$89 million redevelopment planned for Downtown Jacksonville

New life could finally be coming for the Laura Street Trio and Barnett Building in Downtown Jacksonville.

There have been plans to redevelop these properties in the past, but the head of the Downtown Investment Authority says this latest attempt is the closest they’ve been to seeing action. The Mulasky Group and SouthEast Group are behind the plans for the buildings, which are off Forsyth and Laura. They’re planning to build a parking garage as well, as part of the overall plan.

If approved, we’re told the Barnett Building and parking structure would come first, with a 22 month and 16 month timeline, respectively. The Trio would lag behind the Barnett Building by up to a year, according to the documents filed with the DIA.

The DIA Board will vote Wednesday morning on the massive $89 million project.

Laura Street Trio

The $44.6 million redevelopment plan for these three buildings- the Bisbee Building, Florida Life Building, and Marble Bank Building- also includes building a new bordering Courtyard by Marriot hotel, according to the terms sheet. In addition to that, the proposal includes a signature restaurant, a small bodega market, a rooftop bar, a small retail office space, and a small Marriot café.

The developers are seeking a $4 million grant from the Downtown Revitalization and Historic Preservation Trust Fund. The grant would be paid after the Certificate of Occupancy is issued.  The terms would also have the City rebate half of the property taxes on the new construction portion for the next twenty years, totaling up to $1.8 million.

Barnett Bank Building

The resolution the DIA will vote on would recommend the City of Jacksonville provide a $4 million grant for this portion of the redevelopment, after there’s a certificate of occupancy issued.

In response, the developer is planning a $34.2 million renovation, including 50,000 sq. ft. of commercial office space. Documents show the developers have “some level of commitment” from JP Morgan Chase Bank to occupy this space.

They’re also planning one hundred apartments for rent, which would range from $750 to $1350 for monthly rent.

Parking structure

This overall plan comes with a parking boost as well, with the developers looking at a 550 parking space garage they would lease for $660,000 per year for twenty years. The structure would be off Forsyth and Main, and would be run by the City’s Office of Public Parking. The garage is also planned to hold about 12,000 sq. ft. of retail space.

Overall, this structure alone is estimated to cost $11 million. The City is being asked to convey that land- which is valued between $800,000 and $1 million- to the developers.

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