Author Topic: Barnett Bank Building Foreclosed  (Read 19690 times)

Metro Jacksonville

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Barnett Bank Building Foreclosed
« on: July 29, 2016, 12:55:02 PM »
Barnett Bank Building Foreclosed



Jacksonville, Fla. – Barnett Tower, LLC, a single purpose entity formed by SouthEast Holdings, LP has consented to the foreclosure of the Barnett National Bank Building to Stache Investments Corporation. The move, intended to prevent further costs of litigation in the current stalemate of downtown development will free the building of more years of inaction.

Read More: http://www.metrojacksonville.com/article/2016-jul-barnett-bank-building-foreclosed

JaxJersey-licious

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Re: Barnett Bank Building Foreclosed
« Reply #1 on: July 29, 2016, 01:09:52 PM »
What's funny about the agreement to foreclose is that in Jacksonville that is considered "progress".

It's actually damn sad as well.

KenFSU

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Re: Barnett Bank Building Foreclosed
« Reply #2 on: July 29, 2016, 01:10:46 PM »
Commercial real estate folks: What's the market like for a building like this, in its current condition, in the likely absence of city subsidy for the foreseeable future?
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thelakelander

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Re: Barnett Bank Building Foreclosed
« Reply #3 on: July 29, 2016, 01:38:33 PM »
Commercial real estate folks: What's the market like for a building like this, in its current condition, in the likely absence of city subsidy for the foreseeable future?

I'm not a commercial real estate guy but....

A. No parking
B. Obsolete and gutted down to the bone
C. In downtown Jacksonville

Here's my expert analysis...

« Last Edit: July 29, 2016, 01:40:45 PM by thelakelander »
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menace1069

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Re: Barnett Bank Building Foreclosed
« Reply #4 on: July 29, 2016, 01:45:15 PM »
Commercial real estate folks: What's the market like for a building like this, in its current condition, in the likely absence of city subsidy for the foreseeable future?
There are a few things going on with this property.
A) It's current condition. Whoever buys it will have to build it out with a particular purpose in mind. Does the end user buy it and develop it to suit their needs? Does a developer buy it and turn it into apartments? Does a developer buy it and turn it into office space and then rent it out to lawyers or virtual offices? Or a mixture of res/comm? Whichever, finding the buyer...the right buyer...is the issue. Someone, somewhere is looking for this building. How can we help them find it?
B) What is the calling for downtown? Residential, office, restaurants, clubs, etc....there is a lack of direction. There are all of these, but not enough. If they build it, they will come...or will they come if they build it? Chicken/egg. Market research is weak for DT Jacksonville, but everyone wants it to succeed. Maybe a co-op is the answer. Everyone pitch in what they can for a portion of the return. Take those funds and develop something, sell it and repeat.
C) Would it be cheaper to tear down and start over? Yes, but you lose the appeal of the architecture and the vibe. More importantly, you lose the support of the people who support downtown.

There is no right answer, but maybe there is. Who has it?
I could be wrong about that...it's been known to happen.

jaxlongtimer

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Re: Barnett Bank Building Foreclosed
« Reply #5 on: July 29, 2016, 01:57:05 PM »
Quote
I'm not a commercial real estate guy but....

A. No parking
B. Obsolete and gutted down to the bone
C. In downtown Jacksonville

Regarding parking downtown:  When will City fathers realize that if we had both a decent mass transit system between downtown and the suburbs and another system allowing for robust circulation within the urban core, downtown would not be so auto-centric?  Such systems would (1) reduce the dependency on parking by both allowing suburbanites to travel without a car and urban core residents a lifestyle totally free of a car and (2) would create a ready made market of mobile urban core patrons that would provide the minimum threshold to create value in these buildings sans parking.  Until this happens, downtown real estate values are unlikely to achieve a level to make these types of development projects viable on any kind of large scale and/or sustainable basis.

Unfortunately, there is little discussion, much less any movement, to achieve these levels of car-free mobility.  As such, expect downtown housing (which also will require far more "green space" IMHO to be attractive) and other development to remain sluggish at best.

Downtown Osprey

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Re: Barnett Bank Building Foreclosed
« Reply #6 on: July 29, 2016, 02:22:44 PM »
Sad yet not even surprised anymore. I guess our city leaders truly enjoy looking at empty skyscrapers downtown.

Tacachale

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Re: Barnett Bank Building Foreclosed
« Reply #7 on: July 29, 2016, 03:10:01 PM »
Unfortunately, this has been a long time coming. Things aren't looking good for the Trio either.
Do you believe that when the blue jay or another bird sings and the body is trembling, that is a signal that people are coming or something important is about to happen?

Tacachale

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Re: Barnett Bank Building Foreclosed
« Reply #8 on: July 29, 2016, 03:22:52 PM »
Unfortunately, this has been a long time coming. Things aren't looking good for the Trio either.


Not with one trick pony man in the mayor's office.

Nothing downtown looks very good.

It's been in the same limbo since 2013. Alvin didn't give them any money either.
Do you believe that when the blue jay or another bird sings and the body is trembling, that is a signal that people are coming or something important is about to happen?

Tacachale

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Re: Barnett Bank Building Foreclosed
« Reply #9 on: July 29, 2016, 03:54:38 PM »
Unfortunately, this has been a long time coming. Things aren't looking good for the Trio either.


Not with one trick pony man in the mayor's office.

Nothing downtown looks very good.

It's been in the same limbo since 2013. Alvin didn't give them any money either.

He at least got out of the way.

This idiot is actively telling people No.

Alvin didn't get out of the way of anyone besides Toney Sleiman. And he certainly didn't get this project off the ground. Notice, however, that I didn't call him an idiot or a hack.
Do you believe that when the blue jay or another bird sings and the body is trembling, that is a signal that people are coming or something important is about to happen?

heights unknown

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Re: Barnett Bank Building Foreclosed
« Reply #10 on: July 29, 2016, 06:28:19 PM »
The way BIG JAX is going, if you tear it all down, it will sit for 3 or 4 decades or more, an empty lot, with no vision, objective, or goal for the property. We will all be dead and gone when and if a decision is ever made on this block/property; sad news. I was pulling hard for the trio and the Barnett Building; oh well. Is Curry really doing that bad of a job relative to downtown? I thought during his campaign, he said that DT was a top priority for him in terms of development.
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whyisjohngalt

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Re: Barnett Bank Building Foreclosed
« Reply #11 on: July 29, 2016, 08:20:13 PM »
Are we blaming Curry for this?  If the police negotiated a reasonable pension, including years without raises and even economic adjustments that affected everyone, then the city could pursue investments.

The city, and thus the mayor, is a victim.

Of course, the project's leadership should accept responsibility for their failure and not attempt to dissuade Khan or another developer on this property.  If they were really interested in helping downtown, they will hand over list of interested contacts they accumulated on a property they never made a single payment on.

mtraininjax

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Re: Barnett Bank Building Foreclosed
« Reply #12 on: July 30, 2016, 12:09:11 AM »
http://www.jaxdailyrecord.com/showstory.php?Story_id=548036

Quote
The amount consists of the $3 million Stache Investments loaned Atkins to purchase the building and $1.2 million in interest as of Thursday, along with other fees and taxes. The judgment will continue to accrue interest until paid.

A second loan of $165,764 to Atkins from Stache Investments was not addressed in the judge’s order.

Daniel ordered if the judgment isn’t paid, the building will be sold at a public auction Sept. 14 to the highest bidder for cash or electronic sale via city website. Proceeds would first go to Stache Investments.

Atkins in a statement Friday morning said Barnett Tower consented to the foreclosure to avoid further litigation.

This is the most unrealistic statement I have ever heard in Real Estate about a borrower, and a great laugh:

Atkins said it was not a typical loan and his company wasn’t supposed to repay the money.

Atkins taking a page from the shyster Cameron Kuhn who was the previous downtown charlatan.
« Last Edit: July 30, 2016, 07:34:22 AM by mtraininjax »
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marty904

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Re: Barnett Bank Building Foreclosed
« Reply #13 on: July 30, 2016, 08:14:37 AM »
The Curry Admnistration has pretty much killed the shit out of downtown. All that progress, work and hope of the past years is being destroyed in just a few months of letting this partisan hack into the Mayor's office.

Sad.

I'm going to have to 100% agree with you here Stephen! I've said it before but I just can't see how any of Jax's mayors (present or past) can have their office overlooking all the emptiness in downtown and have any pride in it. I suppose when you have a window seat to all these failures, you can either use that as fuel to do something about it or you can let it get you down and do nothing about it.  As you said later in this thread... "Actions speak louder than words"

SunKing

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Re: Barnett Bank Building Foreclosed
« Reply #14 on: July 30, 2016, 10:12:21 AM »
Did Atkins pay his taxes?
http://www.jaxdailyrecord.com/showstory.php?Story_id=548036

Quote
The amount consists of the $3 million Stache Investments loaned Atkins to purchase the building and $1.2 million in interest as of Thursday, along with other fees and taxes. The judgment will continue to accrue interest until paid.

A second loan of $165,764 to Atkins from Stache Investments was not addressed in the judge’s order.

Daniel ordered if the judgment isn’t paid, the building will be sold at a public auction Sept. 14 to the highest bidder for cash or electronic sale via city website. Proceeds would first go to Stache Investments.

Atkins in a statement Friday morning said Barnett Tower consented to the foreclosure to avoid further litigation.

This is the most unrealistic statement I have ever heard in Real Estate about a borrower, and a great laugh:

Atkins said it was not a typical loan and his company wasn’t supposed to repay the money.

Atkins taking a page from the shyster Cameron Kuhn who was the previous downtown charlatan.


Sort of like not knowing you weren't supposed to pay your taxes, which apparently he didn't do either.