The Laura Street Trio, iconic structures in the heart of Jacksonville, remain in uncertainty following the failure of negotiations between the city and the developer, SouthEast Development Group.
A special City Council committee is set to convene to deliberate the next steps for the Laura Street Trio. This meeting follows the recent announcement by the mayor’s office that discussions with the developer, SouthEast Development Group, have irreparably broken down. These iconic buildings, purchased in 2013 by SouthEast Development Group, had plans for a major redevelopment into a four-star hotel, approximately 170 apartments, a restaurant, a bar, and various entertainment venues, with an estimated cost exceeding $188 million. The ambitious project was anticipated to reach completion within two years.
However, the negotiations between the city and the developer encountered significant hurdles. The city initiated a foreclosure lawsuit against the developer in August, citing $800,000 in unpaid fines related to municipal code violations. Although this lawsuit was dropped in September amid hopes of reaching an agreement, the situation worsened, leading to the city re-filing the lawsuit. The mayor’s office criticized the developer, alleging excessive financial demands and heightened taxpayer risks. Conversely, the developer attributed the breakdown to poor communication and mutual accusations of bad-faith negotiations.
Councilman Kevin Carrico, chairman of the special committee, expressed his determination to preserve the historic buildings. He criticized the administration for what he perceives as a lack of commitment to conserving the city’s heritage, citing the administration’s unwillingness to remove the litigation threat as a hindrance to progress. Carrico emphasized the importance of waiving lawsuits as part of city incentives to safeguard historic landmarks.
In a public statement, the developer, Steve Atkins of SouthEast Development Group, highlighted the need for collaboration with the Jacksonville City Council to revitalize the Laura Street Trio and respect its historical significance. Meanwhile, the mayor’s office refuted claims of disengagement, stating that city negotiators engaged the developer’s team frequently with many proposed deals, only to encounter shifting demands from the developer, which increased financial risks for the city.
The impending City Council committee meeting represents a critical moment for determining the fate of the Laura Street Trio. With both the city and the developer holding firm to their positions, the future of these historic buildings remains uncertain. The outcome will significantly impact not only the downtown Jacksonville landscape but also the preservation of its architectural history.
Source: News4jax
