Barnett Bank Building Foreclosed

[jaxjaguar]

Hypothetically, say this building and the trio finally get rolling. Either refurbished or demolished and new structures put in place... What would be the next property you'd like to see purchased/fixed? Old JEA building behind sweet Pete's, ambassador hotel, old court house on bay?

[vicupstate]

Hypothetically, say this building and the trio finally get rolling. Either refurbished or demolished and new structures put in place... What would be the next property you'd like to see purchased/fixed? Old JEA building behind sweet Pete's, ambassador hotel, old court house on bay?

The closer in proximity to those buildings the better, IMO.  Synergy between all the buildings can be created that way.  JAX has never understood that concept.  The cities that do find success in doing so.   

[jaxjaguar]

Hypothetically, say this building and the trio finally get rolling. Either refurbished or demolished and new structures put in place... What would be the next property you'd like to see purchased/fixed? Old JEA building behind sweet Pete's, ambassador hotel, old court house on bay?

Gotta be the old courthouse.  Such a waste of great space.

Agreed. I think it would be a great space for a mixed use building similar to Cobb Plaza in Orlando. Office, hotel, ground floor restaurants and shops, garage and residential all in one space. It would complement the shops and restaurants across the street as well as create a better connection between there and the landing on the Riverwalk.

[MusicMan]

WOW. It seems as if the list of vacant and distressed buildings is longer than the list for new projects.

[BridgeTroll]

I'm pretty sure that since there's no mechanical ventilation system operating inside the building, the windows being open actually help the building to 'breathe' and helps curb mold growth.

There isn't.  I got to tour the building shortly before it was gutted... Even used the old elevator...Yikes!  I don't remember what floor the fire was on but I was able wander around a floor below and the top floor.  Some offices still had books in the bookshelves.  Heat was via steam radiators in the basement and AC was open windows.  Each office had those Jaloussie style windows above the door for air circulation... the views are spectacular!

[Tacachale]

It's going to take a major rehab to get anything going there. But it's not as bad off as some think, especially when Khan only has $50k in it.

[strider]

It's going to take a major rehab to get anything going there. But it's not as bad off as some think, especially when Khan only has $50k in it.

I'm confused, didn't Khan via one of his companies, loan the funds?  Therefore he has 3 million plus into it?

[Tacachale]

It's going to take a major rehab to get anything going there. But it's not as bad off as some think, especially when Khan only has $50k in it.

I'm confused, didn't Khan via one of his companies, loan the funds?  Therefore he has 3 million plus into it?

I guess that's true. But he had that $3 million in it before he had a way to do anything with the building.

[Non-RedNeck Westsider]

It's going to take a major rehab to get anything going there. But it's not as bad off as some think, especially when Khan only has $50k in it.

I'm confused, didn't Khan via one of his companies, loan the funds?  Therefore he has 3 million plus into it?

My guess would be that he most definitely had Company B purchase the building at auction so that Company A can write off the $3m as a loss and Company B gains the actual valuation of the building as an asset.

[marty904]

It's going to take a major rehab to get anything going there. But it's not as bad off as some think, especially when Khan only has $50k in it.

I'm confused, didn't Khan via one of his companies, loan the funds?  Therefore he has 3 million plus into it?

My guess would be that he most definitely had Company B purchase the building at auction so that Company A can write off the $3m as a loss and Company B gains the actual valuation of the building as an asset.

There is no company A or B - Stache was the sole company involved.  And no money changed hands in the "$50,100 bid" he won with.  He already had $4.6M worth of "credit" in the building that he already owned.  The auction is standard in foreclosure and the owner doesn't actually pay the winning bid amount when they bid.  The purpose of the owner "bidding" on their own property is to make sure that when they have a huge amount owed to them, that someone like Klempf doesn't come along and buy it for $25k.

[KenFSU]

From a new interview with Shad Khan from today's T-U. Encouraging to hear that some real thought may be going into the Barnett. His answer seems to hint at at least some residential component.

"We are going to be playing a role in developing downtown and making it a place where more people will not only work, but also live," Khan said. "Barnett will be a key part of that."