The Laura Street Trio redevelopment project has received approval for a financing package totaling $24,674,300 from the City of Jacksonville. The package, outlined in Ordinance 2021-0453, was approved by the Jacksonville City Council on September 14, 2021.
Funds will support the adaptive rehabilitation and reuse of the historic Laura Street Trio, which comprises the Historic Florida National Bank Building, the Historic Bisbee Building and the Historic Florida Life Insurance Building. The financing package includes an Historic Preservation Restoration and Rehabilitation Forgivable Loan (HPRR) in the amount of $9,377,766; a Code Compliance Forgivable Loan (CCR) in the amount of $10,016,699; and a Deferred Principal Loan (DPDP) in the amount of $5,279,835.
SouthEast Development Group, the developer for the Laura Street Trio project, plans to begin construction this fall.
“With today’s approval from the City Council, Downtown Jacksonville is one step closer to regaining use of its most significant historic buildings. I’d like to extend special thanks to Councilmember Michael Boylan, as well as Mayor Lenny Curry’s administration and the Downtown Investment Authority, for their support in getting to this milestone,” said Steve Atkins, Principal and Managing Director of SouthEast Development Group. “Restoring these structures has been a personal and professional goal of mine since 2009. Together with our project team, we look forward to proceeding with this long-awaited rehabilitation project that will continue the Downtown transformation that is already underway.”
Redevelopment plans for the Laura Street Trio include:
Historic Florida National Bank Building (51 West Forsyth Street):
18,216 square feet over two stories and a basement, to include a 7,442-square-foot, basement-level private dining and wine cellar space; 7,069 square feet on the first floor for restaurant operations; and an additional 3,615 square feet of restaurant operating space
Historic Bisbee Building (47 West Forsyth Street):
42,333 square feet over 10 stories, with mechanical operations in the basement; a 4,401-square-foot retail bodega on the ground floor; a 4,401-square-foot conference center on the second floor; and eight floors of 4,401 square feet each to provide seven hotel rooms on each floor (56 rooms total)
Historic Florida Life Insurance Building (117 North Laura Street):
26,803 square feet over 11 stories and a basement, to include a 2,548-square-foot media theater in the basement; 2,205 square feet of lobby/business center space on the ground floor; a 2,205-square-foot fitness and media center on the second floor; and nine floors of 2,205 square feet each to provide a total of 35 hotel rooms
In addition to the three historic buildings, SouthEast will build two new components to support the mixed-use project: an eight-story building that will provide 8,843 square feet of ground-level retail, six floors with nine hotel rooms each and a 4,650-square-foot rooftop bar; and an 11-story circulation core that will add 2,012 square feet of lobby space on the first floor, and 10 additional floors of 1,675 square feet for circulation between each building.
The National Park Service approved the Laura Street Trio plans meeting Historic Preservation Certificate guidelines in May 2021. The SouthEast project team for the Laura Street Trio including Dasher Hurst Architects, Danis Construction, Pyramid Hotel Group and Piper Sandler & Co., will also restore the historic architectural elements of the buildings through the preservation process.