JACKSONVILLE, Fla. – A foreclosure lawsuit that was filed by the city of Jacksonville against the developer of the Laura Street Trio was dropped on Monday, according to News4JAX news partner the Jacksonville Daily Record.
The move paves the way for a possible new agreement between the two sides that would eventually help bring the long-neglected buildings back to life.
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SouthEast Development Group Inc., which was named in the suit, issued a statement saying it was “encouraged by the city of Jacksonville’s renewed focus on moving this important project forward.”
The dismissal of the suit came a week after SouthEast and city officials revealed they were in talks to resolve the litigation, in which the city alleged that SouthEast owed the city more than $800,000 in unpaid fines for municipal code violations involving the buildings.
SouthEast Development Group Inc. on Monday also touted its new partnership with Live Oak Contracting, a full-service general contracting firm specializing in multifamily and commercial construction.
As a Co-General Partner (GP) on the project, Live Oak said it will not only contribute as a construction partner under the leadership of Turner Construction but will also play a pivotal role as an equity investor alongside SouthEast Holdings, LP, and SouthEast Community Investment Fund, LLC.
The mixed-use plans for the space include:
- A 143-Key Four-Star Autograph Collection Hotel by Marriott
- 169 Blended-Rate Multifamily Apartments
- Dynamic Retail and Entertainment Spaces
Live Oak said that Steve Atkins, Principal and Managing Director of SouthEast Development Group, has been instrumental in crafting this innovative plan.
“Partnering with Live Oak to advance the Laura Street Trio project is a pivotal step toward realizing our shared vision for downtown Jacksonville,” said Atkins. “Our combined efforts are focused on delivering a project that not only preserves but reimagines these historic structures for future generations.”