The Downtown Investment Authority voted Wednesday to partially terminate a lease agreement between Barnett Tower LLC and the city to construct a parking garage at the southwest corner of Main and Forsyth streets.
VyStar Credit Union will instead purchase the property for $943,403 to construct the garage.
As part of the terms of the agreement, it will construct at least 550 spaces, and lease up to 250 of those spaces to the city for tenants in the Barnett Building and Laura Street Trio.
Until the Laura Street Trio is complete, VyStar will lease up to 125 spaces to the city.
The redevelopment agreement between Barnett Tower LLC and the city stated that the Barnett Building and parking garage must be “substantially completed” within three months of each other.
The Barnett’s substantial completion deadline was Sept. 13.
On Wednesday, developer SouthEast Development Group announced the city issued a certificate of occupancy for The Barnett Building at 112 W. Adams St.
The certificate allows for marketing of the remaining apartments and retail space.
Work on the remaining commercial and retail spaces will continue through the first quarter of 2020. The 107 apartment units began leasing in April, and half are rented.
SouthEast Development Group now will shift toward the group’s second phase of the project – the Laura Street Trio.