On May 17th, the Downtown Investment Authority (DIA) gave the green light to advance plans for the redevelopment of the Laura Street Trio and Barnett Bank building to City Council for review.
This comes on the heels of Jacksonville Mayor Lenny Curry making a vow that renovations to the long vacant buildings will get done.
After council approval, developers of the project will be given a 60 month deadline to complete the complex restoration project in the heart of downtown Jacksonville.
The development team consisting of Southeast Group and Las Vegas-based The Molasky Group then plan to start physically transforming the 18-story, 157,000-square-foot Barnett Bank Building, completed in 1926, into a mixed-use structure featuring office and multifamily residential space.
Specifically, the $34 million, 16-month project will include a retail bank on the ground floor and mezzanine levels. JP Morgan Chase Bank has been said to have interest in being an anchor tenant. Roughly 40,000 square feet of office space will be located on floors three through seven and 100 market-rate apartments will be located on floors eight through eighteen. Apartments would be priced as low as $750/month for 513-square-feet. Higher end apartments would be priced around $1,350/month.
In addition, plans call for $44 million to be spent turning the adjacent vacant Laura Street Trio into a mixed-use project featuring a Courtyard by Marriott boutique hotel.
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