JACKSONVILLE, Fla. – The Downtown Investment Authority met on Wednesday and approved funding for the potential rehab of the former Mag’s Café at 231 N. Laura Street.
Built in 1957, the two-story building includes a basement and roughly 4,262 square feet of space. Earlier this year, the city gave the building local historic landmark status, and it’s a part of the Downtown National Historic District.
The building sits on the corner of Laura and Monroe across from James Weldon Johnson Park.
“When you look at the prominence of that space and that corridor — I don’t think we can let it sit undone any longer," Scott Wohlers, a DIA board member, said.
The proposal sets the total development cost at around $4.7 million, with construction costs around $3.5 million.
DIA staff recommended around $1.9 million in support from the Northbank Downtown Redevelopment Trust Fund.
Since the board approved, the recommended package will be forwarded to the city Council for final approval.
Developer Alan Cottrill pitched the project to the Downtown Investment Authority. The documents indicated he plans to buy the property through a newly formed LLC and bring back both housing and commercial space.
“We feel like it’s a critical corner,” Cottrill said. “Especially when you talk about James Weldon Johnson Park being revitalized and work and everything happening up and down the Laura Street corridor.”
The proposal called for about 2,800 square feet of restaurant/retail space across the first floor and basement, and two one-bedroom apartments on the second floor.
The team also explored tying the building’s retail/restaurant space into the adjacent property to create a larger footprint for a potential operator.
“We understand that it has a small return. We understand that it requires some sweat equity on our part to maybe get it across the line, and we understand that we won’t have 100% occupancy and the best rents, and we’re prepared to take that risk,” Cottrill said.
The developer would then be required to begin construction within six months of the agreement becoming effective and reach substantial completion within 18 months of starting work.