JACKSONVILLE, Fla. – Efforts to renovate the long-vacant Barnett National Bank building on Laura Street in downtown Jacksonville advanced this week as permits for the work were filed with the city.
The Downtown Development Authority authorized the plans last month and sent it to the City Council for review.
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Permits detail over $1 million worth of work to the 18-story, 157,000-square-foot 1926 building that would just be the start of its redevelopment as a mixed-use structure to include apartments, offices and retail.
JP Morgan Chase Bank has shown interest in being an anchor tenant. Roughly 40,000 square feet of office space will be located on floors three through seven and 100 market-rate apartments will be located on floors eight through 18. Apartments would be priced as low as $750 per month for 513 square feet of living space. Higher end apartments would be priced around $1,350 per month.
There have been numerous previous attempts to give the building new life. In 2013, Jaguars owner Shad Khan's Stache Investments loaned developer Steve Atkins $3 million to purchase and renovate the building, but no payments were made on the loan and reacquired the building in a foreclosure auction two years later.
The new development team consists of the Southeast Group and Las Vegas-based The Molasky Group.
There's no word on when work on the building would begin.
In addition, plans call for $44 million to be spent turning the adjacent vacant Laura Street Trio into a mixed-use project featuring a Courtyard by Marriott boutique hotel.
Ennis Davis of ModernCities.com contributed to this report.