QuoteSouthEast Development Group LLC Managing Director Steve Atkins said Dec. 14 Marriott is reviewing the proposed Laura Street Trio adaptive reuse project Downtown as a candidate for its Autograph Collection of hotels.
QuoteAtkins said a restaurant and bar planned for the Trio's Marble Bank Building is part of Marriott's review.
He said the restaurant and 145-room hotel are required to be a minimum four-star quality for the Autograph brand and the restaurant must serve three meals per day.
QuoteAtkins said he has secured the private capital financing portion of what he expects to be a $63 million to $65 million Trio project.
QuoteIn addition to the hotel, Atkins plans a 4,000-square-foot bodega-style grocery store in the space. He has not released the identity of the operator.
QuoteThere also will be about 4,000 square feet of additional ground-floor retail space, Atkins said.
Full article: https://www.jaxdailyrecord.com/article/laura-street-trio-plans-may-take-an-upscale-turn
Crossing my fingers here.
Any idea on city incentives yet? Should he ask for a breadbox loan or $450 mil?
This is great news, assuming this project happens (which I think it will, but until I can check in and earn some Bonvoy points it's not done).
Now, I'm a little curious why they didn't go this route first. Average Daily Rate at an Autograph Property is significantly higher than at a Courtyard, and given there was always plans for a restaurant in the Marble Bank building the property had the infrastructure to support a full line hotel.
But the opportunity to have a true, full service Marriott property on the Northbank? Bring it.
Quote from: itsfantastic1 on December 18, 2020, 10:11:18 AM
Any idea on city incentives yet? Should he ask for a breadbox loan or $450 mil?
Haha - the crazy thing is....THIS is the kind of project I'd be cool with a breadbox loan on.
BTW, interesting that Molasky is not part of this with Southeast.
Quote from: Steve on December 18, 2020, 10:27:00 AM
Quote from: itsfantastic1 on December 18, 2020, 10:11:18 AM
Any idea on city incentives yet? Should he ask for a breadbox loan or $450 mil?
Haha - the crazy thing is....THIS is the kind of project I'd be cool with a breadbox loan on.
If the public paid more than 50% of the project's cost, the Trio would have been completed by helicopter flying Cameron Kuhn years ago.