Winegardner & Hammons to Manage Laura Trio Marriott
(http://photos.metrojacksonville.com/photos/648675240_5vFiP-XL.jpg)
Following an extensive review process, SouthEast Group has selected its exclusive hospitality manager for the new Marriott flagged hotel to be part of the redeveloped Laura Street Trio in downtown Jacksonville.
Read More: http://www.metrojacksonville.com/article/2014-dec-winegardner-hammons-to-manage-laura-trio-marriott
Does this mean they've secured the necessary financing to start construction? Did they receive the $8 million from the city?
I hope so. This is the momentum we need.
Quote from: iMarvin on December 15, 2014, 10:27:58 PM
Does this mean they've secured the necessary financing to start construction? Did they receive the $8 million from the city?
My question as well. It may be a motivational tactic on the developer's part.
I believe they're waiting on COJ to commit dollars towards a parking structure that would be shared with The Barnett project.
Quote from: vicupstate on December 16, 2014, 05:07:06 AM
Quote from: iMarvin on December 15, 2014, 10:27:58 PM
Does this mean they've secured the necessary financing to start construction? Did they receive the $8 million from the city?
My question as well. It may be a motivational tactic on the developer's part.
Exactly what I think too. My guess no where near breaking ground. Hope I am wrong, but....
Quote from: Bill Hoff on December 16, 2014, 10:01:54 AM
I believe they're waiting on COJ to commit dollars towards a parking structure that would be shared with The Barnett project.
If that is the case I wouldn't hold my breath given our City Council and the other DT authorities.
Quote from: iMarvin on December 15, 2014, 10:27:58 PM
Did they receive the $8 million from the city?
From my understanding, Atkins wouldn't receive any money from the DIA/city until after construction was complete.
If this is indeed a motivational factor from the developers to the city then it's pretty bold to announce construction starting first quarter 2015. Regardless, announcing management partners is positive news and shows the developer is getting all his ducks in a row and actively perusing closing the deals necessary to get the ball rolling on this thing. What a big boost this would be to the core adding the hotel and two restaurants to go along with the Cowford chophouse just a few blocks away.
Quote from: Marle Brando on December 16, 2014, 04:27:43 PM
If this is indeed a motivational factor from the developers to the city then it's pretty bold to announce construction starting first quarter 2015. Regardless, announcing management partners is positive news and shows the developer is getting all his ducks in a row and actively perusing closing the deals necessary to get the ball rolling on this thing. What a big boost this would be to the core adding the hotel and two restaurants to go along with the Cowford chophouse just a few blocks away.
Not many projects actually START, when they were first announced to start. The ball is in the city's court.
..and that is where most projects around here stop.
Super awesome news though nonetheless. I find it hard to believe that this is not the "real thing" after they boldly come out and say that construction will begin first quarter of 2015. They must know something we don't, and maybe (fingers crossed), just maybe the city has committed the funds to the project; I certainly hope so. Good news for downtown Jax and Jacksonville as a whole.
Quote from: heights unknown on December 18, 2014, 10:42:31 PM
Super awesome news though nonetheless. I find it hard to believe that this is not the "real thing" after they boldly come out and say that construction will begin first quarter of 2015. They must know something we don't, and maybe (fingers crossed), just maybe the city has committed the funds to the project; I certainly hope so. Good news for downtown Jax and Jacksonville as a whole.
I would not put much stock in that 'announcement'. Talk is cheap, many things get announced but never break ground.
QuoteAtkins said Monday he continues to work on securing about $8 million of the four-building project's $70 million budget from the city to cover the public portion of the proposed public-private partnership.
After Atkins presented the project in September to the World Affairs Council, Downtown Investment Authority CEO Aundra Wallace said the city did not have that much capital available for the project.
Two weeks ago, Wallace said he has been in negotiations with SouthEast, but "it's really difficult to try to make the numbers work."
Atkins and his partners own the Laura Street Trio "debt-free." But for the hotel and restaurant to move forward, he said, the city needs to commit to the entire project, including renovation of the former Barnett Bank building. Jacksonville Jaguars owner Shad Khan loaned the developers $3 million to buy the building.
"The trio is still on hold until the city decides its involvement," he said Monday.
Wallace placed a deadline of April 1 for the city to make a "go or no go" decision on whether to contribute funds to the project. Atkins said that time frame matches his. "We hope to be able to come to resolution with the city," he said.
Full article: http://www.jaxdailyrecord.com/showstory.php?Story_id=544561
April Fools Day . . . . that's ominous.
As someone said, "DONT HOLD YOUR BREATH." And I hope that April fools thing is not the truth, and never happens. What a boost this would be for downtown and the City if City government got off their ass and MADE those numbers work. They can find 8 million dollars for everything else that usually doesn't work out and then its money wasted; in my opinion, this would not be money wasted and would be a super investment for the City.
Does anyone know where this project is at? It doesn't appear that any construction has started here yet.
Still waiting for COJ to make a decision on whether to it's going to provide incentives necessary to make it happen.
Do you know who within the City could be contacted regarding this? At some point I have got to stop just shaking my head and bemoaning the lack of progress, and become another squeaky wheel that demands answers as to the lack of movement on downtown projects.
While I know that statement may invoke a few eye rolls and muttering of "Good luck", I have to at least try. I am sick and tired of seeing wasted opportunities pass us by. The revenue that this project would create, in both construction buildout, as well as increased property taxes, bed taxes, etc. would offset the incentives. I understand the hesitation of giving "corporate welfare"- and I personally think too many people try and gain the system. However, I would consider this investment money- not welfare. The money would come back to the city in more than one revenue stream.
Preach on preacher man. I agree 100%. Same can be said for the Barnett building.
^The Barnett building is a part of the Laura Trio deal.
Can't believe this hasn't spurred any investigative reporting from news sources. I guess they are too busy writing about the town center. It would be nice to get to the bottom of this.
Quote from: jcjohnpaint on March 20, 2015, 11:23:36 AM
Can't believe this hasn't spurred any investigative reporting from news sources. I guess they are too busy writing about the town center. It would be nice to get to the bottom of this.
Breaking news: The wheels of government turn slowly. Sometimes very slowly.
Quote from: urbanlibertarian on March 20, 2015, 11:28:51 AM
Quote from: jcjohnpaint on March 20, 2015, 11:23:36 AM
Can't believe this hasn't spurred any investigative reporting from news sources. I guess they are too busy writing about the town center. It would be nice to get to the bottom of this.
Breaking news: The wheels of government turn slowly. Sometimes very slowly.
Urban, I agree with you- somewhat. It seems that anything that is a potential development that would bring economic progress to the core gets mired down in red tape, however if it involves tearing down and leveling buildings, it takes what seems like minutes from the time we hear about them to the time the structure is destroyed. That well may just be a perception, but that is what it looks like to me, a passive citizen, who really hasn't (to this point) been all that involved in local government.
I am fine with a thorough review of the proposal, and indeed that may be what the perceived delay is. But without regular updates from
somewhere, we can only assume or expect the worst- which is inaction. In other words- WHY does it have to take so long? The project was submitted months ago- what has the city been doing during this time?
The project is important on many levels and seems doable. I have heard bits of info about the city being expected to build a garage etc, but not much more. Sorry for the ignorance, but it seems kind of odd that so much has been lined up and totally falling on silence. What is holding it up? I don't think it is money because the city can find that kind of money when it needs to.
JAX should consider hosting educational tours for other cities......One tour could be "How not to grow as a city" and the other could be, "How to tear down historic properties and replace them with vacant, overgrown lots"............Jax has these two concepts down to a science.....
Are they going to open these buildings up for OneSpark this year. Last year they hosted some vendors in the Barnett bldg? It would be nice if they released some sort of status report on where this project is.
I don't think that the city is going to come up with any money for this project, their all focused on the shipyards project now. The Laura Street trio is last years hot city news and now the focus has turned to the shipyards. I think the Laura Street trio missed its opportunity to secure funding. Seems like the developer just took to long to get anything done.
The developer has been ready for months....assuming COJ can come up with it's half of the required funds. Problem here is you can't squeeze blood out of a turnip. COJ doesn't have the cash to incentize all the current proposed projects. Sell a few assets like the shipyards and there'll be some extra cash to play with for projects like the Trio.
I'm not holding my breath for the shipyards, but Coj does love bling. They should prioritize the possibility if... Would love to hear it from the city's mouth though
I think the lender is not going to lend the money without the City being responsible if project goes belly up. Don't know that makes
sense for the City. The DIA wants to see this project happen.
Quote from: Kay on March 20, 2015, 09:08:09 PM
I think the lender is not going to lend the money without the City being responsible if project goes belly up. Don't know that makes
sense for the City. The DIA wants to see this project happen.
Sorry Kay, that's not entirely true. The City has a profitable offer on the table. At this point, I'm surprised the financial partner hasn't walked by now. I would have.
That's not the kind of message that the City should be sending to this type of lender (a very big player who has not invested in Jacksonville before).
Quote from: fieldafm on March 20, 2015, 09:16:38 PM
Quote from: Kay on March 20, 2015, 09:08:09 PM
I think the lender is not going to lend the money without the City being responsible if project goes belly up. Don't know that makes
sense for the City. The DIA wants to see this project happen.
Sorry Kay, that's not entirely true. The City has a profitable offer on the table. At this point, I'm surprised the financial partner hasn't walked by now. I would have.
That's not the kind of message that the City should be sending to this type of lender (a very big player who has not invested in Jacksonville before).
If a profitable offer on table for the City, then who is the issue? DIA? if not, who with the city?
Quote from: edjax on March 20, 2015, 10:13:03 PM
Quote from: fieldafm on March 20, 2015, 09:16:38 PM
Quote from: Kay on March 20, 2015, 09:08:09 PM
I think the lender is not going to lend the money without the City being responsible if project goes belly up. Don't know that makes
sense for the City. The DIA wants to see this project happen.
Sorry Kay, that's not entirely true. The City has a profitable offer on the table. At this point, I'm surprised the financial partner hasn't walked by now. I would have.
That's not the kind of message that the City should be sending to this type of lender (a very big player who has not invested in Jacksonville before).
If a profitable offer on table for the City, then who is the issue? DIA? if not, who with the city?
Exactly my point. Who can I call? Who can I email? What is the status of this project? Why isn't there a central repository for all of this information? And if there is, what is it?
All I'm asking.
Not to worry, Municipal Code Compliance is on it and took one of these buildings (as well as the Claude Nolan) to Special Masters a couple of weeks ago. I think they got another 180 days to get things done!
Quote from: edjax on March 20, 2015, 10:13:03 PM
Quote from: fieldafm on March 20, 2015, 09:16:38 PM
Quote from: Kay on March 20, 2015, 09:08:09 PM
I think the lender is not going to lend the money without the City being responsible if project goes belly up. Don't know that makes
sense for the City. The DIA wants to see this project happen.
Sorry Kay, that's not entirely true. The City has a profitable offer on the table. At this point, I'm surprised the financial partner hasn't walked by now. I would have.
That's not the kind of message that the City should be sending to this type of lender (a very big player who has not invested in Jacksonville before).
If a profitable offer on table for the City, then who is the issue? DIA? if not, who with the city?
Like with anything, the City would need to bond money to take on any new capital improvements.
Quote from: Houseboat Mike on March 20, 2015, 10:26:03 PM
Quote from: edjax on March 20, 2015, 10:13:03 PM
Quote from: fieldafm on March 20, 2015, 09:16:38 PM
Quote from: Kay on March 20, 2015, 09:08:09 PM
I think the lender is not going to lend the money without the City being responsible if project goes belly up. Don't know that makes
sense for the City. The DIA wants to see this project happen.
Sorry Kay, that's not entirely true. The City has a profitable offer on the table. At this point, I'm surprised the financial partner hasn't walked by now. I would have.
That's not the kind of message that the City should be sending to this type of lender (a very big player who has not invested in Jacksonville before).
If a profitable offer on table for the City, then who is the issue? DIA? if not, who with the city?
Exactly my point. Who can I call? Who can I email? What is the status of this project? Why isn't there a central repository for all of this information? And if there is, what is it?
DIA and the Mayor's office.
Quote from: fieldafm on March 20, 2015, 09:16:38 PM
Quote from: Kay on March 20, 2015, 09:08:09 PM
I think the lender is not going to lend the money without the City being responsible if project goes belly up. Don't know that makes
sense for the City. The DIA wants to see this project happen.
Sorry Kay, that's not entirely true. The City has a profitable offer on the table. At this point, I'm surprised the financial partner hasn't walked by now. I would have.
That's not the kind of message that the City should be sending to this type of lender (a very big player who has not invested in Jacksonville before).
Then what is the problem?
Quote from: Kay on March 21, 2015, 08:03:43 AM
Quote from: fieldafm on March 20, 2015, 09:16:38 PM
Quote from: Kay on March 20, 2015, 09:08:09 PM
I think the lender is not going to lend the money without the City being responsible if project goes belly up. Don't know that makes
sense for the City. The DIA wants to see this project happen.
Sorry Kay, that's not entirely true. The City has a profitable offer on the table. At this point, I'm surprised the financial partner hasn't walked by now. I would have.
That's not the kind of message that the City should be sending to this type of lender (a very big player who has not invested in Jacksonville before).
Then what is the problem?
See my post above regarding debt.
Quote from: strider on March 21, 2015, 06:46:09 AM
Not to worry, Municipal Code Compliance is on it and took one of these buildings (as well as the Claude Nolan) to Special Masters a couple of weeks ago. I think they got another 180 days to get things done!
What building is code eying?