Jacksonville’s Laura Street Trio Redevelopment Uncertain as City Halts Talks with Developer, Refiles Foreclosure Lawsuit

The fate of Jacksonville’s Laura Street Trio redevelopment hangs in the balance as the city has decided to permanently end negotiations with SouthEast Development Group, the project’s developer. This decision marks a significant impasse in the years-long endeavor to revitalize the historic buildings in downtown Jacksonville. According to a statement obtained by

Jax Daily Record

, the city is also moving to refile a foreclosure lawsuit over $800,000 in unpaid fines for municipal code violations, signaling a profound deterioration of the relationship between the city and SouthEast Development Group.

To still to move forward, SouthEast Development Group has redirected its efforts to work directly with the Jacksonville City Council. They aim to “establish an agreement and enact legislation by the end of the year,” as noted in a

report by Action News Jax

. The developer group expressed deep investment in the project, stating, “Our team has invested everything in this project, from financial commitments to creative solutions, and all we ask is for the city to stand with us to see it through.”

They cited a “lack of communication and respect” as contributing factors to the breakdown of negotiations, as reported by

News4JAX

. The mayor’s administration, led by Donna Deegan, is equally disheartened by the faltered negotiations, with Chief of Staff Mike Weinstein admitting to the challenges posed by the economics of renovating older buildings and the increased financial risk to the city over time. Weinstein told News4JAX, “Each time, it‘s gotten more and more expensive,” and added, “If you look at the numbers from where it started, it’s 40, 50 million more than it was when it started. It’s just too much of a risk. It’s not our money, it’s taxpayers’ money. So, the numbers have to be really meaningful and attractive as an investment.”

With negotiations at a standstill, City Council Vice President Kevin Carrico plans to hold a special meeting on November 25, with the hope of finding a resolution. The Laura Street Trio, comprised of the First National Bank Building, Bisbee Building, and Florida Life Building, stand as significant historical structures built shortly after the Great Fire of 1901. Restoring these buildings has been a city objective since 2013 when Steve Atkins of SouthEast Development Group bought them. Since then, the city and SouthEast have negotiated several times and even reached agreements in 2017 and 2021 for redevelopment incentives, as highlighted by the

Jax Daily Record

. However, these past measures have failed to culminate in the revitalization of the Laura Street Trio, leaving a cloud of uncertainty over downtown Jacksonville’s historical landmarks.

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