With the go-ahead from the Downtown Investment Authority, plans to redevelop the Laura Street Trio and Barnett Bank building can move to City Council for review.
On Wednesday, the DIA awarded development rights to Laura Street LLC in advance of a new agreement to overhaul the site.
The land includes the trio of buildings on North Laura Street between Forsyth and Adams streets, along with the adjacent Barnett Bank building, that have been empty for years.
The rights will apply to the first phase, or about 30,000 square feet of the project, and will go with existing rights the developer has for the remaining space.
In January, the DIA agreed to provide $5.8 million of a $9.8 million incentives package request by Las Vegas-based The Molasky Group.
The developers have spent almost seven years working with the city to come to an agreement.
“It’s very complex,” said DIA CEO Aundra Wallace.
“If we were just talking about a standard economic development agreement, then this would have been done a long time ago,” he said.
He said after council approval, developers will have 60 months to complete the project.
Combined, the three historic structures, comprising the Florida Life Building, the Bisbee Building and the old Marble Bank building, include about 72,000 square feet of general office space and 10,000 square feet of commercial and retail space.
When completed, the property will include a Courtyard by Marriott hotel, bodega market, café, restaurant, rooftop bar and retail office space.
The Barnett Bank building will be converted into 50,000 square feet of office space and 100 apartments.
An $11 million, 550-space parking garage also is part of the project, and will be built by the developers on property the city owns at Adams and Laura streets.
Mayor Lenny Curry said this week the project would be a major step forward for Downtown redevelopment.
“It’s closer than it’s ever been, which is exciting,” Curry said.
He said once the Laura Street project gets going, he expects other major developments “to take off, too.”
Curry also acknowledged the delays in getting a solid plan together, saying that like other projects seeking local and state economic incentives, “we have to see a return on investment.”
“They need a deal that works out for them financially, we need a deal that works for taxpayers, and in the end, everybody wins because we’ve revitalized an important part of Downtown,” Curry said.
Another project also took a step forward Wednesday.
A. Philip Randolph LLC was awarded the development rights for phase one of its mixed-use venture called The Doro District.
The first phase accounts for 55,500 square feet of commercial, retail and entertainment space and will accompany the property’s existing development rights.
Iconic Real Estate Investments LLC plans to transform a vacant industrial building at Forsyth Street and A. Philip Randolph Boulevard into an entertainment complex. It was approved by the Downtown Development Review Board in April.
Renderings show a bowling alley, bar and restaurant on one side, and a large outdoor space on the other. In addition to traditional retail, the space also could feature temporary events like pop-up shops and street fairs.
The project now goes into permitting.
Iconic previously redeveloped the building next door, home to Intuition Ale Works and Manifest Distilling.
Phase two eventually will include a mid-rise apartment or hotel tower but wouldn’t begin until market conditions are favorable, according to Wallace.
That part of the project also must be approved by the DDRB and DIA.