Jacksonville, Fla. – At its Tuesday, June 27th meeting, Jacksonville City Council voted unanimously to approve legislation authorizing a Development Agreement and related public investments for the adaptive reuse of the historic Barnett National Bank and Laura Street Trio Buildings.
The comprehensive plan for all four buildings creates a 24-hour node of activity in the epicenter of Jacksonville’s downtown. Program plans include the previously announced Marriott hotel, commercial banking, exquisite new restaurants and retail, along with 100 new residential apartments. The Development Agreement approved by Jacksonville City Council includes $8 million in cash grants from the city’s Historic Preservation and Rehabilitation Trust Fund and a Recapture Enhanced Value (REV) Grant of $1.8 million, credited toward future real estate taxes. In addition to the public investments made for the preservation the buildings, the agreement also authorizes a master lease by the city for a new structured parking facility being constructed as part of the project.
With a total cost of just over $90 million for the entire project, the developers will invest and finance approximately $80 million, or 90% of the total project costs. In return, the city will benefit from $152 million in total economic impact from the development, with a projected $17.5 million in operations each year and a $7 million dollar increase in new regional payroll. In total, the project will generate nearly 500 jobs during construction and 250 to 300 permanent mid-to-high wage jobs during operations.
Construction is scheduled to commence on the project in 2017.
The project is being developed through a joint-venture between SouthEast Development Group, LLC and The Molasky Group of Companies. The partnership represents the most progressive opportunity to achieve success for this project, bringing together the most well-equipped local development team with the financial strength of a proven national firm with a background including over $2.5 billion in specialized Public-Private-Partnerships.
SouthEast Group is a commercial real estate firm based in Jacksonville, Florida, providing a full complement of development services and asset management across the southeastern region of the United States. SouthEast Community Investment Fund, LLC is positioned to provide “community-centric” planned development support with targeted investments through tax-credits, federal subsidies and Public-Private-Partnerships. The company was certified by the Community Development Financial Institutions Fund (CDFI Fund) of the U.S. Department of the Treasury in December 2013, to serve the Northeast Florida/Jacksonville MSA, including Duval, Clay, St. Johns, Nassau and Baker Counties.
The Molasky Group of Companies is one of the nation’s most respected real estate development firms. Based in Southern Nevada for more than 65 years, the company mark can be found nationally in all aspects of development from residential to office buildings, malls and shopping centers, commercial, healthcare, aviation, hospitality, multifamily and mixed use. Today it specializes in Public-Private-Partnerships to design, build and finance large scale properties for local, state and federal agencies with exacting standards in terms of mission, efficiency and work-force dynamics. It earned a reputation for progressive correctional design through developing headquarters for agencies like the Internal Revenue Service, Social Security Administration and the National Personnel Records Center for the National Archives and Records Administration, the Federal Bureau of Investigation and Veterans Affairs.
For more information on this project visit Barnett-Trio.com.