In a move to facilitate the revival of downtown Jacksonville's historical Laura Street Trio, the City Council has passed an emergency resolution that bolsters efforts for a change in its ownership. Current owner Steve Atkins of Southeast Development Group may soon hand over the keys to Paul Bertozzi's Live Oak Contracting, eager to resolve outstanding city code violation fines amounting to $800,000. News4Jax reported on the council's affirmative action, which is set to push forward negotiations between the mayor's office and the potential new proprietor.
The fining issue, anchor to the property since its acquisition by Southeast Development, is suggested as a bargaining chip. Intricacies of the situation indicate that the City of Jacksonville might have its own financial interest, hinting at an $8 million figure to assume control over the Trio and select a developer of its own choosing. The code violation fines are a substantial part of the equation, with Southeast spending upwards of $10 million on the properties to date, according to sources cited by ActionNewsJax.
Taking a plunge back into negotiation waters, the city is meeting steeper costs and heightened incentive requests from developers for the Laura Street Trio project. Costs have ballooned from an initial $44.6 million in 2017 to the current whopping $211.7 million proposed in October—nearly five times the original estimate. Coupled with this steep climb, developers have adjusted their sights, now seeking $96.8 million in incentives, which starkly contrasts the 13% of total development costs pitched seven years prior, as stated in a report by Jax Daily Record.
Revitalizing the Trio is not merely an exercise in restoration; it's an ambitious overhaul that encompasses both the refurbishment of historic buildings and the erection of new structures for hotel and residential use. Built between 1902 and 1912 in the wake of Jacksonville's pivotal 1901 fire, the First National Bank Building, Bisbee Building, and Florida Life Building stand as some of the city's few remaining beacons from the post-fire reconstruction era. They sat largely untouched, gathering fines as decisions over their fate churned through the municipal machine.
