by J. Brooks Terry
Staff Writer
Catching its neighbors and even a potential buyer by surprise, the old Barnett Bank building closed Wednesday.
Located on the corner of West Adams and Laura streets, owners of the 18-story building said it was “no longer cost effective” to keep it open.
According to developer Mike Langton, monthly operating costs for the 160,000 square-foot building exceed $29,000.
Langton has a $4 million contract to purchase the former bank headquarters since October, but received no notice from the Sani family, the New York-based owners, about a closing.
“All I know is that there were only five tenants left and each of them were paying on a month-to-month basis,” he said. “When I called the owners to ask about the closing, they told me it wasn’t in the building’s best interest for it to remain open any longer.
“It’s a shame for a lot of reasons, but the bottom line is that now we have yet another vacant building downtown that’s also going to be a very large and obvious sore thumb during the Super Bowl.”
Langton, who wants to redevelop the building for mixed-use, said its closing places more urgency on his plans.
“Certainly,” he said. “It puts more pressure on me and anyone who wants to help me.”
In November, Langton said City money “would be critical to funding the project.”
“Once it’s boarded up and the air conditioning is turned off, that building is going to deteriorate much more quickly than if there were people moving in and out,” he said. “Every month it’s going to cost more, and anyone that cares about downtown should understand that.”
Though unaware the building had become vacant, the City said Langton’s concerns would do little to fast track an incentive package.
“Even though we don’t want to allow any buildings to deteriorate, when looking at economic development and incentives, it’s not related to whether or not they are open or closed,” said Susie Wiles of the mayor’s office. “It’s always going to be based on whether or not it’s a smart investment of tax dollars.”
Downtown Development Authority managing director Al Battle agreed.
“Even though it is an important building to downtown,” he said, “we can’t assume that because it is old and vacant that it is going to deteriorate more quickly.
“Hopefully, we will have the opportunity to deal with that before it is beyond the point of reasonable cost to all parties who may be involved with renovating it.”