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The Bisbee Building, Florida Life Building - two of the three buildings in the Laura Street Trio - and the Barnett Bank Building (right). Jacksonville Jaguars owner Shad Khan has financed a $3 million deal to acquire the Downtown properties.
Jax Daily Record Wednesday, Apr. 3, 201312:00 PM EST

Shad Khan's $3M loan supports purchase of Laura Street Trio, Barnett Bank Building

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by: Mark Basch Contributing Writer

A development company led by Stephen Atkins, with financing from a company led by Jacksonville Jaguars owner Shad Khan, has bought the old Barnett Bank Building and the three Laura Street Trio buildings in Downtown Jacksonville, according to City records.

Property records filed Tuesday at the Duval County Clerk's office show two affiliated companies bought the four buildings for a total of $3 million.

A company called Barnett Tower LLC acquired the Barnett building from JDI Adams Street LLC of Chicago. Documents list Atkins as the manager of Barnett Tower. The nearby Florida Life Building, Bisbee Building and the Marble Bank Building, collectively known as the Laura Street Trio, were acquired by a company called Laura Trio LLC.

There is no document filed showing Atkins' role with Laura Trio LLC, but the deeds filed for Barnett Tower and Laura Street Trio show that both sales were "part of one transaction."

The $3 million mortgage for the sale was provided by Stache Investments Corp. Records filed with the Florida Department of State show that Khan is the president of Stache Investments.

In a separate announcement Tuesday, Atkins and general contractors Woody Garner and David Searcy announced a merger of their related interest in multiple real estate companies. Atkins Group Inc., AGI Equities, Dav-Lin Construction Co. and Linea LLC have consolidated to create Southeast Development Group LLC.

Atkins said Wednesday morning that Khan has loaned Southeast Development $3 million, which was used to purchase the buildings.

Atkins said more information and plans about the project and others would be announced April 17, coinciding with the One Spark crowdfunding festival Downtown.

He declined to comment on Khan's terms of the loan or what is sought as a return on investment.

Jim Woodcock, Khan's spokesman, said this morning that Khan was traveling for the rest of the week and would not be available for comment.

Jerry Mallot, JAXUSA Partnership president and JAX Chamber president, said this morning that Khan's support shows he and his partners "really care about the growth and development of Jacksonville" and Downtown.

Mallot said Khan's continued support sends a signal to outside investors and companies JAX Chamber and JAXUSA Partnership work with that Jacksonville has momentum and investment and redevelopment opportunities.

"He has been a wonderful partner to help attract business to the area," Mallot said.

He said he and several others approached Khan and his investment manager about a year ago regarding the Laura Street Trio opportunity. Mallot said the initial reaction from Khan's investment manager was that the Jaguars owner would "love to help but is not really in the real estate business," but that Khan could help facilitate such a deal.

Mallot said the new ownership group will be working with the City "and they have to" because of the project's expense and complexity. In terms of potential incentives, Mallot said the group will look at its options.

Mayor Alvin Brown's administration released a statement this morning on the deal:

"The Laura Street Trio is an important icon in our Downtown. We are pleased to see that a buyer has closed and look forward to seeing their redevelopment plans."

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Staff Writers David Chapman, Max Marbut and Joe Wilhelm Jr. contributed to this story.

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