JACKSONVILLE, Fla. – The future of the Laura Street Trio project in downtown Jacksonville might be in jeopardy according to a new letter from the developer that was shared by The Jaxson Mag on social media.
The developer says his firm got a termination letter from the Downtown Investment Authority related to the historic buildings at Laura and Forsyth streets.
The developer’s letter said that on Wednesday, it got a notice that the DIA submitted paperwork to end negotiations between the city and the development team.
The buildings known as the “Laura Street Trio” have stood vacant for decades, but their history in downtown Jacksonville is undeniable.
In the letter, the developer wrote:
“The properties’ significant historic context and important location in the epicenter of our downtown make this project critical to the continued revitalization of our city.”
The developer has been trying for years to turn the historic buildings into a hotel, apartments and retail shops.
But it’s going to require city money, and coming to an agreement on a city investment in the project has been the issue.
If a deal isn’t reached, there’s a chance the buildings could come down.
In the letter, the developer hints that the project might not be happening – and doesn’t seem all that surprised.
“On April 9th, we received a notice that a DIA Resolution has been submitted to terminate the negotiations with the development team to move the project forward, seemingly reflective of most development projects proposed by private interests for Downtown Jacksonville.”
The latest attempt between the developer and the city to get the project off the ground involved the city using $22 million to back up a construction plan.
But the City Council said there were just too many unanswered questions.
Last June, the Downtown Investment Authority board voted to send a term sheet, including $36.5 million in incentives, to the City Council without a recommendation for or against it.
DIA staff reported at the time that the developer did not meet certain criteria for incentives.
For now, the project’s future is in wait-and-see mode. The developer also wrote his commitment to the project is still 100%.
He ended by saying:
“It is our hope that we and the City of Jacksonville can come to an agreement on terms to move this important project forward as soon as possible.”
Mayor Donna Deegan is holding a news conference Wednesday to talk about downtown projects.
News4JAX will work to get answers about the Laura Street Trio and where it stands, along with other projects.