The renovation and rehabilitation of the former Independent Life building received conceptual approval Thursday from the Downtown Development Review Board.
St. Augustine-based Augustine Development Group bought the 19-story former Independent Life and Accident Insurance Co. home office building at 233 W. Duval St. Downtown in early October for $3.7 million.
Bryan Greiner, president of Augustine Group, said Oct. 10 that his group plans to invest about $28 million into the 64-year-old, 180,000-square-foot building.
Plans presented Thursday by Dasher Hurst Architects include 140 market-rate apartments on the second through 18th floors, a grocery store on the 21,000-square-foot ground floor and in the basement, and a rooftop terrace with a pool, a lounge and a sushi and seafood restaurant on the top floor.
The restaurant and grocery store will be leased to a private operator. Downtown Investment Authority Redevelopment Coordinator Lori Radcliffe-Meyers said Thursday the site also will have 41 surface parking spaces.
KBJ Architects designed the building, which was completed in 1955. Independent Life relocated its offices in 1975 to what is now Wells Fargo Center, and the Jacksonville Electric Authority acquired the Duval Street building in 1976.
JEA moved from the building in the 1990s.
“I think most of the architects in Jacksonville will recognize that this is one of the most significant mid-century structures in town,” said Tom Hurst, Dasher Hurst project principal. “It’s unfortunately in a bad state of disrepair at this point, being vacant for the last 20 years.”
However, Hurst said there are few structural problems with the tower.
The developer will replace all the windows and rework the streetscape and pedestrian walkways and plans to request a grant from the city’s Downtown Historic Preservation and Revitalization Trust Fund to partially finance the project.
DIA CEO Lori Boyer said Wednesday she hopes the DIA board will have a redevelopment agreement to consider for the Independent Life building by December.
Augustine Group plans to begin construction in the first quarter and anticipates a 14-month construction schedule. Greiner said the first phase of tenants could open after 12 months.
The property is on the same block as Sweet Pete’s candy shop, west of City Hall and north of the Bryan Simpson U.S. Courthouse.
The project will be financed through the group’s Axis Income Fund.
Staff Writer Scott Sailer contributed to this report.
