JACKSONVILLE, Fla — The “Florida Life” building Is 110 years old, the “Bigsbee” building is 113 years old, and the old “Florida National Bank” is 121 years old.
After the 36.55-million-dollar approval by the downtown investment authority on Wednesday, those old buildings could one day bring new economic activity downtown.
When local business owner, Timaeus Yuen, was asked about the potential economic impact of this project, the owner of Boba Panda Tea Shop said, “It’s affordable downtown, but on the other hand it’s moody, it’s unstable. Sometimes full of people, sometimes no people for hours.”
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Yuen started his boba tea shop 2 months ago on Adams Street, right across from the Laura Street Trio, he says he’s optimistic that revitalizing those 3 historic buildings would bring more business to the heart of downtown, “I really think so, I think insomnia cookies will help me, but then the hotel would definitely help me.”
The proposed revitalization project would turn them into mixed-income housing, a restaurant, and a 4-star Marriott hotel at a total cost of around 175 million dollars.
The city would be responsible for 63.5 million of that. With the approval of 36.55 million dollars by the DIA, that leaves roughly 27 million left for the city to pay.
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Matthew Carlucci, Jacksonville City Councilman, explains where those funds could come from.
“The developer is looking to be creative with the 27 million dollar ask of the city, but not just a grant, but in some structure that would enhance the return on investment to the city’s taxpayers.”
Councilman Carlucci says he helped save these buildings from demolition by working with Mayor John Delaney back in 2001. Now 22 years later, structures that he calls historic assets, and potential economic drivers are closer to being given a new life, and possibly changing the economic footprint of downtown Jacksonville.
“They are a linchpin in the revitalization of the downtown core, but they are also such of historic importance of telling the story of Jacksonville going back to 1908, 1902,” Carlucci said.
The city council still must approve this deal, and Carlucci speculates that the council could possibly make a decision in August or September.
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