by Mike Sharkey
Staff Writer
Don’t look now, but Vestcor Companies chairman John Rood, who’s restoring the Lynch Building into 126 loft apartments, may not be so eager to move on with part two of his deal with the City.
After spending 22 months looking at the Lynch Building, which will become 11 E. Forsyth, securing the funding and actually buying the building, Rood has come to the realization that downtown restoration projects are difficult at best. Rood, who’s essentially in partnership with the City on the Lynch Building, has an option to renovate the old Roosevelt Hotel on West Adams Street into loft apartments. While he has grandiose ideas for the old hotel, he told the Chamber’s Downtown Council Friday that the project will require enormous amounts of work and plenty of incentive assistance.
“There’s a real challenge with the Roosevelt,” said Rood, referring first to the varying ceiling heights throughout the structure. “The bricks are falling off and that’s a problem, too. Either we will have to take all the bricks off and put them back on or drill holes in them and fill them with epoxy. All the windows have to be torn out and replaced. It will be very expensive and we are trying to make the numbers work.”
Regardless, Rood said, something has to be done about the Roosevelt Hotel. With the completion of the Police & Fire Pension Building to its east and the remodeled Elks Building on its west, Rood says the Roosevelt sticks out like a sore thumb.
“It’s an eyesore on that block,” said Rood. “If you walk from Hemming Plaza to the Adam’s Mark, it’s just disgusting. If it [restoration] can’t be done, they should just tear it down and build a pocket park.”
Should Rood complete both the Lynch Building and Roosevelt Hotel as planned, he may call it quits on downtown for a while. Yes, there are many other older buildings that intrigue him for redevelopment, but he also doesn’t want to monopolize the downtown restoration business.
Since being acquired by the City, the Bisbee Building, Marble Bank building and old Florida National Bank building all figure to draw considerable interest from developers. In fact, the City is planning to issue Requests For Proposals at some point on the three buildings. Rood says he plans to stay out of that fray.
“It could become a bit of a public relations problem,” said Rood of dabbling in too many projects. “I’d rather support other developers than do too many myself. Those projects need public support and I intend to stay out of the RFP for the three buildings the City owns.”
As far as the Lynch Building, Rood said the work is on schedule and progressing well. A majority of the demolition has been done both internally and externally and the top five floors have been framed. The obstacle at this point is the crane being used to load equipment and materials into the building.
“The crane is right where the garage is going,” said Rood. “Gate Concrete needs five months to build the garage and I want to get it done by the end of the year. The building is really filling up and we are putting things wherever we can find space.”
Plans call for the first residents to move into 11 E. Forsyth early next year.