Hefty incentive deal for Laura Street Trio renovation on the table

JASCKSONVILLE, Fla. — The City of Jacksonville has a hefty incentive deal on the table for the Laura Street Trio.

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A project to renovate three historic buildings on the corner of West Laura Street and Forsyth Street could see a $22 million loan from the city, which is set to be discussed in Tuesday night’s council meeting.

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In the heart of downtown, three buildings are set to be redeveloped. It’s all part of the Laura Street Trio incentive deal that is set to be discussed in Tuesday night’s council meeting.

“It’s a very important piece of the puzzle to reenergizing the core downtown,” City Council member Matt Carlucci said.

Over the summer, the Downtown Investment Authority turned down the $175 million downtown project to redevelop the Laura Street Trio.

But the council will be considering a new package of public incentives which totals to about $60 million.

In the deal is a $22 million city loan to guarantee a construction loan by the developers, Steve Atkins and the Southeast Development Group from Capital One Bank.

City Council member Matt Carlucci is sponsoring the bill and said this loan will mainly serve as collateral for the first two years of construction.

“It’s kind of in case the builder – if the developer – were not to make a payment, there would be reserved money the city would have to help with that payment,” Carlucci said. “But that’s not expected to happen. But that’s a requirement of Capital One.”

The project proposal is set to transform these three buildings -- The Florida National Bank, The Bisbee Building, and the Florida Life Insurance Building located on Forsyth Street and Laura Street.

“So, I’m very excited, Carlucci said. “It’s not without risk, but nothing’s without risk.”

The plan is to restore them and construct about 160 housing units with 30 percent of them to become affordable housing -- create a 4-star Marriot Hotel, and construct a new restaurant.

“I think that anything for Downtown Jacksonville is good for Downtown Jacksonville,” Carlucci said. “There’s not a lot to do here. There’s not a lot of places to go or people to see.”

Brenden Ubran has lived in Jacksonville for more than 10 years and he said Downtown Jacksonville could benefit from some redevelopment.

“And I’ve seen this building 100 times. I’ve never seen anything here. So, it’d be great to have something new in Downtown Jax.”

Carlucci said if this project proposal gets approved, we could see construction begin as early as spring of next year.

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