That building looks in way worse shape than the Armory and it includes some uses that require a different interior built-out.....like a public library. Without knowing more, it's hard to equate the two as equals in terms of renovation costs.
With Publix, they would have added jobs, but those jobs would have likely been at their suburban industrial complex off Wabash and US 92. Publix only moved corporate jobs into the closed JCPenney back in the 1990s because they were approached by the LDDA and given a deal they could not refuse, along with them being a good corporate citizen in that community. Publix, along with Watkins Trucking (who took the empty neighboring Maas Brothers building on a similar deal), directly led to that city being able to bring its downtown back to life in a fraction of the time that Jacksonville has talked about revitalizing its own downtown. In the years that have followed, Publix has grown significantly, including adding a large corporate headquarters on the south side of town near the airport (that opened right before I moved from Lakeland to Jax) and now they have hundreds of more Downtown Lakeland jobs than they started off with the JCPenney deal years ago.