by J. Brooks Terry
Staff Writer
A prime piece of downtown real estate is back on the market. Talks calling for a Marriott Hotel on the parking lot adjacent to the Chamber of Commerce on East Bay Street have ended.
“That deal is off,” said Oliver Barakat, a realtor with CB Richards Ellis, who is handling the marketing efforts for the property. “Sept. 11 changed things quite a bit and the group that was looking into starting that project decided that it just wasn’t the right time to move forward.”
Barakat speculated a sluggish performance in the hotel industry may have further contributed to the now-nullified deal.
“They may have looked at how other hotels are struggling and panicked,” he said.
Barakat said the $2.5 million property, which is owned by the Clarkson Company, is adaptable for mixed usage.
“An office development or a mid-size retail unit would fit in perfectly there,” said Barakat. “And parking has, obviously, always been a viable option. A parking garage would do very well.”
Adding further to the allure of the property is its location in the center of what will likely become downtown’s entertainment district.
The Bay Street Town Center project — the proposed plan to convert the stretch of downtown from Liberty Street to Main Street into a series of retail and entertainment options — was approved recently by the Jacksonville Economic Development Commission and will soon go before the City Council.
“The development of Bay Street opens up all kinds of options for what can be done with the lot,” said Barakat.