by Mike Sharkey
Staff Writer
Physically, there’s nothing going on at the Marble Bank complex. But behind the scenes, contract negotiations between the Downtown Development Authority and Signet Development, Ltd. are progressing and both sides see an agreement coming soon.
“To me, I think it’s going well,” said Tony Manna, chairman of Signet, the Akron, Ohio-based development company with an office in downtown Jacksonville. “It just takes a long time to get it done. We feel good about where we are. It’s a complicated issue and there are a lot of people that have to review the project. Obviously, I’m not speaking for the City, but I feel good about things.”
The three buildings in the complex — the Marble Bank building, the Bisbee Building and the old Florida National Bank Building — were obtained by the City after purchasing them from an absentee owner. A Request for Proposal was issued, and last October, the Signet proposal was chosen by the City’s RFP evaluation committee. That recommendation is now in the hands of the DDA, who is actively negotiating a contract that must ultimately be approved by the DDA board, the Jacksonville Economic Development Commission and City Council.
DDA managing director Al Battle said he’s not surprised contract talks are still ongoing.
“We probably anticipated it will take a while,” said Battle. “We are still on par with what is a typical negotiating schedule. It’s a pretty big deal.”
Battle explained that because the City owns the buildings, creative gap financing is being employed.
“That requires us to process yet another application,” said Battle. “We’ve been very responsive and so have they [Signet]. This is not something we have dragged our feet on.”
The Signet team includes the Auchter Company, Reynolds, Smith & Hills and Agency Approval & Development. Plans call for a mixed-use development heavy on commercial reuse of the buildings with a majority of the renovations taking place on the buildings’ interior.
Thursday, the three buildings were up for historic designation. Battle stressed the hearing has no role whatsoever in the negotiations and such designation will only help the City and the developer when it comes time to determine the exact financial participation by the City.
“The historical designation very much helps,” said Battle, explaining the designation will allow the developers to take advantage of historic tax credits and grants, both of which will fiscally benefit the City when the incentive package is created.
“I’m using tax dollars and so are they,” said Battle. “There will be a lot of discussion.”
Manna agreed.
“It [the designation] benefits everybody,” said Manna. “You do it to preserve the buildings. The idea of saving the buildings is such a high priority. We put a premium on that and it’s why we got involved in the first place.”
Neither Manna nor Battle have a firm date in mind to conclude negotiations and sign a contract. But both expressed satisfaction with talks thus far.
“We’re much farther along,” said Manna. “We are down to the nitty-gritty on details with a whole bunch of ramifications.”
“Every month we lose pushes back the possibility of getting it done,” said Battle, adding the recommendation by the RFP committee did not come with a deadline to reach a deal. “My wish list is to get the best deal for the City and the developer. Of course we would like to have closed by now. But there are three buildings and three different projects. That’s what’s making it difficult.”