by Tammy Taylor
Staff Writer
LB Jax Development president Mike Langton signed a contract agreement this week, granting an extension for redevelopment plans for the old Barnett Bank Building.
The contract, originally set to expire Feb. 2, has been extended until Nov. 1.
“We needed extra time to put this deal together,” said Langton. “The building’s owners understood that this is a complex, six-pronged project that requires more time to plan.”
Langton wants to convert the building into a retail/residential complex with a hotel, major restaurant, bank and luxury loft apartments.
“The remaining two elements of this deal is that it’s a historic building and it has adaptive zoning elements that include different tax breaks.”
Langton is still in preliminary discussions with the City for incentives to help with the building’s renovations.
“The City is interested and we are looking at what level they can help us with the development of this project,” said Langton.
The application to receive funds from the City must first be approved by the Jacksonville Economic Development Commission, and according to Council member Jerry Holland, who chairs the Land Use and Zoning Committee, “City Council is still waiting on that to happen.”
Langton is also talking with two small boutique hotel chains, two hotel management firms and national lenders and investors for additional monetary backing.
“We want to put a boutique hotel in the building to appeal to the high-end business traveler. That is why we are looking for a smaller, more personal hotel chain or management company.”
In addition to funding concerns, parking remains an obstacle. Langton said they have a specific parking site in mind that will be close to the building, and he is currently negotiating with the owner.
The contact extension is a welcome relief to Langton, but he stresses that renovation work should begin soon.
“I believe strongly in this project and in the viability of the significance of the building,” said Langton. “It needs to be saved before it deteriorates further.”