“It’s in the hands of the lawyers.”
That’s how Steve Atkins, principal of SouthEast Development Group, described progress on the plan to redevelop the former Barnett Bank building and the Laura Street Trio and a parking garage adjacent to the four buildings downtown.
Atkins, in partnership with Las Vegas-based The Molasky Group of Cos., plans to convert the long-abandoned properties into retail, restaurant, residential and commercial space.
They said in February, when Molasky bought the Barnett property for $4 million, they would ask for nearly $10 million in incentives from the city.
Terms are in the final stages, said Aundra Wallace, CEO of the Downtown Investment Authority.
“We’re drafting the agreement. It’s very complex. It could be 100 pages,” he said Tuesday.
In addition to a $5.8 million grant approved by the independent authority, the developers are seeking a $4 million redevelopment grant from the city general fund.
Wallace said he hopes to have the agreement completed and ready to be introduced as an ordinance in April to City Council, which must approve the grant.