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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.
The Downtown Development Review Board voted 8-0 to advance the estimated $70.4 million plan to renovate the historic Downtown structures into hotel and retail space.
Share The estimated $70.4 million project will redevelop the historic buildings into a hotel with restaurant and retail spaces.
Laura Street Trio developer SouthEast Development Group LLC submitted its historic renovation project to the Downtown Development Review Board for conceptual review.
The estimated $70.4 million plan to convert the three vacant urban core structures into a 146-room hotel with restaurant and retail spaces is scheduled at the board Feb. 11, according to an agenda and documents released Feb. 4.
A staff report recommends that the board grant conceptual approval for the renovation of the Florida Life, Bisbee and Marble Bank buildings, which comprise the Trio at 51 W. Forsyth St.