Four City Council committees voted 7-0 this week to advance a $3 million historic preservation grant for Augustine Development Group LLC’s proposed $30 million renovations to Downtown’s Independent Life Building for a final vote.
The Jan. 20 support by the Finance and Rules committees advances Ordinance 2020-0707 to the Council. The legislation includes city-backed financing for Augustine Development subsidiary PEP10 LLC’s plans for a 135-unit apartment development at the historic 19-story tower.
The Neighborhoods, Community Services, Public Health Committee and Safety and Transportation, Energy and Utilities Committees approved the legislation Jan. 19.
The company also plans a 21,000-square-foot grocery store on the ground floor, a 10,000-square-foot restaurant and an executive sky lounge.
The incentives for the 1950s-era building at 233 W. Duval St. will likely be at Council for a final vote Jan. 26.
The Downtown Development Review Board approved project architect Dasher Hurst Architects’ design for the renovation in December.
According to Dasher Hurst, the proposed restoration is waiting for final approval from the National Park Service, which regulates historic preservation projects in federally designated historic districts, including Downtown Jacksonville.
The building was last used from 1976 through the mid-1990s by JEA as its headquarters. It has since been vacant.
Augustine Development Group President Bryan Greiner and investment partner DLP Capital LLC purchased the building Sept. 30 for $3.7 million.
Trust fund balance
The Council Auditor’s Office used the committee votes as a chance to note that the city’s Historic Preservation Trust Fund balance stands at $989,950 and is overcommitted by $2.06 million.
The trust fund’s available cash includes $4 million that will not be awarded to the Barnett National Bank renovation project because developer SouthEast Development Group missed a deadline to complete a parking garage that was part of the redevelopment agreement.
Finance Committee Chair Matt Carlucci withdrew a bill in November 2019 that would have injected $1.55 million into the trust fund after lack of Council support.
Carlucci said when he helped lead the trust fund’s passage in 2003, Council at the time wanted it fully funded.
“This administration uses it more as a pass-through and if that’s what they want to do, that’s fine, it’s just a different philosophy,” Carlucci said. “I would prefer that there be a slug of money in there because I think that would attract more developers to do this kind of thing Downtown. But that’s not how this administration works that.”
DIA CEO Lori Boyer told Council in November 2019 that trust fund dollars have been allocated as awards come due and she said money for historic renovation projects should be budgeted and appropriated when developers meet their completion deadlines.
The DIA and Council have revamped how the city offers incentives for historic restoration and adaptive reuse projects through the Downtown Preservation and Revitalization Program.
The city will offer incentives to smaller projects the DIA approves under the program, which could reduce financial strain on the trust fund.
The Independent Life project is one of four active projects approved for incentives under the old program.
Other committed projects are:
• Laura Street Trio: $4 million
• Jones Bros. Furniture Co. building: $1.5 million
• Ambassador Hotel: $1.5 million
• Masonic Lodge: $50,000
