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 Brisbee 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.
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