Work is starting toward Regions Bank’s new rooftop sign Downtown.
The city issued a permit June 15 for Beeman Development Group LLC of Palmetto to improve the building’s rooftop structure to carry the new sign at a cost of $35,000.
On May 11, the Jacksonville City Council approved a $1.1 million incentives package for improvements to Regions Bank’s historic Downtown headquarters building at 51 W. Bay St.
The deal also is designed to mitigate Regions’ financial impact from a parking garage that will be built for VyStar Credit Union.
Regions wanted a new sign because construction of the garage will block its existing signage on the two-story building.
Regions negotiated the deal with the Downtown Investment Authority in late 2020.
The agreement provides the bank $900,000 in forgivable historic preservation and code compliance loans in multiple payments over five years for restoration work.
The $900,000 Downtown Preservation and Revitalization Program loans will help Regions replace windows and make other exterior renovations, remove plant growth and seal the structure against the elements, according to a DIA staff report released in January.
The deal also will reimburse Regions up to $200,000 through a grant for costs associated with the sale of its surface parking lot adjacent to its headquarters to accommodate the plans of neighboring VyStar.
Regions plans to sell its parking lot along Forsyth Street between Main and Laura street to VyStar so the credit union can build a garage for its Downtown campus.
The city approved a redevelopment agreement in July with VyStar for the garage that will make 250 spaces available for public parking to benefit Downtown retail businesses.
According to DIA, Regions incurred legal fees during the negotiations in addition to other costs related to the planning, design and implementation of new signs to mitigate the impact of the garage.
Regions also anticipates costs related to the temporary parking requirements for employees and customers that will be eligible for reimbursement under the agreement.
On Jan. 12, Council designated the Regions headquarters, the Old Bisbee Building built soon after the 1901 Great Fire, a local landmark.
