JWB Real Estate Capital LLC is seeking $5.63 million in city incentives for its proposal to rehabilitate the Greenleaf & Crosby Building and relocate its headquarters to the 96-year-old historic landmark Downtown.
The Downtown Investment Authority Strategic Implementation Committee is scheduled to vote Aug. 10 on a $4.97 million forgivable and deferred loan package to help the developer finance the estimated $16.88 million rehab of the building at 208 N. Laura St.
According to the term sheet released Aug. 3 by the DIA, JWB plans to have 44,000 square feet of leasable commercial office space and 11,000 square feet of restaurant space on the first floor and in the basement.
JWB is also asking for $660,000 from the DIA’s Commercial Revitalization Program to relocate its employees from 7563 Philips Highway, its current headquarters in Deerwood Center, to the Greenleaf Building.
The authority staff reports say the DIA expects JWB and its retail and restaurant tenants to apply for additional incentives under the Food and Beverage Retail Enhancement Program to help with interior build-out costs.
JWB President Alex Sifakis told the Daily Record on July 27 that he intends to lease the former Jacobs Jewelers space on the ground floor to a “high-end, full-service” food and beverage operator.
The company does not have a lease signed, but Sifakis said JWB has had “great response” from operators outside the Jacksonville market.
On Aug. 10, the DIA committee will consider the Downtown Preservation and Revitalization incentives package, which comprises:
• A $1.948 million Historic Preservation, Restoration, and Rehabilitation Forgivable Loan.
• A $2.03 million Code Compliance Forgivable Loan.
• A $994,000 Deferred Principal Loan.
The report says the city funding will be used to restore interiors to the original condition, including the basement space, which has not been open to the public for decades.
The incentives also would be used for HVAC and ventilation replacement; plumbing and electrical code compliance work; fire sprinkler modification to meet code requirements; window waterproofing; roof repairs; elevator improvements to meet ADA compliance including to the basement restoration of storefronts to historic standards; American with Disabilities Act accessibility; exterior repairs; and paint.
The term sheet says JWB will invest $2.53 million in equity, or 15% of the total development costs.
The construction budget is an estimated $8.3 million.
The cash incentives would come from the city’s general fund. If approved by the DIA board, the loan package will be sent to City Council for approval.
JWB wants the city to designate the Greenleaf & Crosby Building as a historic local landmark. The Jacksonville Historic Preservation Commission voted July 26 to recommend the status, which will need Council approval.
The designation would make the building eligible for the DIA incentives.
The National Park Service also will have to sign off on some of JWB’s plans because the building is considered a contributing structure to the Downtown Jacksonville National Register District.
JWB paid nearly $7 million for the building in June 2022.