City Council has designated the Independent Life Insurance Company Building in the Downtown core a local landmark, easing the way toward a $28 million renovation.
The Council voted 19-0 on April 28 to grant owner PEP10 LLC’s request to designate the structure historic.
The Jacksonville Historic Preservation Commission voted unanimously Jan. 22 to recommend local landmark status for the building and said it is suitable for preservation.
Council President Scott Wilson introduced Ordinance 2020-0139 on Feb. 25 at the commission’s request.
Augustine Development Group President Bryan Greiner and investment partner DLP Capital LLC purchased the 19-story office building at 233 W. Duval St. on Sept. 30 through PEP10 LLC for $3.7 million.
The developer expects to invest about $28 million into the 64-year-old, 180,000-square-foot building to develop apartments and retail space.
The local landmark designation approved April 28 qualifies the Independent Life Building for grant money from the city’s Downtown Historic Preservation Trust Fund that could pay for a portion of the renovation.
Greiner told the Daily Record in a Feb. 20 interview that Augustine Development has secured a grocery store operator for the 21,000-square-foot, ground-floor retail space, but he has not disclosed the company.
The Downtown Development Review Board granted conceptual approval for the plans Nov. 14, but it needs final approval.
Plans show 140 market-rate apartments and a rooftop terrace with an all-glass, rooftop infinity pool.
A lounge and a sushi and seafood restaurant will fill the 17th and 18th floors. The space was Independent Life’s executive sky lounge, Greiner said.
The Independent Life building was completed in 1955 and designed by KBJ Architects Inc., the firm responsible for designing 17 of Jacksonville’s tallest buildings, according to city documents.
Downtown Jacksonville’s 2016 National Register District nomination recognized the Independent Life building as one of the city’s landmarks.
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.
Ambassador Hotel
Augustine Development also is redeveloping the historic Ambassador Hotel across the street at 420 N. Julia St.
The developer told the Downtown Investment Authority in March it is shifting plans for a newly constructed 200-unit apartment building and parking garage to the Independent Life renovation. Plans remain for a $15 million, 127-room La Quinta Inn & Suites at the Ambassador.
Council is being asked to amend the city’s incentive agreement for the Ambassador renovation as Axis Hotels changes its design plans.
Wilson introduced legislation April 28 that would remove a $4.9 million Recaptured Enhanced Value grant from the Axis Hotels agreement.
The estimated total development cost for the Ambassador Hotel remains $15 million, according to the bill.
A $1.5 million Downtown Historic Preservation and Revitalization Trust Fund grant for the hotel would remain in place if Council approves the new agreement.