Its time for the Laura Street Trio owner to bow out

[Ken_FSU]

I'm really torn on this one, while also feeling like I don't have enough information to have a fully informed opinion on the best way to proceed. Clearly, Southeast isn't the right developer to bring this thing across the finish line. If Live Oak had the equity and ability to bring the project, as originally envisioned by Southeast, across the finish line in a way that was reasonable to Jacksonville taxpayers and that was guaranteed to break ground in 2025, I'd be all for it. Feels like it would be much quicker to hand off the existing project to a new owner better able to execute (like they are across the river at One Riverside) than it would be to start from scratch with yet another doomed city RFP or get bogged down in litigation for years. At the same time, if Live Oak is just going to be the new face of the same fruitless, one-sided development agreements that never go anywhere, maybe a reset is necessary. I assume gents like Mike & Bill probably have a better idea about whether Live Oak could get the Trio done quickly in a fair way with the city.

[Captain Zissou]

a new owner better able to execute (like they are across the river at One Riverside)

Live Oak is not the developer of 1 Riverside.  Tribridge is developing the multifamily and Fuqua is (theoretically) doing the retail.  Live Oak is the construction manager, but they are not funding the project or involved beyond building the buildings.  To my knowledge, Live Oak has not been in the development role before and definitely not for a project this size.  This may be an area they've wanted to expand into as the company grows, but this is one heck of a project to take on as a new developer.  I think there's no world where Southeast sells to the city and the city taking the property via lien will likely take a while.  Until it's public property again, you can't start the RFP process.  Selling it is the fastest route to redevelopment, but I hope Live Oak is ready for the challenges that this project will bring.

[marcuscnelson]

Seems there's some talk of the City trying to buy the buildings instead of Live Oak.

https://www.actionnewsjax.com/news/local/source-city-jacksonville-may-want-buy-laura-street-trio-8m-find-its-own-developer/HWIJ4H6PVBF3XFI3GWIXGGWA7Q/

[Tacachale]

Seems there's some talk of the City trying to buy the buildings instead of Live Oak.

https://www.actionnewsjax.com/news/local/source-city-jacksonville-may-want-buy-laura-street-trio-8m-find-its-own-developer/HWIJ4H6PVBF3XFI3GWIXGGWA7Q/

No, there’s not.

[thelakelander]

So council will be voting tonight to waive the fines?

https://www.news4jax.com/news/local/2024/11/26/council-to-vote-whether-to-waive-800000-in-fines-for-laura-street-trio/

[Tacachale]

^They didn’t pass the bill that would have waived the fines tonight. They did pass a resolution that encourages the city to work with them towards a sale. We and the prospective buyer agreed to that, so it’s a good outcome.

[Steve]

https://www.jaxdailyrecord.com/news/2024/nov/27/city-going-back-to-the-negotiating-table-on-laura-street-trio/

Freeman and Diamond voted against.

[thelakelander]

Did they give a reason for why they voted against it?

[Joey Mackey]

Yea, Diamond said he hates this City and will do everything in his power to make it worse off.

[Steve]

Did they give a reason for why they voted against it?

Freeman said that he wanted to ask if Southeast would still be part of the development team post-sale. Council voted to end conversation and call for an immediate vote, so he never got to ask his question.

Diamond did not comment, but Diamond tends to not want to vote for anything that requires spending money so, well, on brand.

[Bativac]

Rory Diamond declaring on Twitter that

It is past time to let the Laura Street Trio go.

They are nice buildings, but we don’t have the money to save them.

These are the facts.

It’s going to be demolished.

Knowing Jacksonville? My money is 100% on these buildings standing in their current poor condition for a few more years and then ultimately being demolished, regardless of their actual structural integrity and historic nature.

[Steve]

https://www.jaxdailyrecord.com/news/2024/dec/03/deegan-aide-says-new-trio-development-team-will-not-include-longtime-owner-atkins/

Deegan's office confirmed Atkins would be out in any new agreement.

Good.....I think.

[Ken_FSU]

Obviously lots of credit to go around if they're able to work out a fair deal, but Mike Weinstein successfully bringing a new Jags stadium with 30-year lease AND the Laura Street Trio across the finish line would go down as an all-time Chad move within Jax City politics.

A far cry from Brian Hughes screaming at Anna Brosche, threatening Toney Sleiman, taking secretive trips to Atlanta & St. Louis to discuss selling JEA & handing the general fund over to the Khans for Lot J, and bullying the food truck vendors in Hemming Park whilst wearing an eye patch (eye injury isn't funny; an eye-patched City leader throwing a petulant fit over a wrong sandwich order kind of is, visually).

[vicupstate]

Obviously lots of credit to go around if they're able to work out a fair deal, but Mike Weinstein successfully bringing a new Jags stadium with 30-year lease AND the Laura Street Trio across the finish line would go down as an all-time Chad move within Jax City politics.

A far cry from Brian Hughes screaming at Anna Brosche, threatening Toney Sleiman, taking secretive trips to Atlanta & St. Louis to discuss selling JEA & handing the general fund over to the Khans for Lot J, and bullying the food truck vendors in Hemming Park whilst wearing an eye patch (eye injury isn't funny; an eye-patched City leader throwing a petulant fit over a wrong sandwich order kind of is, visually).

Just think Mike Weinstein could have been mayor years ago instead of having a second term of 'chip on his shoulder, yippee, I'm the Mayor' John Peyton. 

[Steve]

Obviously lots of credit to go around if they're able to work out a fair deal, but Mike Weinstein successfully bringing a new Jags stadium with 30-year lease AND the Laura Street Trio across the finish line would go down as an all-time Chad move within Jax City politics.

A far cry from Brian Hughes screaming at Anna Brosche, threatening Toney Sleiman, taking secretive trips to Atlanta & St. Louis to discuss selling JEA & handing the general fund over to the Khans for Lot J, and bullying the food truck vendors in Hemming Park whilst wearing an eye patch (eye injury isn't funny; an eye-patched City leader throwing a petulant fit over a wrong sandwich order kind of is, visually).

Just think Mike Weinstein could have been mayor years ago instead of having a second term of 'chip on his shoulder, yippee, I'm the Mayor' John Peyton. 

Remember, he lost by less than a point in 2003. During the campaign, he had a high-level staffer jump ship from his campaign to Peyton's.

The Staffer? Susie Wiles, Trump's new Chief of Staff.