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DIA approves $8.28 million for Union Terminal Warehouse apartments | Jax Daily Record | Jacksonville Daily Record

City Council has to approve the deal with Atlanta-based Columbia Ventures before work can begin. ....

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Union Terminal incentives fall short of developer's request   | Jax Daily Record | Jacksonville Daily Record

Atlanta-based Columbia Ventures LLC could receive $893,883 less than requested in city incentives for a $60.8 million plan to convert the historic Union Terminal Warehouse to apartments.
The Downtown Investment Authority released a term sheet May 10 that shows its board will consider $8.28 million in forgivable and deferred principal loans for the affordable housing project through the Downtown Revitalization and Preservation Program.
In its report, DIA staff said only $52.9 million of the project costs are eligible expenses under the program, resulting in the lower incentives offer. The report says that $7.9 million comprises developer fees, expected tenant improvements and reserves.
In April, a Columbia representative said the company was negotiating for $9.2 million in gap financing to complete the 228-unit adaptive reuse project at 700 E. Union St. near Jacksonville’s Eastside. ....

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DIA committee OKs $1 million incentive increase for Southbank apartments | Jax Daily Record | Jacksonville Daily Record

DIA committee OKs $1 million incentive increase for Southbank apartments | Jax Daily Record | Jacksonville Daily Record
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DIA committee advances Laura Street Trio loan package | Jax Daily Record | Jacksonville Daily Record

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. ....

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DIA to consider buying MPS-managed parking garages | Jax Daily Record | Jacksonville Daily Record

05:10 AM EST
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The city could purchase the three Downtown structures if the court rules the operator is in default of its contract.
The Downtown Investment Authority board is scheduled vote March 17 on moving toward a $32.9 million purchase of three parking garages owned and managed by Metropolitan Parking Solutions.
The step comes as the DIA, city and MPS are in a legal fight over the DIA withholding development loan payments to the Jacksonville-based parking operator.
Also at issue is whether MPS is meeting financial reporting obligations in its 2004 contract to own and manage Downtown parking garages at the Duval County Courthouse and VyStar Veterans Memorial Arena. ....

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