DIA examines applications from Regions Bank, Vista Brooklyn Apartments | Jax Daily Record | Jacksonville Daily Record
Regions Bank is seeking US $ 1.1 million in grants and assistance to renovate and maintain its main downtown building at 51 W. Bay St. for US $ 2.633 million.
The Downtown Investment Authority’s Strategic Implementation Committee will consider the application at its meeting on January 14th at 10am in the main library conference center.
The application includes $ 900,000 from the Downtown Preservation and Rehabilitation Program and a $ 200,000 grant for economic development.
The property, the historic Old Bisbee Building, was built in 1909. It is considered one of the most historic buildings in the city center as it has contributed to the resurgence of the city after the great fire of 1901 and its architecture.
The site was recommended for Local Landmark status by the Jacksonville Historic Preservation Committee on October 28th and is currently under review by the city council for final designation under Ordinance 2020-0728.
The bank reached out to DIA with an interest in the conservation and redevelopment program in conjunction with plans to bring the property back to more historic standards and other improvements to maintain and maintain the integrity of the structure.
The five-year capital plan for the property begins with the replacement of windows and exterior renovations to remove plant growth and better seal the structure against the weather and weather.
Future phases will focus on compliance with the code to make the property more accessible and functional as part of the regions growth strategy in the Jacksonville market, the staff report said on the request.
“Improvements to this property are believed to be instrumental in the DIA redevelopment goals and objectives for Downtown Jacksonville, which relate to the protection and revitalization of historic assets through the creation of public-private partnerships,” the report said.
Regions are requesting US $ 200,000 as an economic development grant for the cost of selling an above-ground parking space adjacent to the main building.
The negotiated sale of the property to VyStar Credit Union is part of plans for a parking garage along Forsyth Street between Main Street and Laura Streets under a redevelopment agreement signed with the city on July 15 under Regulation 2020-0073- E is established.
A parking contract with VyStar will provide the city with 250 parking spaces for retail businesses. However, the construction of the parking garage will block the signage of existing regions.
In negotiating and finalizing the sale, the regions incurred legal costs, among other costs related to planning, designing and implementing new signs, to mitigate the impact of the garage. The regions also anticipate costs related to temporary parking requirements for employees and customers that can be reimbursed under the terms of the match funding agreement.
The grant would be used to build the back door access to the garage as well as moving signage. Financing requires verification of the costs incurred and verification of the work.
As a grant, the surcharge is earned in full upon receipt, with no amortization or clawback provisions required.
The signage of the proposed new regions received a Certificate of Appropriateness from the Jacksonville Historic Preservation Commission on October 28th. Branding, sign design, and placement plans were submitted to the Downtown Development Review Board, which gave final approval on October 12th.
The cost of negotiating and completing the sale of the property, the cost of temporary parking, adding back door access, and designing and executing the signage strategy are expected to exceed $ 400,000, the report said.
Vista Brooklyn Apartments at 200 Riverside Ave.
The committee will also consider an application for a 10 year grant of $ 1,556,000 for the return of increased value for the Vista Brooklyn Apartments at 200 Riverside Ave.
The developer is HP-DBG 200 Riverside LLC, consisting of Hallmark Partners and Bristol Development Group.
The project comprises 308 class A apartments with a wellness studio and fitness center on the first floor, a latte lounge on the second floor, an indoor and outdoor pet spa on the eighth floor, as well as a rooftop swimming pool and a club area with beer garden and play areas on the 10th floor.
Also in the design are almost 13,000 square meters of retail space in front of Riverside Avenue.
According to the employee report, developers are looking for an additional grant to help mitigate the negative impact on retail from the COVID-19 pandemic.
The property is being built under an existing redevelopment agreement that was approved in 2017. This agreement provides for a mixed use development of no less than 295 residential units and no less than 12,750 square feet of retail space, partially supported by $ 9 million, 20-year REV Grant approved by Regulation 2017-0101-E.
The committee’s agenda also includes motions to revise the term sheet for the Related Group’s proposed mixed-use project along the Southbank, as well as a grant application for the Baptist Convention and Federal Reserve construction project.
According to the DIA, details of these action items will be published on January 13th.
The publicly accessible meeting will be conducted in person with COVID-19 logs in the multipurpose room of the conference center of the main library and remotely at:
Meeting ID: 926 2888 2896