DIA board approves $24 67 million Laura Street Trio loan package | Jax Daily Record | Jacksonville Daily Record jaxdailyrecord.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jaxdailyrecord.com Daily Mail and Mail on Sunday newspapers.
The proposed $24.67 million taxpayer-backed deal to partially finance SouthEast Development Group LLC’s planned historic Laura Street Trio renovation Downtown cleared its first hurdle March 15.
The Downtown Investment Authority’s Strategic Implementation Committee voted 3-0 to advanced the deferred and forgivable loan package for the full board’s consideration March 17.
If approved, City Council could take the final vote on the incentive agreement by the end of June for SouthEast’s $70.48 million proposal to adapt the vacant structures into a 145-room Marriott Autograph Hotel with a restaurant, lounge and ground-floor retail.
SouthEast Managing Director Steve Atkins said March 15 that the 4,401-square-foot, ground-floor bodega grocery store that will be in the Trio’s Bisbee Building has been leased to a retired Winn-Dixie employee. He did not release any additional information about the operator at the meeting.
SouthEast Development Group LLC’s plans to renovate the historic Laura Street Trio Downtown could receive $24.67 million in city-backed incentives under a proposed deal with the Downtown Investment Authority.
The pending agreement negotiated by DIA staff includes forgivable and deferred loans for SouthEast’s $70.48 million project.
The project will adapt the vacant historic structures into a Marriott Autograph Hotel with a restaurant, lounge and ground-floor retail, according to documents submitted for the DIA Strategic Implementation Committee’s March 15 meeting.
If approved, the nearly $25 million package would be the largest awarded from the DIA’s Downtown Preservation and Revitalization Program authorized by City Council in October.
$29,737,500 in bridge financing for
The Garage, a newly redeveloped Class A mixed-use property located in the trendy Arts and Warehouse District of New Orleans, Louisiana.
The Garage
Originally built in 1951, The Garage was formerly an automobile dealership and parking structure, known as Stephen s Garage. Today, the five-story property includes 51 multifamily apartments, 11 penthouse units, and 20,940 square feet of ground floor retail. The property maintains unique, industrial features, such as two car elevators that allow residents to park in front of their respective units.
The property was acquired in July 2008 by Wisznia Architecture + Development, a multi-disciplinary, full-service design and development firm with over 70 years of continuous practice. Wisznia is the architect, developer, and property manager of The Garage. Completed in December 2019, the multifamily portion of the property is currently undergoing lease-up and had reached 60 percent occupancy at the time