City set to approve grants for Barnett Bank, Laura Street Trio

[thelakelander]

Plans to redevelop the Barnett Bank Building and the Laura Street Trio have resurfaced as the Downtown Investment Authority is set to approve nearly $10 million in public incentives.

DIA CEO Aundra Wallace said he's seen a signed purchase agreement between Las Vegas-based The Molasky Group and Shad Khan-backed Stache Investments that would put the Barnett Bank Building in the redevelopment picture.

Wallace said the deal is expected to close in mid-February.

Khan had foreclosed on the property after a falling out with SouthEast Group, although the Steve Atkins-backed group is still partnered with the Molasky Group in the new development agreement.

The price tag on the full development will total almost $90 million and restore more than 320,000 square feet of space.

Full article: http://www.bizjournals.com/jacksonville/news/2017/01/31/city-set-to-approve-grants-for-barnett-bank-laura.html?ana=fbk

[acme54321]

Very interesting.  Let's hope 2017 brings some actual action on these things!  Redevelopment here and the FSCJ dorm would be huge for that area. 

[KenFSU]

[KenFSU]

The developers' plans call for the Barnett Bank Building to have 100 residential apartments and more than 50,000 square feet of commercial space. The price points on the apartments would start as low as $750 for a 513-square-foot apartment, according to the proposed incentive package. Higher-end apartments would go for $1,350.

The redevelopment of the Barnett building would cost $34 million.

Plans for the Laura Street Trio would include a Courtyard by Marriot hotel, a restaurant, rooftop bar, small retail office space. The costs for restoration of that property would cost about $44 million.

THAT PRICE POINT.

Exactly what the area needs.

This could be a total game changer if it happens.

Fingers crossed.

Hope the bodega grocery mart is still a part of the plans too.

[Westside Guy]

I have a really good feeling about this one folks. I don't think this will be like times in the past where nothing happened.

[FlaBoy]

The developers' plans call for the Barnett Bank Building to have 100 residential apartments and more than 50,000 square feet of commercial space. The price points on the apartments would start as low as $750 for a 513-square-foot apartment, according to the proposed incentive package. Higher-end apartments would go for $1,350.

The redevelopment of the Barnett building would cost $34 million.

Plans for the Laura Street Trio would include a Courtyard by Marriot hotel, a restaurant, rooftop bar, small retail office space. The costs for restoration of that property would cost about $44 million.

THAT PRICE POINT.

Exactly what the area needs.

This could be a total game changer if it happens.

Fingers crossed.

Hope the bodega grocery mart is still a part of the plans too.

Is this supposed to include the previous plans we have seen from Atkins for the Trio? The garage on Forsythe?

[thelakelander]

^Yes.

[coredumped]

Seems like we get a post like this about the trio every year, hopefully this time will be different!

[JaxJersey-licious]

As promising as this news is, aren't Jaxons still nursing old saddle sores from all the failed partnerships and broken agreements of the LST 15-20 years? Here's hoping but we've gone through this road before. It's promising that no front-end incentives will be issued and that the parties in questions seem to be in agreement on that.

But until construction cranes are present, Kramer can go f*#@ himself...

[thelakelander]

Seems like we get a post like this about the trio every year, hopefully this time will be different!

^On the bright side, this is the first post where the DIA has actually mentioned them and the city putting a specific amount of money into it. That's a major positive.

[FlaBoy]

This is the first time in this set of proposals that it seems the financing is actually in place. This would be the biggest thing to happen downtown in a long time.

[FlaBoy]

Also, with how cautious the city has been about even commenting on this project, it seems that it must be legit if Wallace is so upbeat and talking about the Mayor's role. They don't want to be part of a failed deal.

[KenFSU]

As promising as this news is, aren't Jaxons still nursing old saddle sores from all the failed partnerships and broken agreements of the LST 15-20 years? Here's hoping but we've gone through this road before. It's promising that no front-end incentives will be issued and that the parties in questions seem to be in agreement on that.

But until construction cranes are present, Kramer can go f*#@ himself...

The two biggest hurdles this project has faced are:

1) The city and/or DIA not committing to the requested ~$8 million in public incentives for the project.
2) Ongoing legal battles between the Atkins group and Stache.

With the city committing $10 million in incentives, and Shad Khan reportedly in the process of selling the Barnett Building back to Atkins and co, both hurdles have been cleared.

Totally understand the pessimism, but I genuinely believe these next three to six months are going to kickstart some of the most transformational change we've ever seen downtown. There are just too many things all coming together from too many determined people for the city to find a way to bungle it.

Mark my words

Also, I have a short memory and I totally forgot that Michael Richards is a crazy asshole.

So yeah, fuck that guy

[Captain Zissou]

I have a really good feeling about this one folks. I don't think this will be like times in the past where nothing happened.

Can't tell if you're joking....

With a 30 month construction timeline, the odds of this getting derailed are very high.

[finehoe]

...I genuinely believe these next three to six months are going to kickstart some of the most transformational change we've ever seen downtown.

Ever seen?  That's a bold prediction.

Here's hoping you're right.