The Downtown Investment Authority Strategic Implementation Committee advanced a $4.97 million forgivable loan package Aug. 10 to help developer JWB Real Estate Capital LLC finance the estimated $16.88 million rehab of the Greenleaf & Crosby Building.
The 96-year-old historic landmark is at 208 N. Laura St. at Laura and Adams streets Downtown.
The deal next heads to the full DIA board for approval. The City Council also must approve it.
The 12-story building was built in 1927 by the Marsh & Saxelbye architectural firm.
Jewelers Damon Greenleaf and J.H. Crosby occupied the ground floor of the building until 1930, when they sold their business to V.E. Jacobs, who changed the name to Jacobs Jewelers. Roy and Delorise Thomas bought it in 1986 and retired in 2023.
JWB bought the building for nearly $7 million in June 2022.
The loan package comprises:
• A $1,948,800 Historic Preservation Restoration and Rehabilitation Forgivable Loan
• A $2,027,100 Code Compliance Forgivable Loan;
• A $994,000 Deferred Principal Loan.
JWB plans to move its headquarters from 7563 Philips Highway in Deerwood Center to the Greenleaf Building.
Construction costs are estimated at $8.3 million.
Plans are to have 44,000 square feet of leaseable office space and an 11,000-square-foot restaurant on the first floor and basement. JWB is in negotiations with a possible tenant, said Alex Sifakis, president of JWB Real Estate Capital.
He declined to name the restaurant or style of cuisine.