The developer who restored Jacksonville’s historic Federal Reserve Building is seeking approval from the Downtown Investment Authority to take on additional debt for tenant improvements.
The June, a private members’ club, has leased the three-story structure owned by 218 W Church LLC and plans to open this year.
At its March 19 meeting, the DIA board is scheduled to hear the request.
The June club in March was awarded permits from the city for an 18,430-square-foot, $6.4 million build-out of the building at 424 N. Hogan St.
Under DIA Resolution 2025-03-02, the board would grant approval for 218 W Church LLC to help fund the tenant improvements by taking on an additional $740,000 of debt on the project as an advance under its senior loan.
The LLC is connected to JWB Real Estate Capital President Alex Sifakis, whose company revived the 103-year-old building after buying it for $1.75 million in 2020.
JWB planned an $18.55 million redevelopment of the Federal Reserve Building and the neighboring Florida Baptist Convention structure at 218 W. Church St.
The DIA board and Jacksonville City Council approved an $8.6 million incentive package in 2021 for the project, granting JWB a forgivable and deferred principal loan package that was the first awarded under the DIA’s Downtown Preservation and Restoration Program (DPRP).
According to the resolution, the redevelopment agreement between the city and JWB, which is identified as the “borrower,” restricts JWB from placing additional debt on the property during the term of the loan documents without DIA approval.
The resolution states that DIA staff evaluated the request and determined that the project remained within the DPRP guideline with the inclusion of the additional debt. A DIA staff report said the development closed with senior debt of $2.91 million. A lender standing by to make the advance confirmed that the developer was requesting it, the report said.
Current equity on the site is listed on the staff report at $4.6 million, well above the $1.2 million minimum equity requirement for the project to remain eligible for the program.
The staff report says the request “does not modify the City funding or any terms of the RDA (redevelopment agreement) or Loan Documents in place between the City and the Borrower.”
The June was founded by Britt Morgan-Saks, who relocated to Jacksonville with her family from New York City. She has described it as “a premier destination for modern hospitality, elevated dining experiences and dynamic entertainment, contributing to the revitalization of culture, commerce, and community in the area.”
Plans include a cabaret seating and lounge area in the basement; a dining area, bar and kitchen on the ground floor; a “living room” with seating areas, a bar and private dining on the second floor; a “library” seating area on the mezzanine; and a lounge and table seating, bar and kitchen on the third floor.
In February, Morgan-Saks said she expected a soft opening of the club in the early third quarter of this year. She said the club had attracted 150 founding members, who are investors.
Built in 1922, the Federal Reserve Building is a National Historic Landmark Building.
The DIA board meeting is scheduled for 2 p.m. in the Jacksonville Public Library, 303 N. Laura St.
Editor at large Karen Brune Mathis contributed to this story.
Editor's note: This story and headline have been updated to reflect the building owner is seeking additional debt for tenant improvements.