Laura Street Trio in Trouble? Updated status of six key Downtown projects

[Tacachale]

To move the project forward, Atkins is asking the city for $8 million in grants as well as having the city provide parking spaces, which could cost between $6 million and $10 million for a 300 to 700 space parking garage.

So we're looking at somewhere between $14 - $18 million from the city.

That's what it's sounding like. Plus the fact that the city would be building and operating a garage but giving part (or all) of the spaces over to this development. It still may not be a terrible deal... if Atkins is really the guy who can pull it all off.

[SunKing]

To move the project forward, Atkins is asking the city for $8 million in grants as well as having the city provide parking spaces, which could cost between $6 million and $10 million for a 300 to 700 space parking garage.

So we're looking at somewhere between $14 - $18 million from the city.

Total or just for the garage?

[thelakelander]

$6 to $10 million for just the garage.

[edjax]

The City will benefit from $152 million in total economic impact from the development, with a projected $17.5 million in operations each year and a $7 million increase in new regional payroll. In total, the project will generate 448 jobs during construction and 247 permanent mid-to-high wage jobs during operations. Plus it saves 4 historically significant buildings and gains a mixed use (parking plus retail) parking garage to support the development with plenty of excess to support the city.

Since you are obviously involved with the project as a tenant, were you aware that the garage being built by the city was part of the proposal as noted in the JBJ article this morning?

[whyisjohngalt]

Was the garage not listed in the petition purposefully (misleading) or because the Southeast Group wasn't aware that the garage was going to cost money ( proof of inexperience / incompetence) ?

[CCMjax]

Was the garage not listed in the petition purposefully (misleading) or because the Southeast Group wasn't aware that the garage was going to cost money ( proof of inexperience / incompetence) ?

From what I remember the garage was always a negotiation issue and was always unclear who was going to pay for it.  Am I wrong?  I seem to remember the garage topic coming up long ago in threads and articles.

[mtraininjax]

with a projected $17.5 million in operations each year and a $7 million increase in new regional payroll.

These sentences are usually deal killers.

And this just in.....

Wallace: DIA won't be rushed into Laura Street Trio, Barnett deal

http://www.bizjournals.com/jacksonville/news/2015/11/19/wallacedia-wont-be-rushed-into-laura-street-trio.html?ana=e_du_pub&s=article_du&ed=2015-11-19&u=ws%2FwFtnjeqX1uMQ%2F9qEFWQ08d60585&t=1447970657

[edjax]

Was the garage not listed in the petition purposefully (misleading) or because the Southeast Group wasn't aware that the garage was going to cost money ( proof of inexperience / incompetence) ?

From what I remember the garage was always a negotiation issue and was always unclear who was going to pay for it.  Am I wrong?  I seem to remember the garage topic coming up long ago in threads and articles.

I guess if you can find it in a prior thread please share then you your recollection would be correct. 

[edjax]

Was the garage not listed in the petition purposefully (misleading) or because the Southeast Group wasn't aware that the garage was going to cost money ( proof of inexperience / incompetence) ?

From what I remember the garage was always a negotiation issue and was always unclear who was going to pay for it.  Am I wrong?  I seem to remember the garage topic coming up long ago in threads and articles.

I guess if you can find it in a prior thread please share then you your recollection would be correct.

Well you Win the good memory award!!!!!! I found this is another thread on the topic.  See #4.


BoldCityRealist
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Re: Barnett And Laura Street Trio Site Plan September 2014
« Reply #33 on: September 25, 2014, 02:29:29 PM »
Quote
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. 

[RattlerGator]

not knowing what you are talking about doesn't stop you does it?

Well, I've certainly learned you usually resort to this kind of nonsense when you're worried. And you should be. No one in the city needs to be an insider to know there well might be some hocus-pocus going on here:

"This Summary of Terms is not a commitment, but rather a description of terms and conditions under which US Bank would consider providing financing," the document reads.

In addition to that, the use of the term sheet "as a basis for a discussion regarding a loan request" expired Monday, well before the city could have made a commitment.

What ? ? ? Why aren't y'all discussing this? Stephen is obviously an off-the-charts partisan on this Atkins effort but . . . does this makes sense to the rest of you?

[thelakelander]

No need for me to discuss. Things will play out one way or the other. However, I do hope that they can iron out a deal that will result in the project moving forward.

[CCMjax]

Is anybody going to this meeting today at 10?  I was hoping to go but cannot make it.

From their petition site . . . . . .

"Nov 18, 2015 — As we near 1000 signatures, we want to update you on the effect you've had on this process. This petition motivated the DIA to schedule a special meeting this Friday, to give us the opportunity to present our plan to the DIA board. This is specifically for the DIA to ask questions about the project, but the public is welcome to attend and listen in (unfortunately you won't be able to ask your own questions, but it's a great opportunity to learn more about the project directly from us). If you're interested, please join us on Friday, November 20, from 10 a.m. - 12 p.m., in boardroom 851, located on the 8th Floor of the Ed Ball building (214 N. Hogan St., 32202). [If you have any disabilities, or special needs, please email bmeyer@coj.net to coordinate.]"

[Tacachale]

So... can anyone report on today's meeting?

[RattlerGator]

dumb.  This is about our downtown moving forward, and how we spend out tax monies, rattler gator,  Unless you are volunteering orange park to help pay for our improvements to our urban core.

Still consistent; a non-substantive response disguised by a blatantly bogus take based on a point no one has been or was making. You do this for the sake of clicks ? ? ? Really ? ? ?

That's sad.

[CCMjax]

So Stephen . . . what I gather from that post is that nothing really happened at the meeting, nothing new was discussed, and it is good that I missed it because it was a complete waste of time?  Oh and instead of saving our most important historic and iconic buildings on our most important and iconic street in our most important part of town we got gigantic video boards and pools in a football stadium.  I'm not saying the stadium upgrades were necessarily a bad thing but it is starting to sound like the city does in fact put all their energy in one thing at a time, or at least the previous administration.