Barnett Building Update

[ProjectMaximus]

So far, local businesses and projects Khan has invested in:

• US Culinary and Beverage LLC
  Casework of America Inc
  Heritage Farms Jacksonville
  L&J Diesel Service Inc
  KYN
  Edgewood Bakery
  Barnett Bank Building and the Laura Street Trio
  

Looks like those last three have soured. Any updates on the rest? Things quietly going smoothly?

[Non-RedNeck Westsider]

So far, local businesses and projects Khan has invested in:

• US Culinary and Beverage LLC
  Casework of America Inc
  Heritage Farms Jacksonville
  L&J Diesel Service Inc
  KYN
  Edgewood Bakery
  Barnett Bank Building and the Laura Street Trio
  

Looks like those last three have soured. Any updates on the rest? Things quietly going smoothly?

I was mistaken in my post earlier, as have most everyone else here regarding Edgewood.

We're omitting the fact that the funding from Stache (technically) went to US Culinary, LLC.  Who then bought out Edgewood Bakery and then fired the lead baker, against the wishes of the investment company.

US Culinary represented a startup from 1* that was supposed to produce healthy-veggie treats. 

Edit:  Apache and I were posting about the same time.  I also wanted to add that the legal issues started when the managing partners, the Rykalsky's, started making poor decisions and failing to realize that they were minority partners in the business.  It wasn't 'their way' as they believed and totally ended up as 'the highway' in the end.

[Non-RedNeck Westsider]

Casework of America used to be Commercial Casework, on Wells Rd just as you get into Orange Park.  They have been a bane to all the local millworkers in the area for about a decade due to their pricing structure, or lack thereof.

In the world of competitive bidding, when the lowest bid is awarded, they were routinely 25%-30% below most of their competition and survived for many years robbing Peter to pay Paul.  I had a GC send me their winning quote, just to compare the two, and their selling price, including installation labor, was lower than my cost on material. 

I haven't done any millwork estimating for close to 5 years now, so I really don't have any insight into the new operation.  Needless to say, it can't be worse.  With proper management, they would be able to competitively raise the prices for all shops across the board while still destroying their previous margins.

[mtraininjax]

I don't have any facts and I certainly don't trust all the southern gossip queens on a site like this.

Well said sir, well said!

Keeping with the rampant and juicy speculation of this story.......Sleiman, Khan, both have a common denominator, like the sun and the moon, Alvin Brown. Both big supporters of the last four year "photo op man" and both now stand to have to go to the back of the line with a new administration.

Too bad, so sad....

Atkins was lucky enough to get financing from anyone, but not paying your bills, come on man. No sympathy here.

[marty904]

My only questions is... would this "story" have racked up 5 pages of  comments if Atkins had gone conventional and gotten a mortgage from a bank rather than from Khan?  And would people be calling the bank "evil" and "shrewd" because the bank foreclosed after non-payment for over 2 years?  Of course not... it would have been a quick story about another failed project that wasn't properly funded before purchasing the properties.

One Enterprise Center was foreclosed on (http://www.metrojacksonville.com/forum/index.php?topic=24525.0) and it received a whopping total of 2 comments.  Why wasn't the lender in that foreclosure ran through the wringer like Khan is being in this post?

[jaxjaguar]

^Amen.

There seems to be a lot of unfounded, jealous rage on this subject.

[menace1069]

My only questions is... would this "story" have racked up 5 pages of  comments if Atkins had gone conventional and gotten a mortgage from a bank rather than from Khan?  And would people be calling the bank "evil" and "shrewd" because the bank foreclosed after non-payment for over 2 years?  Of course not... it would have been a quick story about another failed project that wasn't properly funded before purchasing the properties.

One Enterprise Center was foreclosed on (http://www.metrojacksonville.com/forum/index.php?topic=24525.0) and it received a whopping total of 2 comments.  Why wasn't the lender in that foreclosure ran through the wringer like Khan is being in this post?

THAT is an excellent observation! Kudos.

[Overstreet]

..................... Need an urban minded CEO who has no qualms locating downtown.

Need urban landlords willing to compete with suburban landlords.

[BoldCityRealist]

My only questions is... would this "story" have racked up 5 pages of  comments if Atkins had gone conventional and gotten a mortgage from a bank rather than from Khan?  And would people be calling the bank "evil" and "shrewd" because the bank foreclosed after non-payment for over 2 years?  Of course not... it would have been a quick story about another failed project that wasn't properly funded before purchasing the properties.

One Enterprise Center was foreclosed on (http://www.metrojacksonville.com/forum/index.php?topic=24525.0) and it received a whopping total of 2 comments.  Why wasn't the lender in that foreclosure ran through the wringer like Khan is being in this post?

But come on, Khan is soooo easy to villainize!

[bill]

It feels as if what Jax dealmakers lack is a sense of urgency. That sounds like the basis for the mojo comments Khan made.

Or its a good reason why he should personally own a lions share of a city's downtown in his own view.


and btw, 3.9 for all four buildings. Not for the single building. If you are going to get something wrong, try not to fudge a fact that is literally on the front page of the daily newspaper.

Not according to the LP filing, but you are the smartest guy in the room.

Maybe this could have been resolved by the developer PAYING his mortgage, just saying.

Im sure everyone else is wrong, including the paper and stache investments then.  Everyone stands corrected. back under the gay free bridge with you.

https://www.jaxdailyrecord.com/showstory.php?Story_id=539140

A development company led by Stephen Atkins, with financing from a company led by Jacksonville Jaguars owner Shad Khan, has bought the old Barnett Bank Building and the three Laura Street Trio buildings in Downtown Jacksonville, according to City records.
Property records filed Tuesday at the Duval County Clerk's office show two affiliated companies bought the four buildings for a total of $3 million.

A company called Barnett Tower LLC acquired the Barnett building from JDI Adams Street LLC of Chicago. Documents list Atkins as the manager of Barnett Tower. The nearby Florida Life Building, Bisbee Building and the Marble Bank Building, collectively known as the Laura Street Trio, were acquired by a company called Laura Trio LLC.

There is no document filed showing Atkins' role with Laura Trio LLC, but the deeds filed for Barnett Tower and Laura Street Trio show that both sales were "part of one transaction."

The $3 million mortgage for the sale was provided by Stache Investments Corp. Records filed with the Florida Department of State show that Khan is the president of Stache Investments.

In a separate announcement Tuesday, Atkins and general contractors Woody Garner and David Searcy announced a merger of their related interest in multiple real estate companies. Atkins Group Inc., AGI Equities, Dav-Lin Construction Co. and Linea LLC have consolidated to create Southeast Development Group LLC.

Atkins said Wednesday morning that Khan has loaned Southeast Development $3 million, which was used to purchase the buildings.

Through all your typical bloviating and muckraking it turns out you were wrong(shocking). Amazing because of all of your "inside" sources you could not get the basic facts correct, or even look them up.

As I have mentioned to you many times before do not try to fit stories to your agenda. It does not work and makes you look stupid again.

[icarus]

Fetishistic hero worship(sounds kinky)? I think that's a stretch even for you.

And, quite honestly, you citing undisclosed facts as the justification for the validity of your position .. would make me naive for listening to anything you are saying.

Its a real estate deal turned bad.  Its far from over and I am sure all the parties continue to communicate even if through their lawyers.

Apparently there is some fetishistic hero worship going on here, and questioning his business practices in any way is like challenging a personal religion.

There are more details to this story, as I mentioned earlier, they will eventually come out, so by all means get yourselves nice and committed to a position before you know anything else.

I think that its abundantly obvious by now that Khan is not like Wayne and Delores Weaver.  There doesn't appear to have been much private philanthropy going on.  Just a string of business 'investments' that have gone south and a shit load of public money and benefits being showered on the guy.

[hiddentrack]

There are more details to this story, as I mentioned earlier, they will eventually come out, so by all means get yourselves nice and committed to a position before you know anything else.

You've committed yourself to your position - that this is an ugly dispute where Khan acted in bad faith and deliberately interfered in financing deals - based only on the details you've heard. So far we haven't seen anything other than your word to support that. Don't forget that you may be in the dark about several other sides to the story.

Most of the comments I've read from other posters in this thread are simply taking the position that we don't have enough information to start labeling this as anything more than a standard foreclosure. The comments that go beyond that seem based on frustration that you're insisting it's more than that despite the lack of verifiable information to support it.

I think that its abundantly obvious by now that Khan is not like Wayne and Delores Weaver.  There doesn't appear to have been much private philanthropy going on.  Just a string of business 'investments' that have gone south and a shit load of public money and benefits being showered on the guy.

That's not really a surprise. When Khan started Stache Investments he was clear, at least from what I can remember, that the investments by Stache would be his contribution to the community, with the Jaguars Foundation handling the philanthropic contributions to the community. Maybe if people stopped thinking of Stache Investments as a charity, we wouldn't have so many hurt feelings.

[SunKing]

[/quote]

meh.  this doesn't make being a sharpie any more commendable.
[/quote]

yes well the documented facts are against you there my friend.  some people are just better in business than others, but it doesn't make them dishonest.

[duvalbill]

Why weren't any counterclaims filed if there's validity to any of these allegations?  Seems pretty stupid to waive that right and only tell people of these bad acts.

[edjax]

It feels as if what Jax dealmakers lack is a sense of urgency. That sounds like the basis for the mojo comments Khan made.

Or its a good reason why he should personally own a lions share of a city's downtown in his own view.


and btw, 3.9 for all four buildings. Not for the single building. If you are going to get something wrong, try not to fudge a fact that is literally on the front page of the daily newspaper.

Not according to the LP filing, but you are the smartest guy in the room.

Maybe this could have been resolved by the developer PAYING his mortgage, just saying.

Im sure everyone else is wrong, including the paper and stache investments then.  Everyone stands corrected. back under the gay free bridge with you.

https://www.jaxdailyrecord.com/showstory.php?Story_id=539140

A development company led by Stephen Atkins, with financing from a company led by Jacksonville Jaguars owner Shad Khan, has bought the old Barnett Bank Building and the three Laura Street Trio buildings in Downtown Jacksonville, according to City records.
Property records filed Tuesday at the Duval County Clerk's office show two affiliated companies bought the four buildings for a total of $3 million.

A company called Barnett Tower LLC acquired the Barnett building from JDI Adams Street LLC of Chicago. Documents list Atkins as the manager of Barnett Tower. The nearby Florida Life Building, Bisbee Building and the Marble Bank Building, collectively known as the Laura Street Trio, were acquired by a company called Laura Trio LLC.

There is no document filed showing Atkins' role with Laura Trio LLC, but the deeds filed for Barnett Tower and Laura Street Trio show that both sales were "part of one transaction."

The $3 million mortgage for the sale was provided by Stache Investments Corp. Records filed with the Florida Department of State show that Khan is the president of Stache Investments.

In a separate announcement Tuesday, Atkins and general contractors Woody Garner and David Searcy announced a merger of their related interest in multiple real estate companies. Atkins Group Inc., AGI Equities, Dav-Lin Construction Co. and Linea LLC have consolidated to create Southeast Development Group LLC.

Atkins said Wednesday morning that Khan has loaned Southeast Development $3 million, which was used to purchase the buildings.

Through all your typical bloviating and muckraking it turns out you were wrong(shocking). Amazing because of all of your "inside" sources you could not get the basic facts correct, or even look them up.

As I have mentioned to you many times before do not try to fit stories to your agenda. It does not work and makes you look stupid again.

Perhaps he is just trying to take over the Top 50 list all in one thread?? He good.