Barnett Bank Building Foreclosed

[MusicMan]

Almost impossible to tell the buildings true worth at this point.  Are there any recent comparable sales (arms length) of anything this size in similar condition?

[lastdaysoffla]

So, what does the future of the Barnett look like know? Can we expect some movement on restoration or will should we be prepared for a situation like the Laura Street Trio where plans are made but held up due to lack of city funding?

[KenFSU]

Just saw this lovely little video from the Adkins group, though it certainly needs an update:

https://vimeo.com/145086309

[KenFSU]

Statement on the purchase, via the T-U, from Jim Woodcock, spokesman for Shad Khan.

"Stache has demonstrated beyond doubt Mr. Khan's commitment to Jacksonville, and that is particularly true for Downtown Jacksonville. Stache is very pleased to have won the bid and be in a position to play a role in whatever the future may hold for the property.

"It is far too early to speculate what the short-term or long-term future may look like for the Barnett building. But until decisions regarding its future are made, rest assured that the Barnett building is in excellent hands."

[Tacachale]

I can't imagine Khan would want the building (at any price) if he wasn't going to do anything to it. I think it's more a question of what and when, not if.

[KenFSU]

I can't imagine Khan would want the building (at any price) if he wasn't going to do anything to it. I think it's more a question of what and when, not if.

Here's what excites me. If Shad Khan - a powerful, well respected billionaire - presents a plan for restoration of the Barnett Bank building, what does that do for investor confidence in the surrounding area? Maybe nothing. Or maybe it creates a very powerful domino effect.

[Non-RedNeck Westsider]

Owned by the guy he screwed on the Barnett Deal.

I still feel like blaming Khan for the Adkins deal is like blaming a rope supplier for hangings.

[RattlerGator]

Clearly, he didn't screw anybody. Somebody was *trying* to screw him. Stupid move on their part. But Stephen is invested in an odd narrative and has made himself a slave to it.

[acme54321]

Owned by the guy he screwed on the Barnett Deal.

I still feel like blaming Khan for the Adkins deal is like blaming a rope supplier for hangings.

Welching on a deal is pretty screwy.

If I go in half with you on investing in a restaurant, and get credit based on three large annual catering contracts that are rock solid, and I am guaranteeing will pay all the bills,

but then, after you've put in your money say: "Never mind, those catering contracts aren't going to happen, so Im going to need all my money back"

Would you consider that a dick move?

Did they go in halves?  Or are you counting the Trio as the other half?

[Non-RedNeck Westsider]

Owned by the guy he screwed on the Barnett Deal.

I still feel like blaming Khan for the Adkins deal is like blaming a rope supplier for hangings.

Welching on a deal is pretty screwy.

If I go in half with you on investing in a restaurant, and get credit based on three large annual catering contracts that are rock solid, and I am guaranteeing will pay all the bills,

but then, after you've put in your money say: "Never mind, those catering contracts aren't going to happen, so Im going to need all my money back"

Would you consider that a dick move?

That's one way of looking at it. 

Here's another: 

You come to me with this great idea for a restaurant and want me as your partner.  I'm new in town and have a nice bank account;  You're established, have had some success and are looking for a 'legacy' project.  Part of our deal is that when the restaurant is open, to help you out, I've got some events already booked.  We agree to terms.  Now as time passes and it's taken you so long to get the actual restaurant open, my events have backed out for one reason or another.  Well, now that you can't count on that initial cashflow, you ask me for a little cash to keeps things afloat until opening, with a wink-wink/nod-nod that once open, you'll pay me right back.

Well.....  as it turns out, your entire restaurant plan was all talk and you were really basing everything off of the events that I had already planned.  So not only is your original idea kaput, but you also have no plan to pay back the second loan I gave you...  I guess it's time to call in the lawyers.

[RattlerGator]

Good grief!

[KenFSU]

Speaking of the Trio, can someone with knowledge of how these things work explain to me how the DIA has stated in the last year that the $7 million asked for by Atkins was beyond their budget, yet they apparently ran at a $4.6 million surplus last (fiscal) year and nearly let those funds lapse. Is there something I'm missing? Why weren't those funds spent? And, if last year's surplus is back in the coffers, plus this year's budget, plus the promised increase in the capital projects budget as a result of the pension reform, is there any excuse for not making the Trio happen this year?

[Non-RedNeck Westsider]

Unless I've completely missed something here (possible, but I don't believe so) then the corrections made to your quote are more accurate.

But the original financing, (which required that Steve put in his money and credit) was based on the pre existing potential leases, as many commercial real estate loans are around the country.

Let's not forget that supposedly Atkins was bringing something to the table.

From 2014 (emphasis mine):

"Stache is involved in partnership with this whole project," Atkins said. "But it's a typical development loan."

Atkins said he has commitments for the first two floors, which are designated for retail uses, though he declined to name any tenants. He said those tenants would be announced at the later news conference.

One Spark, KYN and CoWork have committed to space in the tower, Rivas said, though he declined to disclose the terms of the leases.

http://www.bizjournals.com/jacksonville/blog/morning-edition/2014/04/inside-the-plans-for-the-redevelopment-of-the.html

So while the 3 Stache companies would have helped, they weren't the only ones, and was the point I was making.   

So what happened to Steve's part; did he ever name his 2 floors of leasees?

[vicupstate]

is there any excuse for not making the Trio happen this year?

This is Jacksonville we are talking about.  There is ALWAYS an excuse at the ready.

[pHOTOmAN]

Current State Of Barnett Bank Building

https://imgur.com/a/NzK8t Album in link