Quote(https://photos.moderncities.com/Cities/Jacksonville/Neighborhoods/Downtown-Northbank---January-2021/i-8PBKMVx/0/LHSBwCFHCdFzMvctbHcKxBFjhTkvhKq8Rvxg6vh5q/X2/20210110_113638-X2.jpg)
The Laura Street Trio are a collection of irreplaceable historic buildings located on a corridor that's vital to Downtown's resurgence. Despite the City of Jacksonville and business community pulling out all the stops to save and restore the Trio, owner Steve Atkins and Southeast Development Group have been unable to close the deal for over a decade. For the sake of this crucial Downtown property, it's time for new ownership.
Read More: https://www.thejaxsonmag.com/article/its-time-for-the-laura-street-trios-owner-to-bow-out/
QuoteLive Oak to buy-out Trio developer
Live Oak Contracting plans to buy the Laura Street Trio for Christmas. After a decade with no deals reached, the Laura Street Trio is set to change ownership as soon as the end of December.
Another round of failed negotiations earlier this month returned the story of the Laura Street Trio to where it was three months ago: in front of a City Council special committee and facing a city-filed foreclosure lawsuit.
This came after the city deemed Southeast Development Group's plan for the rehabilitation of the three historic structures, which asked the city for $97 million, not financially viable, even after developer Steve Atkins brought a new financial partner, Paul Bertozzi founder and CEO of Live Oak Contracting, on board.
That financial partner who was intended to push the deal over the finish line will now buy out long-time owner Steve Atkins and lead the redevelopment of the historic buildings. The Council expressed willingness to remove the liens on the property through legislation to speed up Bertozzi's purchase of the property and to move toward a deal in early 2025, but the mayoral administration staunchly opposed that idea.
"I would love to see Jacksonville as well as the opportunity for the Trio to come back to life," Bertozzi told the committee Monday.
But his plans to buy and revive the Trio are prohibited by the $800,000 in liens against it.
Special committee chair Kevin Carrico said he has drafted legislation to waive those liens and intends to introduce it as an emergency bill at Tuesday's Council meeting. However, such a bill might be met with a mayoral veto, Chief of Staff Mike Weinstein said.
"We would be opposed to any element of activity that would change the lawsuit that's been filed," said Weinstein, who led negotiations on the last, failed Trio deal. "We want our $800,000."
Full article: https://www.bizjournals.com/jacksonville/news/2024/11/25/live-oak-plans-to-buy-laura-street-trio.html?utm_source=st&utm_medium=en&utm_campaign=BN&utm_content=JA&ana=e_JA_BN&j=37609951&senddate=2024-11-25
There's a fairly easy solution to the lien reduction issue. I've done it in a similar situation. There are likely several different ways you can structure a settlement agreement. You can agree to reduce/remove the liens after certain benchmarks have been met by a certain time or you can put some kind of clawback clause in that reinstates the liens if certain benchmarks are not met by a certain time.
It is foolish to remove the lien without the guarantee of a successful project, but the lien also shouldn't hold up a developer from moving forward with a viable project.
Frankly, I'd question letting Live Oak just buy Atkins out and potentially start this rigamarole all over again. If these buildings are as important as we feel they are it seems much more justified having an RFP process so we can see who is both willing and able to take on what would be a big job for anyone.
Question, are or could these buildings be deemed national historic landmarks? If so, would that open them up to Federal (assuming any are left after Trump's administration takes over) or State historic grants ? How about money from private foundations if a nonprofit got involved? Such funding could subsidize restoration to such an extent that whoever gets the grants could finance a purchase of the buildings from Adkins with the revenue, post-renovation, not having to also finance the full costs of renovations.
There's nothing national worthy making that site eligible for NHL status. Pursuing that type of designation is also like a 5 year process. However, the buildings are already eligible for state historic grants, etc....Although you'd need a bunch of grants to add up to the amount being requested from COJ. The issue here has been the developer not having the means to carry out a project this large without the city being the personal piggybank.
Rory Diamond declaring on Twitter (https://x.com/RoryDiamond/status/1861180708003229841) that
QuoteIt is past time to let the Laura Street Trio go.
They are nice buildings, but we don't have the money to save them.
These are the facts.
QuoteIt's going to be demolished.
Quote from: marcuscnelson on November 25, 2024, 07:51:06 PM
Frankly, I'd question letting Live Oak just buy Atkins out and potentially start this rigamarole all over again. If these buildings are as important as we feel they are it seems much more justified having an RFP process so we can see who is both willing and able to take on what would be a big job for anyone.
Can the City RFP private property? It seems the City would have to acquire the Trio before doing that.
Quote from: marcuscnelson on November 25, 2024, 09:05:11 PM
Rory Diamond declaring on Twitter (https://x.com/RoryDiamond/status/1861180708003229841) that
QuoteIt is past time to let the Laura Street Trio go.
They are nice buildings, but we don't have the money to save them.
These are the facts.
QuoteIt's going to be demolished.
Not saying Adkins has the right plan. But, if no matter the developer, it takes $x, then if we can find $1 billion for the stadium, $400 million for U2C or $100 million for 4 Seasons, I would rather spend the money saving these historic buildings over any of those projects. Jax has lost too much of its historic character... we can't afford to lose any more.
I recall Diamond is against U2C... we should ask him to redirect some those dollars here as he gets U2C cancelled and solve 2 issues at once. 8)
Quote from: marcuscnelson on November 25, 2024, 09:05:11 PM
Rory Diamond declaring on Twitter (https://x.com/RoryDiamond/status/1861180708003229841) that
QuoteIt is past time to let the Laura Street Trio go.
They are nice buildings, but we don't have the money to save them.
These are the facts.
QuoteIt's going to be demolished.
I hope he doesn't push this agenda too hard at the zero Council meetings he attends.
Diamond sounds pretty ignorant. What's his experience in the development world to know what can be rehabiliated and what can not?
Quote from: Charles Hunter on November 25, 2024, 09:27:24 PM
Quote from: marcuscnelson on November 25, 2024, 07:51:06 PM
Frankly, I'd question letting Live Oak just buy Atkins out and potentially start this rigamarole all over again. If these buildings are as important as we feel they are it seems much more justified having an RFP process so we can see who is both willing and able to take on what would be a big job for anyone.
Can the City RFP private property? It seems the City would have to acquire the Trio before doing that.
Right. You can't put out an RFP on property you don't control.
Quote from: acme54321 on November 26, 2024, 07:35:14 AM
Quote from: Charles Hunter on November 25, 2024, 09:27:24 PM
Quote from: marcuscnelson on November 25, 2024, 07:51:06 PM
Frankly, I'd question letting Live Oak just buy Atkins out and potentially start this rigamarole all over again. If these buildings are as important as we feel they are it seems much more justified having an RFP process so we can see who is both willing and able to take on what would be a big job for anyone.
Can the City RFP private property? It seems the City would have to acquire the Trio before doing that.
Right. You can't put out an RFP on property you don't control.
Correct, but the City is in the middle of foreclosure proceedings where it can potentially assume ownership of the Trio. At minimum, the City has the ability to dictate who can assume control of the Trio through the lien reduction process. The City has at least $827k in code enforcement fines accruing on the property. The fines continue to accrue daily and whatever code violations there are still need to be remedied to stop the fines.
The City is in a position of power where it can potentially assume ownership of the Trio or at worst, dictate certain terms to whoever tries to assume control of the Trio. As I said earlier in the thread, the City ABSOLUTELY should not reduce the liens without legal guarantees that the buyer will actually develop the Trio. As part of that, the City will need to know what the incentive ask will be and what the final development program will look like.
Kudos to the Mayor for sticking to her guns and not rushing into a bad deal for the City.
Quote
Mayor Deegan: "Our commitment to preserving and protecting the Laura Street Trio has never wavered. However, we can't let this desire result in a deal that is fiscally irresponsible for taxpayers.
"The definition of insanity is doing the same thing over and over again and expecting a different result. In September, we agreed to terms with the current development team to withdraw the lawsuit. Those terms were immediately violated. The proposals that followed ballooned the city's financial commitment and risk exposure.
"The city has suffered through nearly a decade of failed proposals. This lawsuit has been the only thing that's moved the dial. Rushing to remove it on a 24-hour deadline would be counter-productive. We remain open to working with the City Council on viable options that will preserve these three historic buildings."
Quote from: thelakelander on November 26, 2024, 07:29:57 AM
Diamond sounds pretty ignorant.
Diamond is pretty ignorant. He knows nothing about urban development and what it means to preserve the urban fabric of a city. His argument for the storage units at the most prominent intersection on the Southbank was "job creation".
Quote from: acme54321 on November 26, 2024, 07:35:14 AM
Quote from: Charles Hunter on November 25, 2024, 09:27:24 PM
Quote from: marcuscnelson on November 25, 2024, 07:51:06 PM
Frankly, I'd question letting Live Oak just buy Atkins out and potentially start this rigamarole all over again. If these buildings are as important as we feel they are it seems much more justified having an RFP process so we can see who is both willing and able to take on what would be a big job for anyone.
Can the City RFP private property? It seems the City would have to acquire the Trio before doing that.
Right. You can't put out an RFP on property you don't control.
Like CityLife said, I'm suggesting the city complete the foreclosure process and then have an RFP after that.
I'm really torn on this one, while also feeling like I don't have enough information to have a fully informed opinion on the best way to proceed. Clearly, Southeast isn't the right developer to bring this thing across the finish line. If Live Oak had the equity and ability to bring the project, as originally envisioned by Southeast, across the finish line in a way that was reasonable to Jacksonville taxpayers and that was guaranteed to break ground in 2025, I'd be all for it. Feels like it would be much quicker to hand off the existing project to a new owner better able to execute (like they are across the river at One Riverside) than it would be to start from scratch with yet another doomed city RFP or get bogged down in litigation for years. At the same time, if Live Oak is just going to be the new face of the same fruitless, one-sided development agreements that never go anywhere, maybe a reset is necessary. I assume gents like Mike & Bill probably have a better idea about whether Live Oak could get the Trio done quickly in a fair way with the city.
Quote from: Ken_FSU on November 26, 2024, 12:00:26 PM
a new owner better able to execute (like they are across the river at One Riverside)
Live Oak is not the developer of 1 Riverside. Tribridge is developing the multifamily and Fuqua is (theoretically) doing the retail. Live Oak is the construction manager, but they are not funding the project or involved beyond building the buildings. To my knowledge, Live Oak has not been in the development role before and definitely not for a project this size. This may be an area they've wanted to expand into as the company grows, but this is one heck of a project to take on as a new developer. I think there's no world where Southeast sells to the city and the city taking the property via lien will likely take a while. Until it's public property again, you can't start the RFP process. Selling it is the fastest route to redevelopment, but I hope Live Oak is ready for the challenges that this project will bring.
Seems there's some talk of the City trying to buy the buildings instead of Live Oak.
https://www.actionnewsjax.com/news/local/source-city-jacksonville-may-want-buy-laura-street-trio-8m-find-its-own-developer/HWIJ4H6PVBF3XFI3GWIXGGWA7Q/
Quote from: marcuscnelson on November 26, 2024, 06:23:36 PM
Seems there's some talk of the City trying to buy the buildings instead of Live Oak.
https://www.actionnewsjax.com/news/local/source-city-jacksonville-may-want-buy-laura-street-trio-8m-find-its-own-developer/HWIJ4H6PVBF3XFI3GWIXGGWA7Q/
No, there's not.
So council will be voting tonight to waive the fines?
https://www.news4jax.com/news/local/2024/11/26/council-to-vote-whether-to-waive-800000-in-fines-for-laura-street-trio/
^They didn't pass the bill that would have waived the fines tonight. They did pass a resolution that encourages the city to work with them towards a sale. We and the prospective buyer agreed to that, so it's a good outcome.
https://www.jaxdailyrecord.com/news/2024/nov/27/city-going-back-to-the-negotiating-table-on-laura-street-trio/
Freeman and Diamond voted against.
Did they give a reason for why they voted against it?
Yea, Diamond said he hates this City and will do everything in his power to make it worse off.
Quote from: thelakelander on November 27, 2024, 09:45:36 AM
Did they give a reason for why they voted against it?
Freeman said that he wanted to ask if Southeast would still be part of the development team post-sale. Council voted to end conversation and call for an immediate vote, so he never got to ask his question.
Diamond did not comment, but Diamond tends to not want to vote for anything that requires spending money so, well, on brand.
Quote from: marcuscnelson on November 25, 2024, 09:05:11 PM
Rory Diamond declaring on Twitter (https://x.com/RoryDiamond/status/1861180708003229841) that
QuoteIt is past time to let the Laura Street Trio go.
They are nice buildings, but we don't have the money to save them.
These are the facts.
QuoteIt's going to be demolished.
Knowing Jacksonville? My money is 100% on these buildings standing in their current poor condition for a few more years and then ultimately being demolished, regardless of their actual structural integrity and historic nature.
https://www.jaxdailyrecord.com/news/2024/dec/03/deegan-aide-says-new-trio-development-team-will-not-include-longtime-owner-atkins/
Deegan's office confirmed Atkins would be out in any new agreement.
Good.....I think.
Obviously lots of credit to go around if they're able to work out a fair deal, but Mike Weinstein successfully bringing a new Jags stadium with 30-year lease AND the Laura Street Trio across the finish line would go down as an all-time Chad move within Jax City politics.
A far cry from Brian Hughes screaming at Anna Brosche, threatening Toney Sleiman, taking secretive trips to Atlanta & St. Louis to discuss selling JEA & handing the general fund over to the Khans for Lot J, and bullying the food truck vendors in Hemming Park whilst wearing an eye patch (eye injury isn't funny; an eye-patched City leader throwing a petulant fit over a wrong sandwich order kind of is, visually).
Quote from: Ken_FSU on December 03, 2024, 09:17:37 PM
Obviously lots of credit to go around if they're able to work out a fair deal, but Mike Weinstein successfully bringing a new Jags stadium with 30-year lease AND the Laura Street Trio across the finish line would go down as an all-time Chad move within Jax City politics.
A far cry from Brian Hughes screaming at Anna Brosche, threatening Toney Sleiman, taking secretive trips to Atlanta & St. Louis to discuss selling JEA & handing the general fund over to the Khans for Lot J, and bullying the food truck vendors in Hemming Park whilst wearing an eye patch (eye injury isn't funny; an eye-patched City leader throwing a petulant fit over a wrong sandwich order kind of is, visually).
Just think Mike Weinstein could have been mayor years ago instead of having a second term of 'chip on his shoulder, yippee, I'm the Mayor' John Peyton.
Quote from: vicupstate on December 04, 2024, 08:12:35 AM
Quote from: Ken_FSU on December 03, 2024, 09:17:37 PM
Obviously lots of credit to go around if they're able to work out a fair deal, but Mike Weinstein successfully bringing a new Jags stadium with 30-year lease AND the Laura Street Trio across the finish line would go down as an all-time Chad move within Jax City politics.
A far cry from Brian Hughes screaming at Anna Brosche, threatening Toney Sleiman, taking secretive trips to Atlanta & St. Louis to discuss selling JEA & handing the general fund over to the Khans for Lot J, and bullying the food truck vendors in Hemming Park whilst wearing an eye patch (eye injury isn't funny; an eye-patched City leader throwing a petulant fit over a wrong sandwich order kind of is, visually).
Just think Mike Weinstein could have been mayor years ago instead of having a second term of 'chip on his shoulder, yippee, I'm the Mayor' John Peyton.
Remember, he lost by less than a point in 2003. During the campaign, he had a high-level staffer jump ship from his campaign to Peyton's.
The Staffer? Susie Wiles, Trump's new Chief of Staff.
All I can say about all of this is.......WOW. Hope they do something soon before these 3 buildings disintegrate into dust and powder; LOL, they are over a hundred years old.
Hats off to Weinstein and the Mayors Office for putting together an agreement that gives Live Oak a path to getting the liens reduced/removed, but also protects the City if they can't pull it off. That's good government.
Interesting numbers re: City contribution to a Downtown historic preservation project - at 44% of project costs. This seems to be in the ballpark of the % of assistance Adkins was requesting so I am wondering if that makes at least the subsidy ratio palatable.
I gather this is more about the structure of the Trio deal (i.e. payouts before completion) and the developer's character than about the dollars. Or, are all an issue?
I think most all here support historic preservation so hoping new players find a way to get this done.
QuoteDIA board endorses $2.56 million incentive package for Juliette Balcony
...The board voted 8-0 to recommend approval of a $2.56 million incentive package to redevelop the vacant three-story building at 225 N. Laura St. With the vote, the incentives advance to the Jacksonville City Council.
Alan and Ellen Cottrill, co-founders of Avant Construction Group, a Jacksonville-based company with years of experience in historic renovation and adaptive reuse projects, have taken an ownership stake in the building along with Rafael and Carmen Godwin, who bought the building in 2022.
Plans call for eight residential units on the upper floors and a restaurant on the ground floor. The residential units will be offered as short-term rentals through platforms such as Airbnb.
At a recent DIA committee meeting, Alan Cottrill said the owners hoped to select a restaurant tenant within six to eight months.
Total development cost is listed at $5.8 million in DIA documents....
https://www.jaxdailyrecord.com/news/2024/dec/18/dia-board-endorses-256-million-incentive-package-for-juliette-balcony/
Quote from: jaxlongtimer on December 18, 2024, 10:10:04 PM
Interesting numbers re: City contribution to a Downtown historic preservation project - at 44% of project costs. This seems to be in the ballpark of the % of assistance Adkins was requesting so I am wondering if that makes at least the subsidy ratio palatable.
This is something I broke down last year here (https://www.metrojacksonville.com/forum/index.php/topic,37780.0.html).
Key thing to keep in mind, all other factors aside, is that the Laura Street Trio project, as proposed by Southeast, wasn't a $180 million historic rehab. Instead, it was a $62.5 million rehab, wrapped in a $113 million new construction project.
(https://snipboard.io/zH3QoC.jpg)
So, while it is accurate that the percentages of the city's contribution for the historic rehab are roughly the same (45% for the Trio vs. 44% for the Juliette Balcony), Southeast was ALSO asking the city to toss in over 30% (an extra $30 million BEFORE they increased their subsidy demands in 2024) for non-historic new construction.
(https://snipboard.io/isgZAF.jpg)
In essence, Jacksonville's public contribution to the project ($63 million) would have been more than the actual stated cost to rehab the historic structures.
https://www.firstcoastnews.com/article/news/local/jacksonville-files-default-motion-seeking-public-auction-of-laura-street-trio-in-downtown/77-947ead13-4e1e-4a2d-aed9-3160664f2941
City moving forward, again, with foreclosing procedures. Based on the below, it sounds like SouthEast Development Group was negotiating in bad faith, again, regarding its sale to Live Oak and that deal fell through. The City needs to get this property out of SouthEast's ownership and over to Live Oak however it can.
QuoteCity spokesman Phillip Perry said city attorneys resumed court filings after the talks between SouthEast Developmet Group and Live Oak Contracting weren't progressing.
"We served Laura Street Trío and Red Oak Capital earlier this year once it became clear those negotiations were stalled," he said. "The default judgement is the next step in the lawsuit process, and it is being pursued in coordination with Live Oak Contracting."
I wonder how long this will take to go through. It's such a shame how long it's taken already. When they finally open that corner up, I'll bring the fireworks and champagne!
Quote from: urban_ on April 23, 2025, 12:12:39 PM
I wonder how long this will take to go through. It's such a shame how long it's taken already. When they finally open that corner up, I'll bring the fireworks and champagne!
Quote from: urban_ on April 23, 2025, 12:12:39 PM
I wonder how long this will take to go through. It's such a shame how long it's taken already. When they finally open that corner up, I'll bring the fireworks and champagne!
I'll probably be right there with you Bubba (LOL).
Quote from: urban_ on April 23, 2025, 12:12:39 PM
I wonder how long this will take to go through. It's such a shame how long it's taken already. When they finally open that corner up, I'll bring the fireworks and champagne!
Will likely depend on whether Southeast contests the case, maybe loses, files appeals, etc. I would think they will put up a fight given their behavior to date to hold on to the property. Time will tell. An out of court settlement via mediation would likely be the quickest way other than a motion for summary judgement being granted. I am no lawyer so all this is based on observations over the years 8).
Fingers crossed this is the beginning of the end of Steve Atkins' ownership of the Trio.
https://www.jaxdailyrecord.com/news/2025/aug/05/council-president-kevin-carrico-new-buyer-interested-in-laura-street-trio/
This is the most embarrassing and disappointing story in Downtown Development of the entire last decade. Just such a waste of time, effort, money, etc.
These beautiful buildings could have opened a year ago and be ready to shine with Gateway up the street and the new riverfront parks walkable. We could have had small grocery, hotel, more downtown residences, and synergy with the VyStar garage and it's new tenants. What a massive fail.
"Appearing on the WJCT-News talk show "First Coast Connect," [City Council president Kevin] Carrico said he heard that Trio owner SouthEast Development Group was again trying to sell the buildings at Laura and Forsyth streets after several failed attempts to renovate them.
In text-message comments after the meeting, Carrico said the would-be buyer is from outside of Jacksonville and may have negotiated a purchase with SouthEast.
Asked about the new buyer, Steve Atkins, principal of SouthEast, said in a text message, "it's a bit early for me to offer any comments on this matter."
Boy this sounds awfully "iffy." Sad to hear Live Oak is definitively out of the picture. Hope to see these buildings cleaned up one of these days.
The issue is and always has been Atkins. There will be more opportunities once he's out of the picture, and that's in progress.
Quote from: Tacachale on August 11, 2025, 03:15:13 PM
The issue is and always has been Atkins. There will be more opportunities once he's out of the picture, and that's in progress.
Not soon enough
Quote from: acme54321 on August 11, 2025, 10:10:00 PM
Quote from: Tacachale on August 11, 2025, 03:15:13 PM
The issue is and always has been Atkins. There will be more opportunities once he's out of the picture, and that's in progress.
Not soon enough
Very true, he's had a charmed life with this thing, which I don't understand.
What is the deal with Atkins? Like is he a bad person? Greedy developer? Too ambitious? This is the same guy who made that rendering of billions of dollars of downtown master plan. The guy can't even finance renovating 3 old buildings. Clown
Quote from: Jankelope on August 12, 2025, 02:14:05 PM
What is the deal with Atkins? Like is he a bad person? Greedy developer? Too ambitious?
I have no reason to believe he's a bad person. My interactions with him have always been somewhere between innocuous and pleasant. I also don't think he's greedy. I can't imagine the Barnett restoration - which he successfully brought across the finish line, though not without issues along the way - has made him rich, and he certainly has never been a member of the good ol' boys club tapping the public trust fund for personal gain. I think it's as simple as: he bought the Trio with good intentions, didn't have the means to complete the project, has spent the better part of a decade trying to find some gimmick to make the project work absent putting up his own capital upfront, and has either been too stubborn or too proud to admit defeat and facilitate the sale of the buildings to someone who can bring them across the finish line. I don't think his "crime" is being malicious or shady as much as it is not knowing when to admit defeat and stop letting pride stand in the way of downtown's advancement.
Jacksonville-based Avant Construction says it is working with potential Laura Street Trio buyer
The deal includes the three historic Downtown structures and acquisition of the renovated Barnett National Bank Building.
https://www.jaxdailyrecord.com/news/2025/aug/12/jacksonville-based-avant-construction-says-it-is-working-with-potential-laura-street-trio-buyer/
Good to know he's not a bad person. I just feel like the cost of that sitting like that ugly and abandoned has been so bad for our downtown. Imagine Laura Street Trio already completed and beautiful when the Riverfront Plaza opens, with the new pizza/taphouse too.
Quote from: Jankelope on August 13, 2025, 10:22:43 AM
Good to know he's not a bad person. I just feel like the cost of that sitting like that ugly and abandoned has been so bad for our downtown. Imagine Laura Street Trio already completed and beautiful when the Riverfront Plaza opens, with the new pizza/taphouse too.
The costs have been incredible, and he's just not able to close a deal despite the extremely generous incentives the city has approved. There's a reason we're no longer working with him, and it's not for lack of trying.
Quote from: acme54321 on August 12, 2025, 07:33:36 PM
Jacksonville-based Avant Construction says it is working with potential Laura Street Trio buyer
The deal includes the three historic Downtown structures and acquisition of the renovated Barnett National Bank Building.
https://www.jaxdailyrecord.com/news/2025/aug/12/jacksonville-based-avant-construction-says-it-is-working-with-potential-laura-street-trio-buyer/
Interested to see if they (the buyer) can pull it off. If it is who I think it is then I don't see any historic renovations in their portfolio. Avant has plenty of experience though so that gives me confidence. I am glad to see they are finally adding an amenities floor to The Barnett, that should help with their occupancy
QuoteCottrill said Avant will help determine whether all three buildings can be saved. The work involves a cost, structural and historical analysis that will be conducted partly through use of artificial intelligence-powered 3D imaging technology.
"We're committed to keeping what can be kept," he said. "We're not looking for an easy way out."
Sounds like they are going to try and keep all three, but acknowledging the possibility that it might not be possible to save all three.
Quote from: Joey Mackey on August 13, 2025, 02:47:03 PM
QuoteCottrill said Avant will help determine whether all three buildings can be saved. The work involves a cost, structural and historical analysis that will be conducted partly through use of artificial intelligence-powered 3D imaging technology.
"We're committed to keeping what can be kept," he said. "We're not looking for an easy way out."
Sounds like they are going to try and keep all three, but acknowledging the possibility that it might not be possible to save all three.
If there's an imminent risk of structural failure, MCCD has the ability to demolish a structure quickly and safely, bypassing the typical protections. I haven't heard that to be a concern from anyone.
Beyond imminent structural failure, what criteria would you use to determine if a building is/isn't possible to renovate?
Just curious.
^I have no clue. It sounds like Avant - if this sale goes forward - will make that determination.
Quote from: fsu813 on August 13, 2025, 03:02:58 PM
Quote from: Joey Mackey on August 13, 2025, 02:47:03 PM
QuoteCottrill said Avant will help determine whether all three buildings can be saved. The work involves a cost, structural and historical analysis that will be conducted partly through use of artificial intelligence-powered 3D imaging technology.
"We're committed to keeping what can be kept," he said. "We're not looking for an easy way out."
Sounds like they are going to try and keep all three, but acknowledging the possibility that it might not be possible to save all three.
If there's an imminent risk of structural failure, MCCD has the ability to demolish a structure quickly and safely, bypassing the typical protections. I haven't heard that to be a concern from anyone.
Beyond imminent structural failure, what criteria would you use to determine if a building is/isn't possible to renovate?
Just curious.
- Floor Plates
- Floor/Ceiling Heights
- Window Placement & Size
- Elevator Shafts
- Hazardous Materials (govt $$ usually available to handle this one)
Pretty much everything else comes back to these key items.
Quote from: Jax_Developer on August 13, 2025, 04:30:52 PM
Quote from: fsu813 on August 13, 2025, 03:02:58 PM
Quote from: Joey Mackey on August 13, 2025, 02:47:03 PM
QuoteCottrill said Avant will help determine whether all three buildings can be saved. The work involves a cost, structural and historical analysis that will be conducted partly through use of artificial intelligence-powered 3D imaging technology.
"We're committed to keeping what can be kept," he said. "We're not looking for an easy way out."
Sounds like they are going to try and keep all three, but acknowledging the possibility that it might not be possible to save all three.
If there's an imminent risk of structural failure, MCCD has the ability to demolish a structure quickly and safely, bypassing the typical protections. I haven't heard that to be a concern from anyone.
Beyond imminent structural failure, what criteria would you use to determine if a building is/isn't possible to renovate?
Just curious.
- Floor Plates
- Floor/Ceiling Heights
- Window Placement & Size
- Elevator Shafts
- Hazardous Materials (govt $$ usually available to handle this one)
Pretty much everything else comes back to these key items.
Money and/or creativity can address those issues. In fact, money generally solves all renovation challenges. I believe what your signaling is that ROI is important, and those items listed impact the ROI. For the Laura Street Trio, there's gigantic leeway in ROI considering their civic prominence and historical value.
Yes & no. There are buildings in Manhattan, completely empty, simply because of the floor plates. No amount of money will ever make 'those' types of buildings feasible. They will be demo'd before restored.
The ROI can increase the number of buildings that can be repurposed, but the fact remains that there are factors that will prevent restoration in any market.
Can floor plates be expanded by building an addition to the existing building? A clever architect could make it appear as 2 buildings when it is really one. If not room at ground level, it would be great to see a building in Jax built over a street. I have seen this in other cities and in in Minnesota, I even saw one built over a working railroad line.
Quote from: jaxlongtimer on August 14, 2025, 12:05:05 AM
Can floor plates be expanded by building an addition to the existing building? A clever architect could make it appears as 2 buildings when it is really one. If not room at ground level, it would be great to see a building in Jax built over a street. I have seen this in other cities and in in Minnesota, I even saw one built over a working railroad line.
As it relates to the Trio, I actually think it doesn't have any of the items listed other than maybe elevator shafts (& ofc the 'structural issues' mentioned). The buildings are narrow, seemingly have enough height for every floor, and they have large windows. I do believe the purpose of the addition in Atkins plans had some purpose due to the projected occupancy of the hotel. It looks like the new addition was intended to house elevator shafts. It's likely the Bisbee building had one or none... either way it wouldn't meet fire code without the additional lifts. They had the same plan with the apartments too.
To answer your question Jax, yes. They can also be lessened.. there was a building in NYC that literally cut breezeways out the middle of it because the floor plates were massive. Now there are internal breezways with windows for more light. Not sure I would live there, but a neat idea nonetheless.
BIG Laura Trio News:
https://www.bizjournals.com/jacksonville/news/2025/12/04/becovic-management-the-trio-barnett-sale.html?utm_source=st&utm_medium=en&utm_campaign=BN&utm_content=JA&ana=e_JA_BN&j=42878629&senddate=2025-12-04
Unless this falls through, Atkins is out on 12/9.
I can't see the article at the moment. Have the plans changed? Will the new owner need more incentives than what has already been offered?
After decades of stalled plans, false starts and fading hope, the Laura Street Trio is finally getting a new owner with both the capital and the appetite to take it on.
Becovic Management Group is buying the Trio and the Barnett Bank building, a rare four-building deal that could reset the trajectory of downtown's most-watched block.
The sale closes Dec. 9 and will give the Jacksonville-based developer control of a stabilized residential tower and three of the city's most fragile historic structures. Becovic plans to move quickly.
The company will overhaul the Barnett, launch an immediate cleanup and activation of the Old Florida National Bank Building on Forsyth Street — also known as the Marble Bank — and push forward a phased redevelopment that will bring housing, a hotel and a new restaurant to the core.
The deal caps months of tense negotiations between the previous ownership groups, SouthEast Development and Las Vegas-based Molasky Group, and positions Becovic as a central player in downtown's next chapter at a moment when momentum has never been stronger.
This is arguably the biggest news for Downtown in years. That block is so critical in connecting all of the other investments taking place Downtown and making them work. If they do it right, the entire feel of Laura, Adams, and Forsyth Streets will be completely different.
Also, very happy that they're focusing on preserving the Trio first and doing new construction after. Hopefully they can open up the retail space on Adams Street in The Barnett and get a good tenant in there
It will be interesting to see if additional incentives are needed on top of what was approved for the project. We just saw this week that the stadium is $100mm over budget due to tariffs and they are trying to mitigate costs by purchasing materials well in advance.
Seems like council is trying to curb future incentives for projects so this would be the biggest hurdle to clear in the project (as always) but the height of this hurdle is now higher than it was when Aktins took over.
Let's hope and pray that they are coming in like Gateway with locked in capital on their side.
How much of the previously approved incentives have been paid to one or more of the prior owners? I don't recall if there was any up-front cash.
I assume that City Council will have to approve any incentive package, even if it is the same as what they already approved.
It's shockingly unreal that this is STILL A FUKING THING. Yay I guess... Having moved away 4 years ago and still... just wow. Good luck!!
JDR Article: https://www.jaxdailyrecord.com/news/2025/dec/04/indiana-based-becovic-management-group-says-it-is-buying-laura-street-trio-barnett-building/
Great news for the Trio, particularly just focusing on saving the buildings now and focusing on new construction later. but what kind of mismanagement led to 3 floors of the Barnett not being used when the building hit 100% capacity almost instantly? From the article:
"Roberts said the 18-story building was not fully renovated. Becovic plans to finish it off by completing a planned amenities center on the third floor and building-out two other floors.
"That building has no amenities. So the third floor will be an amenity center, which will start immediately. Then the sixth and seventh floor, which were initially planned to be additional commercial space, we're actually going to convert that into multifamily."
Roberts said the group was working with architects on a plan for the sixth and seventh floors but believed it would involve 18 to 20 unit."
Quote from: Westside Guy on December 05, 2025, 09:36:52 AM
Great news for the Trio, particularly just focusing on saving the buildings now and focusing on new construction later. but what kind of mismanagement led to 3 floors of the Barnett not being used when the building hit 100% capacity almost instantly? From the article:
"Roberts said the 18-story building was not fully renovated. Becovic plans to finish it off by completing a planned amenities center on the third floor and building-out two other floors.
"That building has no amenities. So the third floor will be an amenity center, which will start immediately. Then the sixth and seventh floor, which were initially planned to be additional commercial space, we're actually going to convert that into multifamily."
Roberts said the group was working with architects on a plan for the sixth and seventh floors but believed it would involve 18 to 20 unit."
Intentionally bad ownership.
Honestly as an actual 5 year resident of Barnett, I didn't mind the previous owner. New owners seemd to be out of their element, so I wouldn't be too hyped just yet. Seems like a lot of ideas that are needed (and a few that are very unneeded or wanted), but so far no clear plan of completion and a lack of confidence in the company to even just handle the management of the current building. Which is such a mess, alot of people like me are looking at other housing options. Which puts a big dent in their financial plan to do all these upgrades. So I can imagine the mess when they finally get to the Trio (If they actually do).
Quote from: soepic on January 03, 2026, 04:05:52 AM
Honestly as an actual 5 year resident of Barnett, I didn't mind the previous owner. New owners seemd to be out of their element, so I wouldn't be too hyped just yet. Seems like a lot of ideas that are needed (and a few that are very unneeded or wanted), but so far no clear plan of completion and a lack of confidence in the company to even just handle the management of the current building. Which is such a mess, alot of people like me are looking at other housing options. Which puts a big dent in their financial plan to do all these upgrades. So I can imagine the mess when they finally get to the Trio (If they actually do).
Wow. Didn't know all of this trouble, mismanagement, and misfitness was going on with the Barnett. Makes you go Hmmm, and really question, based on what you've shared, on whether they are legit and/or up to it. Could be they are focusing most of the attention on the Trio and putting the managing of the Barnett "kind of" on the back burner. It would be ashamed if we got another faker relative to the Trio.
Based off the statement from the current Manager, his job is to complete the upgrade to The Barnett and then start on the Trio. Makes no sense to me that they don't have a person handling both. Seems like their goal is to try and make the money with us renters and new ones to fund the rehab of the Trio. But if that is the case and based off their current short track record of promises, it will be 2030 before they even look at the Trio or most likely sell that part to someone else. Plus looking at their Portfolio of properties are all modern and slightly generic and Barnett is their only historical property they have. So I really feel they are out of their element. But I was also skeptical that Gateway Jax would even break ground on any lot and they have several projects going vertical at once. So I hope for Downtown and as a proud Barnett Resident, that they do pull it off.
https://becovicmgmt.com/apartment-communities (https://becovicmgmt.com/apartment-communities)
https://becovicmgmt.com/commercial (https://becovicmgmt.com/commercial)
https://becovicmgmt.com/development (https://becovicmgmt.com/development)
Anyone have an update on the sale of the Trio? Property appraiser website still lists Atkins as the owner. Last I saw in the news was a tentative closing date on December 18, 2025. I wonder what is causing the holdup.
Quote from: Joey Mackey on January 21, 2026, 10:57:16 AM
Anyone have an update on the sale of the Trio? Property appraiser website still lists Atkins as the owner. Last I saw in the news was a tentative closing date on December 18, 2025. I wonder what is causing the holdup.
I thought that was just the date for the Barnett, which has changed hands.
https://www.jaxdailyrecord.com/news/2025/dec/04/indiana-based-becovic-management-group-says-it-is-buying-laura-street-trio-barnett-building/
QuoteBecovic Management Group plans to close on the Barnett building Dec. 9 and has set a tentative closing date of Dec. 18 for the Trio, according to the group's director of acquisitions, Joshua Roberts.
FYI, the property appraiser website can take 1 or 2+ months to update for transactions. I don't understand why in this day of electronic recordings but that's the way it is.
I think the Daily Record must have a seat at the registrar's office in the Courthouse to pick up transactions the very day they are recorded 8).
Quote from: jaxlongtimer on January 21, 2026, 10:13:15 PM
FYI, the property appraiser website can take 1 or 2+ months to update for transactions. I don't understand why in this day of electronic recordings but that's the way it is.
I think the Daily Record must have a seat at the registrar's office in the Courthouse to pick up transactions the very day they are recorded 8).
But if there's a demolition to be had, the paperwork can be processed in 6 hours ::)
Listening to the City Council committee meeting going on right now, Mike Weinstein just said that the purchase agreement for the Trio fell through. Steve Atkins still owns the building. It sounds like they are working on another deal. It's Groundhog Day I guess.
Shocker.
Quote from: Joey Mackey on February 09, 2026, 12:20:50 PM
Listening to the City Council committee meeting going on right now, Mike Weinstein just said that the purchase agreement for the Trio fell through. Steve Atkins still owns the building. It sounds like they are working on another deal. It's Groundhog Day I guess.
My my my; I'm like Liam Coen right now when he was asked by a Radio Show to sit down and explain what happened in Tampa. Of course Liam snuck out of Tampa in the middle of the night. When the Radio Host asked Liam to sit, Liam rolled his eyes to the back of his head and kept walking. Then about 30 seconds later, he came back, and asked the Radio host, "what happened last year in Tampa?" And then walked off for good, after receiving a hug from Baker Mayfield. I'm just rolling my eyes in the back of my head about all of this. Why don't they (the City purchase the Trio) just raze/demolish the Trio; its just crumbling and may not pass inspection anyway. Maybe Bryan Moll will take over the Trio (he already has too much on his plate as it is, so, don't think that will happen).
Quote from: Joey Mackey on February 09, 2026, 12:20:50 PM
Listening to the City Council committee meeting going on right now, Mike Weinstein just said that the purchase agreement for the Trio fell through. Steve Atkins still owns the building. It sounds like they are working on another deal. It's Groundhog Day I guess.
I actually came away a little more optimistic, Joey!
Weinstein - who I think is one of the straightest shooters in the entire city - said that even though the sale hasn't gone through, the existing buyer remains engaged, and that he is the most optimistic he's ever been that the Trio is going to move forward, with all three buildings intact, at a moderate cost to the taxpayers.
Well, this is an interesting quirk - Becovic has taken assignment of the mortgage on it:
https://www.jaxdailyrecord.com/news/2026/feb/10/buyer-of-barnett-building-takes-over-mortgage-downtown-jacksonvilles-historic-laura-street-trio/
Clearly they're still involved.
It's a bold strategy, Cotton!
Quote from: Steve on February 10, 2026, 10:05:20 AM
Well, this is an interesting quirk - Becovic has taken assignment of the mortgage on it:
https://www.jaxdailyrecord.com/news/2026/feb/10/buyer-of-barnett-building-takes-over-mortgage-downtown-jacksonvilles-historic-laura-street-trio/
Clearly they're still involved.
Yes! God is God. I hope they move forward and start construction yesterday. More encouraging/good news.
I won't believe anything until shovels are in the ground. Really really hoping and praying it's real this time. I will one of the first to stay at the Marriott Autograph Hotel!
Quote from: Jankelope on February 11, 2026, 09:45:54 AM
I won't believe anything until shovels are in the ground. Really really hoping and praying it's real this time. I will one of the first to stay at the Marriott Autograph Hotel!
Me 2 (two).