JACKSONVILLE, Fla. — The Laura Street Trio is in new hands.
Indiana-based Becovic Management won Wednesday’s foreclosure auction with a $125,100 bid.
While the $125,000 price tag may sound low, the new owners also had to pay to clear nearly $8.3 million in fines and leans on the buildings in order to make the sale happen.
Councilmember Jimmy Peluso (D-District 7), who represents downtown, explained the Trio has been plagued by decades of failed development deals and changing ownership.
“It just seemed like they were gonna languish and fall apart,” said Peluso.
But now, Peluso argued the new owner brings new hope.
“Now it’s in the hands of a good developer who I think has the passion, has the experience, has the money to do something great with them,” said Peluso.
Becovic Management representatives tell us early structural work to shore up the Bisbee building will begin in just a matter of days, and the company already has some big ideas in store for the overall project.
“Becovic Companies plans to develop multifamily residences within the two existing towers, introduce a new hotel concept on the surrounding vacant land, and transform the historic bank building into an event and hospitality destination featuring a premium bar and restaurant,” said a Nathan Walter, Vice President of Strategic Development for Becovic Companies in an emailed statement.
When asked about projections for the total cost of the project and whether the company may seek city incentives, Walter indicated it’s too soon to say for sure, but the vision is for a public-private partnership.
“It’s too early for us to start shouting out numbers; we have a lot of due diligence in front of us. When you come across key projects like this in any city, there is always some form of public and private partnership; we are discussing a project that will be a game changer for one of our key corridors of Downtown Jacksonville,” said Walter.
City Council President Nick Howland (R-Group 3 At-Large) noted the company already has a track record of bringing historic buildings back to life here in Jacksonville, pointing to their work on the Barnett Building.
“It’s new hope for the trio for sure,” said Howland.
But Howland said it’s unclear whether the city could afford to offer incentives.
“So, we’re gonna have to look at creative ways, if he’s gonna ask for city help, to get that done,” said Howland.
Incentives aside, Peluso said he believes the trio is finally in good hands.
“You can’t honor the history of this city by tearing things down and I’m really grateful that we now have a developer that I don’t think has any interest in doing that,” said Peluso.
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