The Jaxson

Jacksonville by Neighborhood => Downtown => Topic started by: thelakelander on January 31, 2017, 12:12:31 PM

Title: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: thelakelander on January 31, 2017, 12:12:31 PM
Quote
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
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: acme54321 on January 31, 2017, 12:15:36 PM
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. 
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: KenFSU on January 31, 2017, 12:18:56 PM
(https://cdn.meme.am/cache/instances/folder551/65583551.jpg)
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: KenFSU on January 31, 2017, 12:21:04 PM
Quote
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.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: Westside Guy on January 31, 2017, 12:29:22 PM
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.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: FlaBoy on January 31, 2017, 12:32:27 PM
Quote
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?
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: thelakelander on January 31, 2017, 12:47:40 PM
^Yes.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: coredumped on January 31, 2017, 12:52:52 PM
Seems like we get a post like this about the trio every year, hopefully this time will be different!
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: JaxJersey-licious on January 31, 2017, 12:56:44 PM
(https://cdn.meme.am/cache/instances/folder551/65583551.jpg)

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...
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: thelakelander on January 31, 2017, 12:57:15 PM
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.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: FlaBoy on January 31, 2017, 01:06:20 PM
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.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: FlaBoy on January 31, 2017, 01:08:23 PM
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.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: KenFSU on January 31, 2017, 01:17:17 PM
(https://cdn.meme.am/cache/instances/folder551/65583551.jpg)

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 :D
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: Captain Zissou on January 31, 2017, 01:33:54 PM
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.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: finehoe on January 31, 2017, 01:45:18 PM
...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.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: FlaBoy on January 31, 2017, 01:57:52 PM
(https://cdn.meme.am/cache/instances/folder551/65583551.jpg)

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 :D

Is Khan selling Barnett to the Las Vegas developer?

Also, the article gives a timeline for completion, but what are we looking at for the start of construction?
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: Cheshire Cat on January 31, 2017, 02:11:55 PM
We have heard news like this for years.  Let's hope this time it becomes reality.

Quote
Barnett National Bank building could take steps toward actually being redeveloped. The city’s Downtown Investment Authority will meet Wednesday to consider resolutions that would give each project $4 million grants once they’re done and ready for occupancy.

 

Plans also call for the city building a parking garage a block away from the project.

The DIA has put earlier applications for incentives off until it was more certain the projects were viable. But according to the DIA’s paperwork:

The Barnett National Bank building would require a $34 million renovation and include 50,000 square feet of commercial office space and 100 apartments. Only one commercial tenant is identified: JP Morgan Chase Bank. The apartments would be 513 square feet and up, with rents ranging from $750 to $1,350.

Plans for the Laura Street Trio are basically what they’ve been for the last several years. The three buildings would become a Courtyard by Marriott hotel, with a small market, a rooftop bar, a small cafe and a small retail space. The Marble Bank building would become The Bullbriar restaurant. The hotel, previously described as having 131 rooms, would require additional construction.

The total price tag for the Trio is $44 million, but the city would rebate 50 percent of the city/county property tax on the new construction for the next 20 years.

The city would either buy or lease the northeast corner of Forsyth and Main streets, where there’s now a surface parking lot. There, the city would build a 550-space parking garage. The two developers would lease 250 spaces for $300,000 a year for 20 years. The other 300 spaces would be available to the public.
   

Click link for full story.

http://jacksonville.com/business/2017-01-31/plans-detailed-redevelopment-barnett-building-and-laura-street-trio
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: KenFSU on January 31, 2017, 02:23:36 PM
...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.

*In our lifetimes

I genuinely believe it.

I think we'll look back on 2017 as Jacksonville's great leap forward.

If you look at the sheer number of potentially catalytic projects that should conceivably see action this year - not pies-in-the-sky, but projects where we have concrete reasons to believe that they are going to happen - the list is staggering.

- Laura Street Trio
- Barnett Building
- Shipyards/Metro Park Redevelopment
- New Metro Park
- Daily's Place/Flex field completion
- USS Adams moving to the Shipyards
- The District breaking ground
- Regional Transportation Center
- LaVilla's residential resurgence
- The Mayor's office potentially making a big move on Hemming Park
- Coastline Drive project
- Skyway Modernization Program taking shape
- FSCJ Student Housing & Cafe
- Lori Boyer's river initiative
- The Doro District making strides
- Cowford Chophouse
- Residential high-rise adjacent to Aetna
- Broadstone River House
- Berkman II completion
- 200 Riverside
- East San Marco
- Baptist MD Anderson expansion

And on, and on, and on.

Others may disagree, but even during the early 2000s boom, Jacksonville didn't have the palpable sense of momentum that it seems to have now.

We've been burned in the past, but even the most cynical of us should be able to see that there is real reason for optimism in Jacksonville right now.

Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: KenFSU on January 31, 2017, 02:25:32 PM
Is Khan selling Barnett to the Las Vegas developer?

Quote
http://www.bizjournals.com/jacksonville/news/2017/01/31/city-set-to-approve-grants-for-barnett-bank-laura.html

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.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: KenFSU on January 31, 2017, 02:45:32 PM
Here's the actual interview from Aundra Wallace.

Really great listen.

http://news.wjct.org/post/1312017-downtown-investment-authority-generation-works-judy-wells
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: FlaBoy on January 31, 2017, 02:55:01 PM
This would be unlike anything else because it truly is the center of the northbank urban core. If this gets off the ground, it will create real momentum. If the District gets going finally and the City makes some real strides with the future of the Shipyards, then wow.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: KenFSU on January 31, 2017, 03:10:38 PM
This would be unlike anything else because it truly is the center of the northbank urban core. If this gets off the ground, it will create real momentum. If the District gets going finally and the City makes some real strides with the future of the Shipyards, then wow.

Couple of notes from that interview with Aundra:

1) The District is moving forward quickly on their next step, a redevelopment agreement with the DIA
2) Vestcor's second affordable housing development in LaVilla is on the books
3) Sounds like it's a matter of when, not if, the Times-Union sells their property for redevelopment
4) There's a lot of optimism that the removal of that Coastline parking lot is going to be big for downtown, and that the value of the Old Courthouse property is going to skyrocket; demo'ing the Courthouse will be discussed after the city sees what types of proposals come in for the Shipyards/Met Park property
5) The sale of the Barnett building to the Atkins group should close within two weeks.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: Captain Zissou on January 31, 2017, 03:18:30 PM
- Laura Street Trio
- Barnett Building
- Shipyards/Metro Park Redevelopment
- New Metro Park
- Daily's Place/Flex field completion
- USS Adams moving to the Shipyards
- The District breaking ground
- Regional Transportation Center
- LaVilla's residential resurgence
- The Mayor's office potentially making a big move on Hemming Park
- Coastline Drive project
- Skyway Modernization Program taking shape
- FSCJ Student Housing & Cafe
- Lori Boyer's river initiative
- The Doro District making strides
- Cowford Chophouse
- Residential high-rise adjacent to Aetna
- Broadstone River House
- Berkman II completion
- 200 Riverside
- East San Marco
- Baptist MD Anderson expansion

Granted, even without the projects I excluded this is a big list, but no bigger than 2007-08 with Strand, Peninsula, San Marco Place, 1661 Riverside, FNF, Riverside Partners building, Courthouse, etc... 
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: FlaBoy on January 31, 2017, 03:27:42 PM
- Laura Street Trio
- Barnett Building
- Shipyards/Metro Park Redevelopment
- New Metro Park
- Daily's Place/Flex field completion
- USS Adams moving to the Shipyards
- The District breaking ground
- Regional Transportation Center
- LaVilla's residential resurgence
- The Mayor's office potentially making a big move on Hemming Park
- Coastline Drive project
- Skyway Modernization Program taking shape
- FSCJ Student Housing & Cafe
- Lori Boyer's river initiative
- The Doro District making strides
- Cowford Chophouse
- Residential high-rise adjacent to Aetna
- Broadstone River House
- Berkman II completion
- 200 Riverside
- East San Marco
- Baptist MD Anderson expansion

Granted, even without the projects I excluded this is a big list, but no bigger than 2007-08 with Strand, Peninsula, San Marco Place, 1661 Riverside, FNF, Riverside Partners building, Courthouse, etc...

Agreed. During 2005-2008, Jax went head to head with any town in development and maybe saw more large scale development than places like Tampa or Orlando. Maybe this is our time again after struggling to come back...and hopefully a massive recession is not on the way this time around to kill it.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: Westside Guy on January 31, 2017, 03:40:46 PM
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.

My reason from optimism is that the city is finally getting on board. Now they final are and are moving towards providing grants for both projects, which hasn't happened before.  Furthermore, Shad Khan now owns the Barnett Bank building, and he didn't by it to sit on it.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: FlaBoy on January 31, 2017, 03:48:49 PM
This would be unlike anything else because it truly is the center of the northbank urban core. If this gets off the ground, it will create real momentum. If the District gets going finally and the City makes some real strides with the future of the Shipyards, then wow.

Couple of notes from that interview with Aundra:

1) The District is moving forward quickly on their next step, a redevelopment agreement with the DIA
2) Vestcor's second affordable housing development in LaVilla is on the books
3) Sounds like it's a matter of when, not if, the Times-Union sells their property for redevelopment
4) There's a lot of optimism that the removal of that Coastline parking lot is going to be big for downtown, and that the value of the Old Courthouse property is going to skyrocket; demo'ing the Courthouse will be discussed after the city sees what types of proposals come in for the Shipyards/Met Park property
5) The sale of the Barnett building to the Atkins group should close within two weeks.

I have often thought that since the announcement of the removal of the parking deck, maybe it is wiser to demo the old Courthouse and open the river to Bay St. and the Elbow businesses with a park and marina, especially if they do want to redevelop the shipyards. It is the only building in all of downtown that would make sense to be demo'd and improve the look of things almost immediately. Presently it is just a big concrete wall filled with asbestos between the river and Bay St.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: KenFSU on January 31, 2017, 04:13:17 PM
- Laura Street Trio
- Barnett Building
- Shipyards/Metro Park Redevelopment
- New Metro Park
- Daily's Place/Flex field completion
- USS Adams moving to the Shipyards
- The District breaking ground
- Regional Transportation Center
- LaVilla's residential resurgence
- The Mayor's office potentially making a big move on Hemming Park
- Coastline Drive project
- Skyway Modernization Program taking shape
- FSCJ Student Housing & Cafe
- Lori Boyer's river initiative
- The Doro District making strides
- Cowford Chophouse
- Residential high-rise adjacent to Aetna
- Broadstone River House
- Berkman II completion
- 200 Riverside
- East San Marco
- Baptist MD Anderson expansion

Granted, even without the projects I excluded this is a big list, but no bigger than 2007-08 with Strand, Peninsula, San Marco Place, 1661 Riverside, FNF, Riverside Partners building, Courthouse, etc... 

To be clear, I wasn't suggesting that shovels were going to be turning dirt on all of the above projects, but that significant progress toward that end was going to take place.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: Tacachale on January 31, 2017, 04:37:41 PM
Our last real boom in Downtown and the urban core more broadly was in the early 2000s. We currently have a lot of proposals and speculation but the same was true of the year or so before the Great Recession, and we can see what happened then. Proposals and speculation can create good energy, but it would be a mistake to treat them as if the corner has finally turned.

It is a positive sign for the development if DIA is commenting on committing money to the Trio (though, that's a *lot* of money for the price of the project). But, we've heard a lot of news about this project over the years and it's still in the same state. I'm not getting my hopes up.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: vicupstate on January 31, 2017, 05:26:27 PM
Our last real boom in Downtown and the urban core more broadly was in the early 2000s. We currently have a lot of proposals and speculation but the same was true of the year or so before the Great Recession, and we can see what happened then. Proposals and speculation can create good energy, but it would be a mistake to treat them as if the corner has finally turned.

It is a positive sign for the development if DIA is commenting on committing money to the Trio (though, that's a *lot* of money for the price of the project). But, we've heard a lot of news about this project over the years and it's still in the same state. I'm not getting my hopes up.

+ 1

Quote
There's a lot of optimism that the removal of that Coastline parking lot is going to be big for downtown, and that the value of the Old Courthouse property is going to skyrocket; demo'ing the Courthouse will be discussed after the city sees what types of proposals come in for the Shipyards/Met Park property.

How will the courthouse property go UP in value when it is already on the river and will lose parking?
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: KenFSU on January 31, 2017, 05:41:02 PM
But, we've heard a lot of news about this project over the years and it's still in the same state. I'm not getting my hopes up.

There's a key difference here though. In the past, we've heard a lot of news, but it's all been out of the Atkins camp. If nothing else, the man has done a great job keeping this project in the public spotlight. But this time, we're hearing news and buy-in from the city and DIA themselves.

Here's why I think it's the real deal this time:

1) Curry is behind the project. Big time, from the sounds of it. Wallace said that it wouldn't have been possible without the Curry administration. We've been hearing for months now that, with the pension tax passed, Curry wants his lasting legacy to come from transforming downtown Jacksonville. He promised big announcements in terms of public-private partnership beginning early in January, and this appears to be the first of such announcements. He also guaranteed that where others were all talk and no action in the past, he was going to get things done. Whether you like him or hate him, he has a way of getting shit done, and if he's all in on the Trio, then that's a hugely positive sign.

2) The incentives are right, and a win-win for the city and Atkins. Atkins gets more money than he originally asked for, but the city doesn't have to pay out until the project is complete.

3) Shad Khan has stated repeatedly that he wasn't going to sell the Barnett unless it was the right thing to do for downtown Jacksonville. Considering how contentious his relationship has been with Atkins in the past, I don't think he sells Barnett back to him - at what I'm assuming is a fair price - without assurances that the project is going to move forward.

4) The city is serious about building an $11 million parking garage for the project, and has already drafted terms of use with the Atkins group ($300k a year for 20 years for 250 private spots, with an additional 300 spots being open to the public).

If terms get greenlit tomorrow, I think it's off to the races.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: FlaBoy on January 31, 2017, 05:41:41 PM
Our last real boom in Downtown and the urban core more broadly was in the early 2000s. We currently have a lot of proposals and speculation but the same was true of the year or so before the Great Recession, and we can see what happened then. Proposals and speculation can create good energy, but it would be a mistake to treat them as if the corner has finally turned.

It is a positive sign for the development if DIA is commenting on committing money to the Trio (though, that's a *lot* of money for the price of the project). But, we've heard a lot of news about this project over the years and it's still in the same state. I'm not getting my hopes up.

+ 1

Quote
There's a lot of optimism that the removal of that Coastline parking lot is going to be big for downtown, and that the value of the Old Courthouse property is going to skyrocket; demo'ing the Courthouse will be discussed after the city sees what types of proposals come in for the Shipyards/Met Park property.

How will the courthouse property go UP in value when it is already on the river and will lose parking?

There is a huge parking deck between the property and river. The parking deck is waterfront, not the Courthouse property.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: KenFSU on January 31, 2017, 05:46:27 PM
How will the courthouse property go UP in value when it is already on the river and will lose parking?

It's not currently on the river.

When the parking lot is imploded, the property becomes riverfront.

(https://snag.gy/VwLXWA.jpg)
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: JaGoaT on January 31, 2017, 08:11:27 PM
How will the courthouse property go UP in value when it is already on the river and will lose parking?

It's not currently on the river.

When the parking lot is imploded, the property becomes riverfront.

(https://snag.gy/VwLXWA.jpg)

Knock down the courthouse and make a nice little park
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: vicupstate on January 31, 2017, 09:13:40 PM
If you own the property between your building and the water, it is a waterfront building. Parking is lost. The water view/frontage is still there either way.   
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: FlaBoy on January 31, 2017, 10:24:21 PM
If you own the property between your building and the water, it is a waterfront building. Parking is lost. The water view/frontage is still there either way.

I have spent a lot of time over at the old Courthouse. It looks like the parking lot goes forever and all anyone used to comment was on how ugly it looks.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: remc86007 on January 31, 2017, 11:07:31 PM
Perhaps I'm missing something because of my age or a lack of appreciation for 50s architecture, but did anybody ever think that the waterfront view of the old courthouse was good looking? The Bay Street side looks fine to me.

On topic; I really think that this will happen this time, and I can't wait. Are there still plans for an organic grocery store, or am I mixing this up with something else? I think a grocery store on the northbank would do wonders for downtown residential development.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: thelakelander on February 01, 2017, 05:37:16 AM
^When it was built, the waterfront was shipyards and industry on both sides of the river. So during that era, no one really cared about what it looked like from the river.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: Captain Zissou on February 01, 2017, 08:42:05 AM
But, we've heard a lot of news about this project over the years and it's still in the same state. I'm not getting my hopes up.

The first day I met Stephen, Wyatt, Ennis, and Steve was when they invited me down to 3 Layers to look at the original renderings of this project, which I think this was in 2009.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: thelakelander on February 01, 2017, 09:06:32 AM
When I first started tracking this project, Mike Langton was throwing dollar bills out of the Barnett. It was late 2003 and I was considering moving to Jax to accept a job in Ponte Vedra. At the time, he planned to turn the Barnett into the Lion & Gragoyle Hotel in time for the Super Bowl....

Quote
If the decade of the 1920s was the beginning of Jacksonville's skyscraper construction boom, then the early 2000s will likely go down in history as the era when those same buildings were revived.

Developer Mike Langton announced yesterday he plans to convert the old 18-story Barnett Bank Building downtown into 80 hotel rooms, 75 loft-styled apartments, a bank branch office and a five-star restaurant. -- John Pemberton/Staff

Developer Mike Langton, co-owner of LB Jax Development LLC, announced yesterday he plans to convert the old 18-story Barnett Bank Building at 112 W. Adams St. into 80 hotel rooms, 75 loft-styled apartments, a bank branch office and a five-star restaurant. Langton said he plans to ask for at least $8.5 million in city incentives to finance the estimated $25 million development to be called the Barnett.

Full article: http://jacksonville.com/tu-online/stories/100703/bus_13718217.shtml#.WJHq21MrKUk
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: FlaBoy on February 01, 2017, 10:00:46 AM
It is why no project would be more symbolic of the momentum we seek for downtown, or turning a corner, than this one. So many hopes, dreams, and failures in the past.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: vicupstate on February 01, 2017, 10:32:42 AM
It is why no project would be more symbolic of the momentum we seek for downtown, or turning a corner, than this one. So many hopes, dreams, and failures in the past.

True.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: KenFSU on February 01, 2017, 01:37:43 PM
DIA officially approved the incentives package this morning.

Next up, City Council.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: Downtown Osprey on February 01, 2017, 01:41:39 PM
This is the most excited I've been for Jacksonville in a looooooong time.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: spuwho on February 01, 2017, 02:00:21 PM
Be interested in knowing how much Molasky paid Stache for the Barnett. According to Wallace, it was them that made it work.

Also interested in knowing why we are doing a tiered lease agreement on the new parking garage?
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: BridgeTroll on February 01, 2017, 02:05:29 PM
This is the most excited I've been for Jacksonville in a looooooong time.

I keep waiting for the... Wa  Wa...

(http://www.nbc.com/sites/nbcunbc/files/files/images/2015/2/26/140228_2750477_Debbie_Downer_s_Oscar_Jam_anvver_2.jpg)
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: Tacachale on February 01, 2017, 04:38:29 PM
But, we've heard a lot of news about this project over the years and it's still in the same state. I'm not getting my hopes up.

There's a key difference here though. In the past, we've heard a lot of news, but it's all been out of the Atkins camp. If nothing else, the man has done a great job keeping this project in the public spotlight. But this time, we're hearing news and buy-in from the city and DIA themselves.

Here's why I think it's the real deal this time:

1) Curry is behind the project. Big time, from the sounds of it. Wallace said that it wouldn't have been possible without the Curry administration. We've been hearing for months now that, with the pension tax passed, Curry wants his lasting legacy to come from transforming downtown Jacksonville. He promised big announcements in terms of public-private partnership beginning early in January, and this appears to be the first of such announcements. He also guaranteed that where others were all talk and no action in the past, he was going to get things done. Whether you like him or hate him, he has a way of getting shit done, and if he's all in on the Trio, then that's a hugely positive sign.

2) The incentives are right, and a win-win for the city and Atkins. Atkins gets more money than he originally asked for, but the city doesn't have to pay out until the project is complete.

3) Shad Khan has stated repeatedly that he wasn't going to sell the Barnett unless it was the right thing to do for downtown Jacksonville. Considering how contentious his relationship has been with Atkins in the past, I don't think he sells Barnett back to him - at what I'm assuming is a fair price - without assurances that the project is going to move forward.

4) The city is serious about building an $11 million parking garage for the project, and has already drafted terms of use with the Atkins group ($300k a year for 20 years for 250 private spots, with an additional 300 spots being open to the public).

If terms get greenlit tomorrow, I think it's off to the races.

That probably came off more negative than I meant it to. The Atkins group has an impressive vision for the space, they've stuck with it despite all the roadblocks, and they've managed to keep excitement up over the course of years when it would have dwindled for nearly anything else. Props to them. I do hope that it all works out for everybody involved.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: Westside Guy on February 01, 2017, 06:58:47 PM
Does anyone know if the plans included replacing the Jacksonville sign on the Laura Street Trio (the one that the city blasted off)? I recall someone from the city telling me that it would cost about $50,000 to replace it. I know it's a bit nitpicky but if the buildings do get renovated I would like to see that back.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: tufsu1 on February 01, 2017, 11:12:18 PM
This is the most excited I've been for Jacksonville in a looooooong time.

I keep waiting for the... Wa  Wa...

I keep waiting for Wawa too ;)
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: tufsu1 on February 01, 2017, 11:13:27 PM
But, we've heard a lot of news about this project over the years and it's still in the same state. I'm not getting my hopes up.

The first day I met Stephen, Wyatt, Ennis, and Steve was when they invited me down to 3 Layers to look at the original renderings of this project, which I think this was in 2009.

would love to give Wiatt credit here, but Dan may have been the fourth horseman with the invite to Three Layers :)
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: thelakelander on February 02, 2017, 05:41:36 AM
Does anyone know if the plans included replacing the Jacksonville sign on the Laura Street Trio (the one that the city blasted off)? I recall someone from the city telling me that it would cost about $50,000 to replace it. I know it's a bit nitpicky but if the buildings do get renovated I would like to see that back.
You mean the old Jacksonville National Bank sign?

(https://photos.smugmug.com/History/Urban-Core-1970s/i-XmJPM3W/0/X2/IMG_20150411_133608-X2.jpg)

I doubt it. I think it was only on the building during the 1970s and early 80s.  It definitely wasn't an original part of the building and was gone once NCNB took over.

(https://photos.smugmug.com/History/Downtown-Jacksonville-1990s/i-dxPrhFc/0/X2/PTDC0010-X2.jpg)

(https://photos.smugmug.com/History/Downtown-Jacksonville-1990s/i-xgwStbv/0/X2/PTDC0021-X2.jpg)
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: Captain Zissou on February 02, 2017, 09:26:16 AM
But, we've heard a lot of news about this project over the years and it's still in the same state. I'm not getting my hopes up.

The first day I met Stephen, Wyatt, Ennis, and Steve was when they invited me down to 3 Layers to look at the original renderings of this project, which I think this was in 2009.

would love to give Wiatt credit here, but Dan may have been the fourth horseman with the invite to Three Layers :)
Whatever.  Please send my apologies to Mr Bowers.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: FlaBoy on February 02, 2017, 09:57:02 AM


(https://photos.smugmug.com/History/Downtown-Jacksonville-1990s/i-xgwStbv/0/X2/PTDC0021-X2.jpg)

I will never understand why they thought demolishing these buildings was a good idea. I know, they wanted parking, but come on...

Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: FlaBoy on February 02, 2017, 11:11:49 AM
(http://media.bizj.us/view/img/3835631/trio0*750xx11182-6290-0-1217.jpg)

One concern I have for Atkins plan is the corner of Main and Forsyth. I am concerned that it will be difficult to see anything ever built on such a small parcel of land. I know it is difficult, but it would be nice to have someone jump in to develop that space while construction is occurring.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: thelakelander on February 02, 2017, 11:16:52 AM
^Assuming the garage would contain the site's off-street parking needs, it's more than enough space to cover the garage from the street with future infill like the Bookends project in Greenville, SC. If Greenville, SC can pull something off like this, Jax should be able to.

(http://www.metrojacksonville.com/photos/thumbs/lrg-4194-p1070173.JPG)

(http://www.carolinarealtyguide.com/images/bookends_condos_downtown_greenville_sc_700.jpg)
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: camarocane on February 02, 2017, 12:14:10 PM
Anyone know what will go into that park on Forsyth and Laura? Veterans Memorial Park... eh? Lets open up the Arena for naming rights!
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: thelakelander on February 02, 2017, 12:21:25 PM
I don't know but both that proposed park space and the hotel drop off area could use a bit of placemaking at some point in the project's design future.  Both should be heavily interactive with the surrounding pedestrian scale environment and adjacent land uses, as opposed to another passive space like the Main Street Pocket Park.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: KenFSU on February 02, 2017, 12:49:57 PM
Quote
“Let me tell you how long I’ve been working on this,” Steve Atkins said after the incentives were approved. “When I started, my daughter was in second grade. Now she’s in high school and looking at colleges.”

- Daily Record
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: Steve on February 02, 2017, 12:50:59 PM
The one on Adams could easily be outdoor seating for the cafe there. If it's the standard cafe that's in all Courtyard Marriott hotels, they stay busy for breakfast and has varying traffic for evening drinks (the breakfast area becomes a bar with light food). Could be an opportunity for interaction with the building.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: Tacachale on February 02, 2017, 01:30:19 PM
^That "public art/monumental sculpture" space in the park would be perfect for the James Weldon Johnson memorial that Jax has sadly always lacked.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: thelakelander on February 02, 2017, 02:03:58 PM
The one on Adams could easily be outdoor seating for the cafe there. If it's the standard cafe that's in all Courtyard Marriott hotels, they stay busy for breakfast and has varying traffic for evening drinks (the breakfast area becomes a bar with light food). Could be an opportunity for interaction with the building.
Yeah, some outdoor seating at the cafe there would be a perfect fit with what FSCJ is doing next door at street level. I believe those Courtyard by Marriott cafes serve food till 10 or 11pm, so you'd also have something open late that doesn't rely on surrounding street traffic.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: Westside Guy on February 02, 2017, 02:14:05 PM
Does anyone know if the plans included replacing the Jacksonville sign on the Laura Street Trio (the one that the city blasted off)? I recall someone from the city telling me that it would cost about $50,000 to replace it. I know it's a bit nitpicky but if the buildings do get renovated I would like to see that back.
You mean the old Jacksonville National Bank sign?

(https://photos.smugmug.com/History/Urban-Core-1970s/i-XmJPM3W/0/X2/IMG_20150411_133608-X2.jpg)

I doubt it. I think it was only on the building during the 1970s and early 80s.  It definitely wasn't an original part of the building and was gone once NCNB took over.


That could be it, but I swear I remember seeing pictures of it on the Florida Life Building and someone mentioning on this forum that the city blasted it off with explosives because they were concerned it would fall and hurt someone.  Perhaps that is it and I am remembering it incorrectly, its been a while since I was told about it.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: KenFSU on February 02, 2017, 02:28:52 PM
You might be thinking of the corner pilasters of the Florida Life building.

They were removed by Nations Bank in 1994 after a piece fell the street below.

(http://www.prairieschooltraveler.com/html/fl/floridalife/Florida-Life016.jpg)
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: Westside Guy on February 02, 2017, 02:35:38 PM
You might be thinking of the corner pilasters of the Florida Life building.

They were removed by Nations Bank in 1994 after a piece fell the street below.

(http://www.prairieschooltraveler.com/html/fl/floridalife/Florida-Life016.jpg)

That's it! I was starting to think I was going crazy as I was looking for a picture of it last night for 30 minutes.  Where did you find that picture?
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: KenFSU on February 02, 2017, 03:00:34 PM
You might be thinking of the corner pilasters of the Florida Life building.

They were removed by Nations Bank in 1994 after a piece fell the street below.

(http://www.prairieschooltraveler.com/html/fl/floridalife/Florida-Life016.jpg)

That's it! I was starting to think I was going crazy as I was looking for a picture of it last night for 30 minutes.  Where did you find that picture?

No prob, friend!

Here are the details:

http://www.prairieschooltraveler.com/html/fl/floridalife/Florida-life.html

Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: thelakelander on February 02, 2017, 03:29:01 PM
Yes, they will be reconstructed.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: KenFSU on February 02, 2017, 10:19:58 PM
A couple of stray thoughts/questions:

1) If this project moves forward, or dare I say, when this project moves forward, does it force the city's hand a bit when it comes to doing something with Hemming Park? If I'm investing nearly $10 million of public money in this project, do I want the Marriott's rooftop bar overlooking current Hemming?

2) To that effect, if I'm the city, the minute that I see work begin, I'm doubling down efforts to find a buyer for Snyder Memorial willing to turn it into a restaurant/bar.

3) Speaking of restaurants, between Cowford Chophouse, Bullbriar, and Black Sheep's new downtown venture, we're looking at having Ian Lynch, Scott Schwartz, and Jon Insetta all cooking within two blocks of each other. Throw in the Marriott's restaurant and rooftop bar, and you're potentially looking at a legitimate little area for destination dining.

4) That said, I'd love to see something more affordable in the area as well. Would be great to see a Panera Bread, for example, as the retail anchor of the parking garage, opening up to the public greenspace/sculpture park on the corner of Laura & Forsyth. It's a chain, but it's the type of place that people are prone to visit regularly throughout the day and hang out at. Atkins has mentioned in the past that Panera is interested in being a part of the project, it'd be cool to see it happen.

Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: thelakelander on February 02, 2017, 10:34:40 PM
1. For a few years, I had an office on the 8th floor of the old Atlantic Bank Annex. Hemming looks pretty good from up there. I'm not sure the Trio will have an impact on a decision to clean it up or not. It seems like Curry's administration is already committed to improving Hemming.

2. It would be nice to see a RFP issued for the Snyder. It's been a long time coming.

4. My Jax office is now on the 8th floor of the original Atlantic Bank Building. There's lots of affordable places down here now. They just happen to not be chains. Isn't the FSCJ restaurant in 20 West Adams going to be similar to the Panera concept?

Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: KenFSU on February 02, 2017, 10:44:45 PM
^2. There was talk of an RFP for Synder about 8 months ago (https://www.jaxdailyrecord.com/showstory.php?Story_id=547625), but I'm not sure if anything ever came of it. Seems like it would be a lot more viable if the Trio moves forward.

4. Yeah, you're right. Just hope the hours are similar.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: Captain Zissou on February 03, 2017, 09:40:52 AM
1.  I was looking at buying the apartments that Ron Chamblin now owns (323 Laura?) and the view from the third floor down to hemming was gorgeous.  The shade trees cover more from the above view than you would think.  Still wish that project would have worked out for us, but I'm excited to see what Ron does with it.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: FlaBoy on February 03, 2017, 09:56:19 AM
^2. There was talk of an RFP for Synder about 8 months ago (https://www.jaxdailyrecord.com/showstory.php?Story_id=547625), but I'm not sure if anything ever came of it. Seems like it would be a lot more viable if the Trio moves forward.

4. Yeah, you're right. Just hope the hours are similar.

I think a restaurant/bar/music venue would be nice there. The music scene really is hot now since that is the main source of income for most bands. With the amphitheater, Mavericks, 1904, etc, that would be a cool spot for something like that.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: Downtown Osprey on February 03, 2017, 11:53:15 AM
A music venue is the perfect fit for this property IMO. The inside is beautiful and would create a unique setting unlike anywhere else in Jax. It would be a perfect fit for a lot of the acts that play at Ponte Vedra Music Hall, which is in the middle of no where.

Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: johnnyliar on February 03, 2017, 12:07:59 PM
A music venue is the perfect fit for this property IMO. The inside is beautiful and would create a unique setting unlike anywhere else in Jax. It would be a perfect fit for a lot of the acts that play at Ponte Vedra Music Hall, which is in the middle of no where.
The PVCH comparison is great.
It's a real bummer going to shows out there and seeing 50% of the people are people i recognize from around town. It would do so much better in town.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: heights unknown on February 04, 2017, 03:59:53 PM
Looks like we might finally be launched and on the way with the Trio and the Barnett; I certainly hope so. It's really about time.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: KenFSU on February 04, 2017, 05:52:23 PM
Question for anyone who might know:

I keep hearing that Jacksonville's Historic Preservation Trust Fund isn't replenishable.

Where did that ~$4.5 million currently in the fund originally come from? Did someone just throw a lump sum in the pot one year when times were good, or were a series of regular contributions made by the city that were eventually stopped?

What would be necessary to start rebuilding that fund in the event that this project happens and the trust is depleted?
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: vicupstate on February 06, 2017, 09:27:05 AM
^^ As I remember it was a one time lump sum. I want to say Mayor Delaney set the money aside. It was about 3-5 times that amount originally but most of teh money was spent years ago. Only $4.5 million remains.  When Matt Carlucci ran for Mayor, he wanted to make another big lump contribution, but of course, he lost to Peyton.   
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: remc86007 on February 06, 2017, 10:14:50 AM
Why isn't this a line item on the budget with a small annual contribution?
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: Steve on March 23, 2017, 12:02:19 PM
Looks like legislation will be formally introduced in April to City Council:

http://www.jaxdailyrecord.com/showstory.php?Story_id=549591
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: Steve on May 16, 2017, 09:11:26 AM
If approved, Delaware-based Laura Trio LLC would be awarded the rights to develop phase one, or about 30,000 square feet, of the vacant buildings known as the Laura Street Trio.

Combined, the three historic structures have about 72,000 square feet of general office space and 10,000 square feet of commercial and retail space.

When completed, the property will include a Courtyard by Marriott hotel, bodega market, café, restaurant, rooftop bar and retail office space.

A 550-space parking garage also is part of the project. The $11 million garage will be built by the developers on property the city owns at Adams and Laura streets.

http://www.jaxdailyrecord.com/showstory.php?Story_id=549860
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: Steve on May 16, 2017, 09:11:37 AM
What's part of "phase one"?
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: thelakelander on May 16, 2017, 09:18:24 AM
Not sure. I was always under the impression that phase one was the Barnett and parking garage, while the Trio would follow.

With that said, since the Trio is multiple buildings, there's no reason why some of the retail/dining along Forsyth, should have to wait for the completion of the hotel.  So maybe the article speaks to this.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: FlaBoy on May 16, 2017, 09:55:34 AM
Not sure. I was always under the impression that phase one was the Barnett and parking garage, while the Trio would follow.

With that said, since the Trio is multiple buildings, there's no reason why some of the retail/dining along Forsyth, should have to wait for the completion of the hotel.  So maybe the article speaks to this.

The Bank Building at the corner that will be a restaurant is in a lot better condition. Maybe they can get that operational sooner rather than later.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: edjax on May 16, 2017, 02:18:00 PM
Article by Wayne Wood in the current Arbus magazine indicates all three will start simultaneously.  The garage/retail should be completed 12 months out, Barnett 16 months and Trio 22 months. It says staged as 3 separate projects which will start simultaneously soon after the development agreement is approved by City Council.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: RatTownRyan on May 22, 2017, 04:55:10 PM
Looks like this is on the city council agenda for tomorrow.

http://cityclts.coj.net/coj/CurrentYear/Council/89-MAY-23-2017-AGENDA.htm


INTRODUCTION OF NEW ORDINANCES (1ST READING):


2017-403
ORD Approp $4,000,000 from Downtown Historic Preservation & Revitalization Trust Fund for Renovation of the Barnett Bank Building; Making Findings & Auth (1) Redev Agreemt among City, DIA, Barnett Tower, LLC (Barnett Developer), & Laura Trio, LLC (Trio Developer); (2) Lease Agreemt with BLT Parking, LLC (Landlord); (3) Parking Sublease Agreemt bet City & Landlord as Tenant; (4) Quitclaim Deed Conveying City Owned Parcel of Land to Barnett Developer; & (5) Related Agreemts as Described in Redev Agreemt for Renovation of Barnett Bank Bldg & Constrn of a Parking Garage (Barnett Proj) & Renovation of the Marble Bank Building, Bisbee Building & Florida Life Building & Related Improvemts (Trio Proj), all in Northbank Down CRA; Auth & Approp a Downtown Historic Preservation & Revitalization Trust Fund Grant of $4,000,000 to Barnett Developer; Auth a Downtown Historic Preservation & Revitalization Trust Fund Grant of $4,000,000 to the Trio Developer, to be Appropriated by Subsequent Legislation; Auth a REV Grant of $1,800,000 for Trio Proj; Waive the Downtown Historic Preservation & Revitalization Trust Fund Guidelines of 2002-395-E to Auth Grants in Excess of $1,000,000 for said Projs; Waive Chapt 122 (Public Propty), Part 4 (Real Propty), Subpart C (Community Redev Real Propty Dispositions), to Auth Sale of City Owned Real Propty without Appraisal to Barnett Developer at Les than Fair Market Value; Designate DIA as Contract Monitor for the Redev Agreemt & Related Agreemts; Designate Oversight of the Proj by the Public Works Dept; Provide Deadline for the Developer to Execute Agreemts; Waiver of Public Investmt Policy for Trio Developer to Rcv a REV Grant that requires it be in a Targeted Industry Category, must Create at least 10 New Full-Time Jobs & that the Wages be Greater than or Equal to 100% of Florida's Average Wage, & that Limits Funding from said Trust Fund to a Max of $1,000,000 per Proj. (BT 17-110) (Sawyer) (Req of Mayor)
Public Hearing Pursuant to Chapt 166, F.S. & CR 3.601 - 6/13/17
 
1. 5/23/2017 CO  Introduced: NCIS,R,F
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: thelakelander on June 21, 2017, 11:11:25 AM
Lawsuit claims Atkins owes consulting fees

Quote
By David Cawton, Staff Writer

Developer Stephen Atkins, who wants to restore the Barnett Bank building and Laura Street Trio, is facing a civil lawsuit over alleged unpaid consulting fees.

On April 7, Atlanta-based Sterling Consulting LLC filed a complaint in Circuit Court against SouthEast Development Group LLC alleging that it owed Sterling $750,000 plus interest for breach of contract, fraud and attorney’s fees.

Full article: http://www.jaxdailyrecord.com/showstory.php?Story_id=550041
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: camarocane on June 21, 2017, 11:25:21 AM
Around and around we go...
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: Non-RedNeck Westsider on June 21, 2017, 11:33:03 AM
Lawsuit claims Atkins owes consulting fees

Quote
By David Cawton, Staff Writer

Developer Stephen Atkins, who wants to restore the Barnett Bank building and Laura Street Trio, is facing a civil lawsuit over alleged unpaid consulting fees.

On April 7, Atlanta-based Sterling Consulting LLC filed a complaint in Circuit Court against SouthEast Development Group LLC alleging that it owed Sterling $750,000 plus interest for breach of contract, fraud and attorney’s fees.

Full article: http://www.jaxdailyrecord.com/showstory.php?Story_id=550041

I really couldn't care less about allegations, lawsuits and what-not.   Unfortunately, it's almost a 'typical' way of business. 

What concerns me, as it does on every project the city subsidizes, is how much money are we contributing to the project up front?  I honestly don't care if the city agrees in principal to pay for the entire restoration, but with not a dollar to be paid until the project is completed, within a reasonable timeline and other contingencies in place to protect city hall.

Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: Steve on June 21, 2017, 11:44:40 AM
^That's the way the Barnett deal is. It's two $4 Million awards, paid upon issuance of the Certificate of Occupancy.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: remc86007 on June 21, 2017, 11:51:14 AM
Sounds to me like the type of dispute that will be dealt with pretty easily by a settlement after the respective lawyers bill some time on discovery.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: Non-RedNeck Westsider on June 21, 2017, 01:51:42 PM
^That's the way the Barnett deal is. It's two $4 Million awards, paid upon issuance of the Certificate of Occupancy.

Thanks.  And these are the types of deals I have zero issue with our city making.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: Steve on October 14, 2020, 01:48:04 PM
Potentially good news:

https://www.jaxdailyrecord.com/article/developer-new-laura-street-trio-proposal-expected
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: marcuscnelson on January 21, 2021, 01:12:28 PM
New renderings just dropped.

New Laura Street Trio renderings show redevelopment in two phases

https://www.jaxdailyrecord.com/article/new-laura-street-trio-renderings-show-redevelopment-in-two-phases
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: Steve on January 21, 2021, 01:22:44 PM
Aside from the new building on Forsyth that's "conceptual" for Residential, it doesn't look much different than we saw. That is okay by me.

Now...here's the interesting thing: If you look at the Forsyth Street garage that VyStar is now building, the vehicle entrances are up against the retail bay at Forsyth and Main, leaving a lot of Garage frontage at ground level on Forsyth. The reason for that was to accommodate cars from the hotel. They'd pull out onto Forsyth (from next to the Bisbee building) and then have a little distance to cross across the road and turn into garage.

If they're going to build on top of that Forsyth Street vehicle exit, then presumably cars for the hotel would enter and exit onto Adams, make a left on Laura, and another left onto Forsyth. This completely negates the reason for the garage frontage on Forsyth, and the vehicle entrance for the Garage should be as close to Forsyth and Laura as possible.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: thelakelander on January 21, 2021, 02:21:38 PM
What stands out to me is cost. I'd take this adaptive reuse larger hotel (131 rooms) estimated at $69 million over what was proposed at Lot J (120 rooms) for +$100 million, any day. I understand new construction has gotten more expensive as construction materials have risen in cost. I also understand that this will probably end up being more than $69 million too. However, if we're in the world where adaptive reuse is now comparable in cost to new construction, then we should be trying to get as many of the Northbank's historic vacant structures up and running as possible.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: heights unknown on January 21, 2021, 07:47:02 PM
Looks good to me. If I become a multi-millionaire, I'm going to get with you guys in this forum, and I will donate a very tall tower, with residential, office, etc., to Jacksonville. I know very little about construction and development of buildings, properties, etc., so I would need y'all's help in planning, design, etc. It would be on the Northbank, it would have to be, especially for me, to complement the skyscrapers already there. Alright Heights wake up; it's good to dream though. Isn't it? LOL
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: Fallen Buckeye on January 21, 2021, 08:36:37 PM
I understand new construction has gotten more expensive as construction materials have risen in cost.

Do you know why construction materials have gotten more expensive? Is it a disruption in the supply chain due to Covid or is it more of an increase in demand due to low housing inventory? Maybe both?
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: acme54321 on January 21, 2021, 10:37:37 PM
I understand new construction has gotten more expensive as construction materials have risen in cost.

Do you know why construction materials have gotten more expensive? Is it a disruption in the supply chain due to Covid or is it more of an increase in demand due to low housing inventory? Maybe both?

COVID
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: fieldafm on January 22, 2021, 07:36:32 AM
Trump's failed tariffs vastly inflated lumber, steel, fiberboard, gypsum, asphalt and cement prices well before the pandemic. The pandemic just added fuel to a fire that was already burning incredibly hot. Before the pandemic and before the tariffs, there were already global supply chain issues related to lumber. Supply was gradually decreasing... and then the lumber tariffs came in on top of the that. US lumber production did not grow to fill the supply chain gap. The steel tariffs outright killed demand, resulting in even worse US steel job-flows. Supply chain issues with the production of gypsum and mortar have creeped up this year due to pandemic-related plant closures.  The production of bricks also had supply-chain issues at least two-years before the pandemic.

The pandemic has had an undeniable effect, but the issues with construction material costs were starting to show in 2017. The tariffs then pumped up prices even higher. Then already strained global supply chain issues, with prices artificially spiking due to tariffs, were further impacted by pandemic-related shutdowns.

Ironically, the amount of stimulus being pumped into the economy within the past year, fueled by foreign debt, only exasperated how bad the tariffs were at closing the trade gap (the trade gap skyrocketed over the past year). The tariffs were an abject failure any way you examine them.

I'm a registered and fairly reliable Republican voter.  Biden's presidency would get a B+ from me right now, if Trump's tariffs were removed tomorrow. He'd get an A if an infrastructure plan was introduced (guess we can stop waiting for Trump's promises of a $1 trillion infrastructure plan), and he keeps 1031 exchanges within the tax code (which seems less likely by the day unfrotunately).
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: Josh on January 25, 2021, 10:00:19 AM
Last January we started a renovation (I know, great timing) and our GC warned us that in the ~2 years since we had last discussed the project, Trump's tariff war had brought the price of a lot of materials (he mentioned drywall specifically) up pretty significantly. The total project cost increased ~15%.

We didn't start active construction until August/September, and by then the cost of lumber was beginning to skyrocket due to mills being shutdown during COVID, and some large builders stockpiling what was available at the time. Thankfully we didn't need that much lumber, so our material cost hasn't been much higher, but he said that on one new construction project the lumber cost for him that would have been ~$6500 pre-COVID was now about $18,000.
Title: Re: City set to approve grants for Barnett Bank, Laura Street Trio
Post by: vicupstate on January 25, 2021, 12:33:16 PM
Quote
Trump's failed tariffs vastly inflated lumber, steel, fiberboard, gypsum, asphalt and cement prices well before the pandemic. The pandemic just added fuel to a fire that was already burning incredibly hot. Before the pandemic and before the tariffs, there were already global supply chain issues related to lumber. Supply was gradually decreasing... and then the lumber tariffs came in on top of the that. US lumber production did not grow to fill the supply chain gap. The steel tariffs outright killed demand, resulting in even worse US steel job-flows. Supply chain issues with the production of gypsum and mortar have creeped up this year due to pandemic-related plant closures.  The production of bricks also had supply-chain issues at least two-years before the pandemic.

Sounds like you got tired of #winning