Barnett Building Update

Tacachale · June 09, 2015, 05:01:20 PM

The owners always made it clear they would need public investment to pull it off. Sadly the city never made it happen under the current mayor and council. Stache issued notice in December. I'll wager this has been coming for some time, and just Khan held off until after the election, as he was supporting Brown.

Unfortunately, with a new crunch budget and a 90 day audit coming, the city is unlikely to change its tune in the amount of time that would be needed. Things look very dark for this whole project, and these buildings.

BoldCityRealist · June 09, 2015, 05:52:27 PM

Does anyone think Khan would have more pull than someone like Atkins (who apparently lacks a website detailing his past development successes) when it comes to bringing in the amount of capital and credit needed to rehab this structure?

Also, Laura Street looks dead to me. At least according to this. I highly doubt it could line up the financing needed... wasn't there some imaginary "NYC Investor" going to make these happen? I know I heard that from multiple sources. In the end, these projects need money. And being dependent on this broke town ain't gonna cut it and most investors don't see much reason to invest in a very second-tier city like JAX.

Sheesh, all this positive PR we've had shoved down our throats the past couple "One Spark" years has been a joke.

DuvalHusky · June 09, 2015, 06:07:49 PM

Lenny Peyton will turn it around. Sad, sad days.

For_F-L-O-R-I-D-A · June 09, 2015, 06:34:50 PM

Retail/Restaurant on ground floor.

Maybe some mixed use commercial for UNF like they had agreed, but mostly residential would be good because you need to create a great entertainment corridor on Laura with restaurants and bars leading to the Landing and you need more residents downtown to do it.

Hopefully, once the Brooklyn area sees high residency rates, maybe this begins to translate here.

Sad though. This is THE PROJECT for DT. The Elbow sucks. Downtown is dead. And this is the historic heart of DT ready to come alive.

Jax native · June 09, 2015, 07:43:10 PM

Quote

Actually there is a way more involved background on this. It would be hard to convince the average person, once the details are publicized that Khan has acted in good faith.

Stephen, You are very correct, although "the average person" may never gets all the information, you're right. I'm attuned to a little more background and its ugly.

MusicMan · June 09, 2015, 09:36:20 PM

Quote from The Daily Record:

"Stache Investments, led by President Shad Khan, filed the foreclosure complaint May 22, saying Barnett Tower has not made a single payment on two notes issued in 2013 and 2014. The complaint was served on Barnett on May 27."

I'd say that is pretty ugly, too.

bill · June 09, 2015, 10:10:46 PM

Quote from: Jax native on June 09, 2015, 07:43:10 PM
Quote

Actually there is a way more involved background on this. It would be hard to convince the average person, once the details are publicized that Khan has acted in good faith.

Stephen, You are very correct, although "the average person" may never gets all the information, you're right. I'm attuned to a little more background and its ugly.

He loans 1mm dollars of his money and never gets one payment? What could be uglier than that.

tufsu1 · June 09, 2015, 10:18:11 PM

Quote from: Tacachale on June 09, 2015, 05:01:20 PM
The owners always made it clear they would need public investment to pull it off. Sadly the city never made it happen under the current mayor and council.

I'm not sure that is a sad thing. I had major reservations about a private project that wanted $20+ million in cash from the city

copperfiend · June 09, 2015, 10:35:09 PM

Quote from: Houseboat Mike on June 09, 2015, 04:56:26 PM
So that is investment #2 of Stache that has failed. (Edgewood Bakery being the other)

Interesting.

His biggest investment in town has increased in value over 200 million dollars in 3 years.

Tacachale · June 09, 2015, 11:00:49 PM

Quote from: tufsu1 on June 09, 2015, 10:18:11 PM
Quote from: Tacachale on June 09, 2015, 05:01:20 PM
The owners always made it clear they would need public investment to pull it off. Sadly the city never made it happen under the current mayor and council.

I'm not sure that is a sad thing. I had major reservations about a private project that wanted $20+ million in cash from the city

Did you have reservations about Sleiman's Landing project and Khan's Shipyards? Those are/would have been a lot more city money than the Trio.

marty904 · June 10, 2015, 07:06:45 AM

Quote from: stephendare on June 09, 2015, 10:54:13 PM
deliberately screwing outside financing deals so that you can foreclose on the property and take your partners investments away from them. It gets much much uglier.

Stephen, do you have a full story on Khan "deliberately screwing outside deals" that you can report/share or is that another one of your "secrets"? That is a pretty heavy accusation to make and most would consider it unfounded without a proper story to back it up.

acme54321 · June 10, 2015, 08:28:32 AM

Quote from: stephendare on June 09, 2015, 10:54:13 PMdeliberately screwing outside financing deals so that you can foreclose on the property and take your partners investments away from them. It gets much much uglier.

Can you consider something that a payment was never made on an investment? I'm sure there are a number of sides to this story.

Elwood · June 10, 2015, 08:46:40 AM

That's the answer...everything is Khans fault. Let's not hold the city administrations over the last 35 years (Democrat or Republican) responsible for the citys shortcomings and outright failures. Let's blame the guy who's only been on the scene for the last 5. Whether you favor or disapprove of Stache dealings, the fact that nothing of substantial value has occured downtown is not due to Shad Khan. It rests on the shoulders of the officials we have elected.

thelakelander · June 10, 2015, 09:16:43 AM

Quote from: Tacachale on June 09, 2015, 05:01:20 PM
The owners always made it clear they would need public investment to pull it off. Sadly the city never made it happen under the current mayor and council. Stache issued notice in December. I'll wager this has been coming for some time, and just Khan held off until after the election, as he was supporting Brown.

Unfortunately, with a new crunch budget and a 90 day audit coming, the city is unlikely to change its tune in the amount of time that would be needed. Things look very dark for this whole project, and these buildings.

So I take it that the city has made a decision not to be a public partner on the Barnett and the Trio? I thought a decision was supposed to be made back by early 2015? It's summer now....

Todd_Parker · June 10, 2015, 09:51:44 AM

Quote from: thelakelander on June 10, 2015, 09:16:43 AM
Quote from: Tacachale on June 09, 2015, 05:01:20 PM
The owners always made it clear they would need public investment to pull it off. Sadly the city never made it happen under the current mayor and council. Stache issued notice in December. I'll wager this has been coming for some time, and just Khan held off until after the election, as he was supporting Brown.

Unfortunately, with a new crunch budget and a 90 day audit coming, the city is unlikely to change its tune in the amount of time that would be needed. Things look very dark for this whole project, and these buildings.

So I take it that the city has made a decision not to be a public partner on the Barnett and the Trio? I thought a decision was supposed to be made back by early 2015? It's summer now....

It certainly doesn't seem like the kind of behavior one would expect from the 'Bold New City of the South". How much cash did Jacksonville expend on that marketing campaign?