Laura Street Trio developer to work with Jacksonville City Council after city re-files lawsuit

JACKSONVILLE, Fla. — Developers with the Laura Street Trio are responding to the City of Jacksonville’s decision to end negotiations to redevelop the historic buildings.

Action News Jax told you on Tuesday that the city also refiled a lawsuit against the developer.

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In a statement, SouthEast Development Group said that it is now working directly with the Jacksonville City Council to establish an agreement and enact legislation by the end of the year.

It also said, in part, “Our team has invested everything in this project, from financial commitments to creative solutions, and all we ask is for the city to stand with us to see it through.

Read SouthEast Development Group’s full release below:

The city has been trying to get the Laura Street Trio re-developed since 2017.

The buildings are among the oldest in Jacksonville. They are some of the first built after the Great Fire of 1901.

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City Council Vice President Kevin Carrico said he will hold a special meeting on Nov. 25 to seek a resolution.

Carrico’s office issued the following release about the breakdown in negotiations:

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Jacksonville Mayor Donna Deegan’s office issued the following statement in response to Carrico’s release:

“It’s simply inaccurate to imply a lack of engagement. As Vice President Carrico well knows, city negotiators met multiple times with the Trio developer and his lobbying team over the past few months. As outlined in our detailed summary, we considered many different deals during that time. However, every time the developer and his lobbyist moved the goal posts the city’s financial contribution and risk exposure kept increasing. Furthermore, the developer broke the terms of agreement that were in place for the city to remove its lawsuit.

“We have worked long and hard to come up with an agreement that is financially viable for the city. Despite our best efforts and countless hours spent by staff, that has not materialized. Therefore, we are permanently terminating negotiations with the developer and refiling the original lawsuit.

“The attached summary provides the history of deals and more details on the city’s reasoning. The 10 points memo shows the conditions agreed to in principle by the city and Trio development team to restart negotiations in September.”

Read the Trio summary memo below:

Read the Ten Points memo below:

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• ‘It’d be awesome:’ The $87M proposal to bring Jacksonville’s Laura Street Trio back to life
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• Laura Street Trio owner plans to move forward despite DIA resolution finding project ‘untenable’
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