Barnett And Laura Street Trio Site Plan September 2014

[AuditoreEnterprise]

Laura St. Trio is back $25,726.61 on taxes. The Barnett is back $27,733.73. Not sure why they let that happen but if that is any indication into the funding they have then it don't look good. Hopefully they are actually going to get it together. I have seen many buildings lost this way.

Ref
Laura St. Trio LLC - Account # 073676-0000
Barnett Tower LLC - Account # 073742-0000

[IrvAdams]

I want odds...What do you think the odds are that this actually happens and is functional by 2018?

I would agree with a 90% success estimate by 2018. In fact, I think the entire Laura Street and core downtown area is on the edge of revitalization. There's so many individual efforts from different groups that I believe the critical mass has been reached at last.

[BoldCityRealist]

I met with the SouthEast Group's marketing director yesterday for a private tour and she gave me the low down. I'd say I'm in the 90/10 group after that. They seem very confident that everything will workout. Apparently the secret NYC investor is a name we'd all a recognize. Take that as you will.

A few things make me nervous:

1) Why hasn't the investor unveiled if he's such a big deal? Wouldn't that push the Council to make a decision? Apparently, Aundra Wallace knows. That's it.

2) The restauranteur for the Marble Bank is local and from Fernandina. The contract is not officially signed. Refined Southern cuisine is going to be the style of the joint. The fact this isn't finalized makes me nervous, however.

3) Asking our City Council for $7mil is a lot. But SE Group feels that there are funds already set aside for this and it would not be coming from the budget/general fund (someone can enlighten me, but apparently there are monies set aside specifically for this project)

4) The other aspects of the proposal (my favorite pieces) will take A LOT of negotiating - for instance, it is asking Regions to turn their parking lot into a park (great idea!). It is asking the City to build a new garage where they have a (cheap) preexisting surface lot. This garage would accommodate both Regions, the current users of the lot, the Barnett, and the Laura St buildings, it would also have retail space along the first floors.... seems like a lot of *extra* money and political moves to get this part of the plan to happen.

I am in the camp that this is by far the most important project in DT Jax's history. It MUST be done if DT is to thrive. I hope it happens and that the Council believes in this vision. I was assured that many on City Council do. However, I'll believe it when I see it. 

[KenFSU]

I met with the SouthEast Group's marketing director yesterday for a private tour and she gave me the low down. I'd say I'm in the 90/10 group after that. They seem very confident that everything will workout. Apparently the secret NYC investor is a name we'd all a recognize. Take that as you will.

A few things make me nervous:

1) Why hasn't the investor unveiled if he's such a big deal? Wouldn't that push the Council to make a decision? Apparently, Aundra Wallace knows. That's it.

2) The restauranteur for the Marble Bank is local and from Fernandina. The contract is not officially signed. Refined Southern cuisine is going to be the style of the joint. The fact this isn't finalized makes me nervous, however.

3) Asking our City Council for $7mil is a lot. But SE Group feels that there are funds already set aside for this and it would not be coming from the budget/general fund (someone can enlighten me, but apparently there are monies set aside specifically for this project)

4) The other aspects of the proposal (my favorite pieces) will take A LOT of negotiating - for instance, it is asking Regions to turn their parking lot into a park (great idea!). It is asking the City to build a new garage where they have a (cheap) preexisting surface lot. This garage would accommodate both Regions, the current users of the lot, the Barnett, and the Laura St buildings, it would also have retail space along the first floors.... seems like a lot of *extra* money and political moves to get this part of the plan to happen.

I am in the camp that this is by far the most important project in DT Jax's history. It MUST be done if DT is to thrive. I hope it happens and that the Council believes in this vision. I was assured that many on City Council do. However, I'll believe it when I see it. 

Thanks so much, this is some great info.

Completely agree on this project's importance to DT Jax.

Lot of hoops to jump through, but hearing both you and Stephen calling it 90/10 is pretty exciting.

[edjax]

I met with the SouthEast Group's marketing director yesterday for a private tour and she gave me the low down. I'd say I'm in the 90/10 group after that. They seem very confident that everything will workout. Apparently the secret NYC investor is a name we'd all a recognize. Take that as you will.

A few things make me nervous:

1) Why hasn't the investor unveiled if he's such a big deal? Wouldn't that push the Council to make a decision? Apparently, Aundra Wallace knows. That's it.

2) The restauranteur for the Marble Bank is local and from Fernandina. The contract is not officially signed. Refined Southern cuisine is going to be the style of the joint. The fact this isn't finalized makes me nervous, however.

3) Asking our City Council for $7mil is a lot. But SE Group feels that there are funds already set aside for this and it would not be coming from the budget/general fund (someone can enlighten me, but apparently there are monies set aside specifically for this project)

4) The other aspects of the proposal (my favorite pieces) will take A LOT of negotiating - for instance, it is asking Regions to turn their parking lot into a park (great idea!). It is asking the City to build a new garage where they have a (cheap) preexisting surface lot. This garage would accommodate both Regions, the current users of the lot, the Barnett, and the Laura St buildings, it would also have retail space along the first floors.... seems like a lot of *extra* money and political moves to get this part of the plan to happen.

I am in the camp that this is by far the most important project in DT Jax's history. It MUST be done if DT is to thrive. I hope it happens and that the Council believes in this vision. I was assured that many on City Council do. However, I'll believe it when I see it.

So they are expecting the city to a) give them the property to build the garage or b) actually build the garage???  If either of these, this city incentive would be in addition to the $7 million??

[AuditoreEnterprise]

and I am not sure regions even owns that parking lot. They are just a tenant in a building for sale. So I am fairly certain asking them to do something is going to do not good unless they have purchased the lot themselves, but I am not certain that is the case though I could be wrong.

[JayBird]

and I am not sure regions even owns that parking lot. They are just a tenant in a building for sale.

Regions Bank is the owner of the building (at Laura and Bay) and the lot behind it at corner of Laura & Forsyth. COJ owns the larger lot on Forsyth to Main.

EDIT: Here is the link
http://apps.coj.net/PAO_PropertySearch/Basic/Detail.aspx?RE=0736690000

[BoldCityRealist]

I met with the SouthEast Group's marketing director yesterday for a private tour and she gave me the low down. I'd say I'm in the 90/10 group after that. They seem very confident that everything will workout. Apparently the secret NYC investor is a name we'd all a recognize. Take that as you will.

A few things make me nervous:

1) Why hasn't the investor unveiled if he's such a big deal? Wouldn't that push the Council to make a decision? Apparently, Aundra Wallace knows. That's it.

2) The restauranteur for the Marble Bank is local and from Fernandina. The contract is not officially signed. Refined Southern cuisine is going to be the style of the joint. The fact this isn't finalized makes me nervous, however.

3) Asking our City Council for $7mil is a lot. But SE Group feels that there are funds already set aside for this and it would not be coming from the budget/general fund (someone can enlighten me, but apparently there are monies set aside specifically for this project)

4) The other aspects of the proposal (my favorite pieces) will take A LOT of negotiating - for instance, it is asking Regions to turn their parking lot into a park (great idea!). It is asking the City to build a new garage where they have a (cheap) preexisting surface lot. This garage would accommodate both Regions, the current users of the lot, the Barnett, and the Laura St buildings, it would also have retail space along the first floors.... seems like a lot of *extra* money and political moves to get this part of the plan to happen.

I am in the camp that this is by far the most important project in DT Jax's history. It MUST be done if DT is to thrive. I hope it happens and that the Council believes in this vision. I was assured that many on City Council do. However, I'll believe it when I see it.

The investor is apparently so credible that if they decide to invest in the Jacksonville Market, its something even SIMMS would approve of.  Such a prominent investment group having faith in Jville would send a strong message back to the national investment community.

However if the investor can't make it work with the City, the decision to give the project a pass after announcing interest would send a similarly powerful message: one shaped like a skull and crossbones.

I certainly understand the caution.

Ah, makes perfect sense. Well, fingers crossed. This would be huge.

[AuditoreEnterprise]

and I am not sure regions even owns that parking lot. They are just a tenant in a building for sale.

Regions Bank is the owner of the building (at Laura and Bay) and the lot behind it at corner of Laura & Forsyth. COJ owns the larger lot on Forsyth to Main.

EDIT: Here is the link
http://apps.coj.net/PAO_PropertySearch/Basic/Detail.aspx?RE=0736690000

They must have been the ones people were talking about making the purchase earlier this year then when the building was for sale. I think it went for a couple million dollars. I know there was a buyer and the agent advertised that regions held a 10 year lease, but I suppose they bought it

[edjax]

Per story on JBJ, CenterState Bank has signed a letter of intent to occupy 3000 square feet in the Laura St Trio for a retail banking operation.  They would not be the bank that was mentioned for the Barnett Building.

[AuditoreEnterprise]

Interesting. I wonder what Space they are looking to utilize.

[edjax]

Assume either the new addition which will have part of the hotel or the separate retail to be built on Forsyth.

[jcjohnpaint]

I remember something being said about money being put aside for preservation of these buildings.  I couldn't find it on the many threads out there on these buildings.  How much has been put aside for preservation?

[AuditoreEnterprise]

you would need to find the resolution number or whatever they call it in city council. If it was just something they said they were going to do and it was never official, then there's a good chance that money doesn't exist anymore.

[exnewsman]

I thought I heard that they plan on adding a second bank in the first floor of the Barnett Building. If true, does anyone thing that space, with those high arching windows deserves something other than another bank?  I was thinking a white-clothed table-style restaurant (maybe a steakhouse - which is what the previous investors were planning for the Marble Bank building as I recall.

Would be great so eat inside a great space, looking out those windows with all the new activity going on.

Am I missing something?