JACKSONVILLE, Fla. – The City of Jacksonville is looking to foreclose on the historic Laura Street Trio according to our news partners at the Jacksonville Daily Record.
On Aug. 19, the city filed a complaint for foreclosure in the 4th Circuit Court against property owner Laura Trio LLC.
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According to the complaint, Trio ownership owes the city more than $800,000 in unpaid fines for municipal code violations.
Red Oak Capital Fund II LLC is listed as a plaintiff in the complaint. Red Oak says it acquires and manages commercial real estate loans, securities, and real estate-related debt instruments.
Laura Street Trio developer Steve Atkins told the Jacksonville Daily Record in a statement on Aug. 23, that he and his team were notified about the city’s action through the media and that his legal counsel was reviewing the matter.
In 2013, a development company led by Atkins purchased the Trio properties at Forsyth and Laura Streets downtown from Illinois-based JDI Trio LLC.
The city brought Laura Trio LLC before the Special Magistrate for Municipal Code Enforcement on Oct. 22, 2015. The city accused the LLC because of the properties’ continued violations of the Property Safety and Maintenance Code, Chapter 518, Jacksonville Ordinance Code.
The special magistrate entered an order on Oct. 29, 2015, assessing an administrative fine of $250 per day against Laura Trio LLC, beginning Oct. 27, 2015.
According to the complaint, since the order was issued, the property has not been brought into compliance with the ordinance code and the violations have not been corrected as required by the order.
Click here to read more from our news partners at the Jacksonville Daily Record.