City Council Approves Laura Street Trio Incentive Package

JACKSONVILLE, Florida – Jacksonville City Council on Tuesday night approved a $ 26.67 million taxpayer fundraising program that paves the way for the restoration of the historic Laura Street Trio.

The vote was 16 to 1 in favor of the loan package that will help the SouthEast Development Group convert vacant buildings in downtown Jacksonville. The plan is to transform them into a 145-room Marriott hotel that would have a restaurant, retail and bodega grocery store.

Developer Steve Atkins told News4Jax partner of the Jacksonville Daily Record that all parts are now in place for the restoration.

“I think when it’s finished I really, really believe it’s going to be the crown jewel of downtown,” Atkins told the Daily Record.

Atkins has previously said he expects work on the site to begin in early November. The restoration is expected to take 24 months.

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At the moment, the windows of the buildings are smashed. Overall, the space appears to be run down.

“That’s the problem, you don’t have a lot of people who are drawn to the city center because it’s old, it’s old-fashioned and there isn’t much to do here,” he said. said Rodneshia Jones, who lives in Jacksonville.

The bill that was approved Tuesday night added a $ 2 million forgivable loan to the city’s commitment. He is helping SouthEast Development Group honor an outstanding bridging loan on the property from the company’s previous attempt to secure project financing.

Copyright 2021 by WJXT News4Jax – All rights reserved.

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