JACKSONVILLE, Fla. — The City of Jacksonville filed a motion Monday to dismiss a $800,000 lawsuit against the developers behind the Laura Street Trio.
The update helped clear the way for a new developer to join the team.
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Live Oak Contracting, which has an office across the street from the historic buildings, is now helping to develop the trio. Live Oak Contracting will work alongside SouthEast Group, which has owned the buildings since 2013.
“We share the same vision for downtown Jacksonville and have worked closely with them to ensure this project reflects our community’s potential. Together, we’re confident that we can finally take these buildings off the drawing board and turn them into a reality,” Paul Bertozzi, Live Oak Contracting’s President and CEO, said.
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He emphasized that the failed negotiations of the past will not impact the future development of the buildings.
“I’ve seen opportunities and failed opportunities. The time is now. The other failed developments don’t matter. This one is the one and we’re ready to execute,” Bertozzi told Action News Jax’s Robert Grant. “Our team at Live Oak also brings a fresh perspective to the development. We’re helping ensure that there’s no ‘deal fatigue’—we’ve got the energy and enthusiasm to push things forward and bring everyone to the table.”
Live Oak Contracting has already flown in capital partners and investors to showcase the building and said they’ve worked behind the scenes to raise capital.
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The development includes a four-star Autograph Collection Hotel by Marriott, 169 multi-family apartments, and retail and entertainment spaces. Bertozzi said they’re working with the city on a term sheet now, which could take a few more weeks. Then work will begin restoring the inside, which could take up to six months, before neighbors see construction crews surrounding the building.
Bertozzi said the redevelopment will spark surrounding downtown growth.
“Restoring the Laura Street Trio has the potential to be a catalyst for downtown revitalization. When people see a project like this actually happening, it signals that Jacksonville is serious about its future. This, combined with the new Riverfront Plaza and park investment, will help tie everything together for the downtown core.”
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