The SouthEast Development Group has announced plans to add an 11-story residential tower to the redevelopment of the Laura Street Trio. The new building, which will face a parking garage currently under construction by Vystar, will include 166 units of mixed-income multifamily housing. Considered to be a second phase of the development, the 160,000-square-foot building will be constructed adjacent to the historic Bisbee Building, on the former site of the Arcade Theater. Construction will be concurrent with the rehabilitation and adaptive reuse of the historic Laura Street Trio buildings, which will feature a 142-room Autograph Collection Hotel by Marriott.
“Together with our project team, we’re pleased to share that the iconic Laura Street Trio development will support Downtown’s evolution as a 24/7 neighborhood by adding to its residential density,” said Steve Atkins, Principal and Managing Director of SouthEast Development Group. “Expanding the Laura Street Trio development plan to include multifamily housing has been a goal of mine for several years. Between our successful multifamily leasing program at The Barnett and increased demand for housing at various price points, we’re confident that this new multifamily product will be a welcome addition to the neighborhood.”
SouthEast Development Group intends to partner with the Jacksonville Housing Authority in order for twenty percent of the units to be offered as workforce housing for tenants earning up to 80% of the area median income (AMI).
“When developers recognize the benefits of mixed-income housing, our entire community benefits. We commend SouthEast Development Group for its commitment to workforce housing at the Laura Street Trio development,” said Dwayne Alexander, CEO of the Jacksonville Housing Authority.
The new addition brings the total square footage of the Laura Street Trio development project to 250,000, at an estimated cost of $165 million. The Downtown Development Review Board will review the updated design plan for the expanded program at its next meeting, scheduled for January 13, 2022.
The project team for the Laura Street Trio includes Dasher Hurst Architects, Danis Construction, Pyramid Hotel Group and Piper Sandler & Co.