by Bradley Parsons
Staff Writer
Members of the Bay Street Town Center Project Committee said Monday that a local group has signed a contract to buy the Churchwell Building.
The buyers have four months to review the property and contract terms before the deal becomes final. Bob Knight of Addison Realty, who declined to name the buyers, said the buyers would spend the time doing engineering and structural studies on the property, putting together a business plan and likely rezoning the building for possible use as residential lofts.
The Jacksonville Economic Development Commission approved a City subsidy package in July to convert the street into the City’s prime entertainment corridor. The plan mimics areas like Tampa’s Ybor City.
The Churchwell Building could include a restaurant and residences. Whatever the plans are, substantial work would be required to convert the four–story building from its warehouse layout.
The Bay Street Committee has contacted the owners, offering them help in getting situated during the four-month due diligence period.
Possible City improvements could include, angled on–street parking, streetscape improvements, including trees, historical streetlamps and new sidewalk design, a landscaped median and unique neon lighting to set the corridor apart as an entertainment destination.
Downtown Development Authority Managing Director Al Battle said Friday that once plans were in place, he anticipated public works starting work on the improvements early next year. He said he would like to have the first phase in place in time for next the 2005 Super Bowl.