by Mike Sharkey
Staff Writer
By a unanimous decision, Signet Development Ltd., was awarded the right to take the next step in the renovation process of the three historic downtown buildings at the corner of Laura and Forsyth streets.
Signet was chosen by the City’s Request for Proposal Evaluation Committee, which opted for Signet over Klutho Partners, LLC and Steinemann & Co.
The next step is for the Downtown Development Authority to fully analyze the entire Signet proposal, covering everything from City incentives to historical tax breaks. DDA managing director Al Battle said the DDA will probably continue to study all three proposals just in case problems are found with Signet’s or contract negotiations fail.
“This is just a recommendation today,” said Battle of the three-hour process in which each development team had 20 minutes to present their project and 10 minutes to address questions and concerns. “We all understand what we are faced with. This is a fairly complex project and there are a number of financing options.”
Battle said he doesn’t expect the entire process — which will include DDA, Jacksonville Economic Development Commission and City Council approval — to drag on for more than a year.
“This shouldn’t be a marathon, but it’s a complicated deal,” said Battle. “You should see work within a year.”
The Signet proposal — which will be known as the Laura Place Project — calls for a mixed-use development based heavily on commercial reuse of the buildings. Tony Manna, the president of Signet, said their original proposal called for the demolition of the Bisbee Building, but after reconsidering, he realized the building could not only be incorporated into their design, it was actually in great demand.
“In our first submittal, we weren’t sure if we would include the Bisbee Building,” he said. “Since then, we have come to the conclusion that keeping the Bisbee is feasible and viable. We are already negotiating with a tenant for the Marble Bank Building and the Bisbee Building.”
Each member of the evaluation committee expressed the fact they liked all three designs and selecting one was a tough decision. City Council member Jim Overton didn’t cast a formal vote, but as chair of the Historic Preservation and Downtown Revitalization Task Force, his opinion was sought and considered. Overton said Signet made one concession the other two groups didn’t.
“They offered to buy the buildings from us [the City],” said Overton, indicating that it would have been a political hot potato to award the project to a developer who wanted the buildings — which will be bought for $3.5 million — donated to them. He added that he was surprised each member of the evaluation committee ranked Signet first, but he’s happy with the system. “I’m surprised anybody was at the top of all the lists. But I think this is the right process. The proposals are preread and we take one day to present them, talk about it and make a decision.”
The Signet team includes the Auchter Company, Reynolds, Smith & Hills, Agency Approval & Development and the Dalton Agency. Michael Munz of the Dalton Agency said Signet looks forward to sitting down at the negotiating table with the City and foresees smooth contract talks.
“We would not have presented today if we were not going to go in with a good proposal and ready to hear both sides in contract talks,” said Munz, adding work could begin the day after a contract is signed. Munz also said he thought two factors worked in Signet’s favor. “One, the historical preservation element and, two, a quality financing package. First and foremost, we intend to buy the buildings back from the City. The taxpayers recoup their money and they get to see the buildings redeveloped. That’s what the City wanted.”
Mike Langton, a principal with Klutho Partners, wasn’t exactly pleased with the committee’s decision and two things bothered him.
“The proposal they [Signet] presented today was very different from what they submitted in a sealed RFP process on Sept. 11,” said Langton, whose project called for the most residential development. “I guess they don’t want downtown housing.”