What Khan We Expect for the Laura Street Trio?

[Non-RedNeck Westsider]

Shahid Khan considering Laura Street Trio
Jacksonville Business Journal by Ashley Gurbal Kritzer and Marisa Carbone Finotti
Date: Tuesday, March 6, 2012, 11:36am EST

Related:Banking & Financial Services, Commercial Real Estate, Economic Snapshot Enlarge Image Shahid Khan is considering the purchase of the Barnett Bank Building and the Laura Street Trio in Downtown Jacksonville.

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Jacksonville Jaguars owner Shahid Khan is considering the purchase of the Barnett Bank Building and the Laura Street Trio in Downtown Jacksonville, a JaxUSA Partnership executive said.

John Haley, senior vice president of business development for JaxUSA, Jax Chamber’s economic development arm, said Khan “has people doing diligence on the Laura Street Trio.”

“And he also has people doing diligence on companies, too,” Haley said. “He’s looking at investing in companies that will generate new employment and new capital investment in Jacksonville.”

The four historic buildings â€" the Barnett Bank Building and the trio, which consists of the Florida Life Building, the Bisbee Building and the Marble Bank Building â€" and an adjacent vacant parcel are listed for sale on LoopNet    LoopNet Latest from The Business Journals Follow this company , an online marketplace for commercial real estate, for $3.95 million.

The buildings, at the corner of Laura and Forsyth streets, are considered a linchpin in the redevelopment of Downtown.

A source close to the situation confirmed Khan has consultants considering the purchase.

The source, who asked not to be named, said Khan is not interested in redeveloping the property.

“He’s really doing this as a way to secure the title instead of letting the bank sell it to an unwanted suitor,” the source said.

Jacksonville developer Steve Atkins has said he was under contract on the purchase of the buildings since proposing a $70 million redevelopment plan in May 2010.
Atkins declined comment.

Chicago-based JDI Realty Inc.    JDI Realty Inc. Latest from The Business Journals Follow this company foreclosed on the properties in 2008 after real estate developer Cameron Kuhn defaulted on the loans.

Bobby Knight, a broker associate with Addison Commercial Realty Inc., listed the buildings for JDI for about two and a half years, but when the agreement expired, JDI hired CBRE Group Inc.    CBRE Group Inc. Latest from The Business Journals Follow this company in Jacksonville to market the properties.

“If you can’t do it in two years, they move it to somebody else,” Knight said. “I wasn’t surprised, but I was sorry to see it go, because we’d keep thinking we were very close to having a closing.”

Knight said he’d been told there was a “major hotel” chain interested in the Barnett Bank when he had the listing.

He also said he’d heard that a Toronto group has a letter of intent to purchase the buildings.

Michael Harrell, one of the listing brokers with CBRE, declined comment.

Marisa Carbone Finotti is a contributing writer to the Jacksonville Business Journal

[copperfiend]

Interesting. Maybe he's making a plan for where to stay in Jacksonville after he sells his yacht.

[duvaldude08]

All I can say is.. I TOLD EVERYONE SO. He's going to do some good things for this city. I'd rather he own them than some bank.

[Timkin]

All I can say is.. I TOLD EVERYONE SO

You didn't tell me

[duvaldude08]

All I can say is.. I TOLD EVERYONE SO

You didn't tell me

LOL when everyone was parnoid that he was gonna move the team, etc etc. I stated that he would actually be a blessing to this city more than anyone would ever know.  He's a business man and I expect coming from him in the future.

[Timkin]

If the Trio finally ends up rehabbed , I would be elated.   

  I am a little confused  by the statement " The source, who asked not to be named, said Khan is not interested in redeveloping the property."   

[duvaldude08]

If the Trio finally ends up rehabbed , I would be elated.   

  I am a little confused  by the statement " The source, who asked not to be named, said Khan is not interested in redeveloping the property."

Even if he isnt interested, him just buying the property is a good first step. Im not to sure how the real estate world works, but Im sure it would be a easier to get a project off the ground with him owning. I would think that someone who is interested in redeveloping the property would buy it from him or something like that. Hopefully Lake or Simms chimes in. Im not good at real estate lol

[blizz01]

Wow - he's really rolling up his sleeves.

[duvaldude08]

Wow - he's really rolling up his sleeves.

Anyone that does not support what this guy is trying to do needs to move asap. As a city, we really need to get behind him and the team. He's doing his part already. THANK YOU WAYNE AND DELORIS.

[wsansewjs]

Wow - he's really rolling up his sleeves.

Anyone that does not support what this guy is trying to do needs to move asap. As a city, we really need to get behind him and the team. He's doing his part already. THANK YOU WAYNE AND DELORIS.

I have a great reserve respect for Mr. Khan, but I think you are "jumping the gun" too early on the entire Khan thing, DuvalDude. We aren't even into at least 6 months with Mr. Khan yet. It is better to judge a person AFTER the time allocated and any actions would speak for himself.

-Josh

[mtraininjax]

A source close to the situation confirmed Khan has consultants considering the purchase.

The source, who asked not to be named, said Khan is not interested in redeveloping the property.

So why even bother? The bumper business is not as exciting as it used to be? 

[fsujax]

Ashamed it takes an outsider who just moved here to realize the value of those buildings. With all the millionaires around this city, you would think they could step up, put thier money where their mouths are and do something to buy, rehab and make these buildings alive again. The non-group could have easily done something of this scale.

[Non-RedNeck Westsider]

...With all the millionaires AROUND this city...

I guess we need a millionaire (or billionaire in this case) who wants to be IN the city.

[fsujax]

^^nice.

[Anti redneck]

Khan's taking over downtown, one building at a time. Go Khan!!