by Bradley Parsons
Staff Writer
The Police and Fire Pension Fund has spent $200,000 so far to shore up the Laura Street Trio. But that may be just a small amount compared to what it will cost to renovate the crumbling historic buildings, says the Fund’s administrator.
The Fund took possession of the buildings from the City. The deal gave the City a $3 million credit toward future required pension contributions and gave the Fund the rights to develop the properties at the corner of Laura and Forsyth streets.
Since taking over the buildings last October, the Fund has been working with KBJ Architects to gauge their condition. The development group recently completed its initial assessment and Fund Administrator John Keane wasn’t impressed.
“I was disappointed in the condition of the buildings,” said Keane. “They’ve deteriorated during a long period of negligence while under City control.”
During its seven-year tenure as landlord, the City heard some criticism even from its own planning agencies for its neglect of the buildings. Before the property was deeded to the Fund, Downtown Development Authority board member David Auchter warned that the buildings were crumbling and were close to becoming unsalvageable.
Still, no steps were taken to secure the buildings until the Fund took possession. A large hole in the Marble Bank building’s skylight that let rainwater pour in for years wasn’t patched until last month. Keane said the Fund’s assessment team found 10 feet of water in the building’s basement.
Keane still doesn’t know the final cost to clean up and secure the buildings to the point where they can be developed, but he does know the Fund probably won’t be able to pay for it on its own.
“It’s going to take some financial support to make this project viable,” he said.
The Fund will seek City money to help develop the buildings. Administrators have already asked about dipping into the City’s Historic Preservation Trust Fund.
Some City officials are already wary about pouring City money into the buildings. City Council member Sharon Copeland worried late last year that the City might be stepping into a “bottomless pit,” by offering financial support. Council auditors also warned that historic redevelopment can be an expensive enterprise. The City put in about $17 million to help Vestcor renovate the old Roosevelt hotel. That building will be worth about $9 million when its finished.
But the Pension Fund’s bargaining position might be improved from last year. The City’s required annual contribution to the Fund will increase by $9 million next year to about $30 million.
If the Fund can find financing, Keane expects the buildings to be ready for development within two years. Already the Fund has cleaned the buildings inside and out, pumped out the standing water and patched the hole in the Marble Bank building.
Keane is preparing to present his vision for the buildings to Mayor John Peyton by the end of April. He said he expects to have floor plans and drawings ready within the next two weeks and said he’s already spoken with banks interested in occupying the Marble Bank.