JACKSONVILLE, Fla. — The Jacksonville City Council is expected to vote on the future of the historic Laura Street Trio on Tuesday, which could clear the way for its sale to a new owner, but the city may be interested as well.
Action News Jax’s Ben Becker has learned from a source the city could consider buying out the current owner, SouthEast Development Group, for $8 million and finding its own developer.
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This could also include tearing down both the Florida Life Building and Bisbee Buiding and putting out a request for proposal to have new buildings rebuilt in those spots. The Old Florida National Bank (Marble Bank) would remain in this scenario.
Currently, SouthEast has a deal in place with Live Oak Contracting, but the city needs to lift a lien for more than $800,000 in code violation fines for the agreement to proceed.
Sources tell Becker the fines are considered leverage against SouthEast, which has spent more than $10 million towards the Trio, including $6.3 million in principal and interest.
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Tuesday night, the City Council will hear a resolution that would be a compromise regarding the fines that would result in $4,000 a month in payments over the next 48 months.
However, there’s a possibility an emergency vote may take place on an ordinance that would forgive any money owed, which would need a super-majority of 13 votes to be veto-proof by Mayor Donna Deegan.
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In the event there’s a vote on the ordinance and it passes with a simple majority of votes that the mayor eventually vetoes, the council would have the opportunity to override the veto at its next meeting on Dec. 10.
A spokesperson with the mayor’s office denies there have been any formal discussions or deal on the table regarding a purchase of the Trio.
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