by J. Brooks Terry
Staff Writer
Ending months of speculation, Signet Development and their attorneys received official notice this week that the City would like to cancel the existing, but long languishing deal.
In 2002 the Jacksonville Economic Development Commission issued a Request for Proposals to redevelop three historic buildings downtown. Signet eventually won that bid, promising a mixed-use, office-retail complex, providing they would receive an $11 million low-interest City loan and an additional $3 million Historic Trust Fund grant.
Work to rehab the Marble Bank, the Bisbee and the Florida Life buildings was to begin in January. However, as that deadline passed, no one seemed to have an answer as to why.
In March, the JEDC and Signet were said to be, “looking into the validity of the project and the viability of the market.”
Further details were sparse until now.
In a letter dated June 10, Downtown Development Authority managing director Al Battle wrote to Signet president Anthony Manna that the market downtown had simply changed in two years and that the City wanted to try something different.
“Without dispute, the best use for the property has shifted from a mixed-use retail and office space complex to an office and housing based facility,” he wrote.
Battle said that new design was more in line with “the City’s strategic goal to increase residential housing as part of historic redevelopment in the downtown area . . . JEDC staff will recommend that the DDA and JEDC terminate the existing Signet proposal and issue a new RFP to dispose of the property.”
Signet reps responded Tuesday, saying no legal action will be taken.
“No, nothing like that at all,” said Michael Munz, who represents the developer. “This is probably the most amicable agreement you could imagine. We are prepared to accept these terms.”
Munz added Signet may respond to the new RFP.
“I can say we will carefully review it,” he said. “Until we do, it will be difficult to say.”
Among those most happy with the deal’s demise is City Council member Suzanne Jenkins.
For months she has said that the City should kill the deal, freeing the $3 million tied up in it.
“Absolutely,” she said. “If these buildings are so valuable, why are we giving away so much money to develop them?
“We’ve been wasting our money until now and I’d rather just put them on the market than do that. Now we can use $3 million for something else.”