", but it looks good.  Not FBC also.

[samiam]

Basstacular
I hope your rumor is true. I wish some retail company would take a chance and open an old school down town department store. If only I could win the lottery.

[stjr]

I am trying to think who would have the cash and ability to use these buildings.  Aside from Vestcor, maybe Sleiman.  Company wise, Everbank is doing well and, while they just moved not too long ago to Riverside Avenue, maybe they need more space.  Another would be the Fidelity company that just made a billion dollar acquisition in Minneapolis and indicated they would be moving people here.  How about a hotel?  Seems it would be a tough sell at the moment but again, for the right price, maybe.  It's a great location.  We shall see.

[samiam]

how about FCCJ

[fsujax]

Why would First Baptist want to buy those buildings??? give it a rest. It would be cool to see Fidelity locate some employees in the old Barnett Bank building...but I would rather there be residents there, thus creating an almost 24 hour acivity in that area.

[stjr]

Ah yes, here it is.....Minneapolis.  Where did your reference come from again, Stjr?

Stephen, I guess it was Milwaukee.  Whatever  .

Fidelity National Information Services of Jacksonville is poised to become the world’s biggest provider of technology services to financial institutions with its acquisition of Metavante Technologies Inc. in a deal valued at about $2.94 billion.

The all-stock purchase, announced Wednesday, will bring several high-ranking Metavante executives to Jacksonville from their headquarters in Milwaukee.

The purchase would not immediately boost rank-and-file employment in Jacksonville, but company officials say the acquisition will strengthen Fidelity National Information Services’ ability to grow and add jobs here over the long term.

Fidelity National Information Services â€" a Fortune 500 company also known as FIS â€" provides software and processing services to 14,000 financial institutions worldwide. Metavante counts 8,000 financial services firms and businesses as its customers. The combined value of the companies will be about $10 billion....

....FIS has 25,000 employees in 93 countries. The headquarters is in the same complex of buildings that contains the headquarters for Fidelity National Financial, a Fortune 500 companies that specializes in title insurance.

The complex also is home to Lender Processing Services Inc., which provides technology services to mortgage companies. LPS was spun off last year from Fidelity National Information Services.....

....Kennedy said other senior executives will be moving from Wisconsin to Jacksonville. He said having them in Jacksonville was a condition of the deal.

In 2008, the two companies generated combined revenue of $5.2 billion and free cash flow of more than $500 million. As a result of the combination, FIS anticipates it will achieve cost synergies of approximately $260 million, according to a news release.

http://jacksonville.com/business/2009-04-01/story/fidelitys_nis_to_acquire_large_financial_services_processing_company

[fsu813]

did know one get my Young Jeezy refernce?

[thelakelander]

Its definitely not Fidelity.  While reading Barton and Crawford's emails a month or two ago, I remember some local group (Atkins? I'm not 100% sure) being interested in those buildings.  I have no idea of what they want to do with them.  Anyway, at this point if it does not involve them continuing to decay or demolition, whatever use they put in them should be positive.