by J. Brooks Terry
Staff Writer
Despite high hopes and a healthy buzz in its initial stages, momentum behind what would be one of downtown’s most significant historic redevelopments has dwindled.
The 18-story, 160,000 square-foot old Barnett Bank Building had, at one time, shown promise of becoming a mixed-use property, complete with luxury condominiums and a boutique hotel to be housed inside.
The development was to be christened The Barnett.
At the time of those announcements almost two years ago, developer Mike Langton said it wouldn’t be cheap to do the necessary work, but that with the proper financial support it would be possible.
Langton met several times with the City to discuss available options and for the better part of a year remained optimistic.
“But now I guess you could say we’re in limbo,” Langton said Wednesday. “Is The Barnett going to happen? I haven’t the foggiest idea.”
Langton, managing partner of LB Jax Development, said he was still hopeful the City would offer some kind of incentive package to subsidize renovation and construction costs, but that “hope is fading.”
Langton has until Jan. 5 to close on the building.
According to Mayor John Peyton’s Office, talks with Langton ended six months ago. Coupled with facing a limited budget in the year ahead, Peyton spokesperson Kristen Key said it didn’t look like an agreement was going to be reached any time soon.
“And that’s really all we can say at this time,” she said.
City Council member Suzanne Jenkins, who represents much of the downtown urban core, said it might require “someone with deeper pockets to rehab the Barnett.”
“We can’t rebuild downtown on just public support,” Jenkins said. “And in a tight budget year, it just isn’t going to happen. We’re turning everyone down and reducing budgets left and right.
“It’s an unfortunate time, but we have to work through it.”
At one time, Langton even proposed that the City take more of a tangible role in bringing massive property back on line, though that offer ruffled some feathers, most notably those of Lad Daniels, Council president at the time.
“I just feel the City should stay out of being in direct competition with the private sector,” said Daniels of that agreement. “The lesser role we take in it, the better.”
Whether or not Langton moves forward with The Barnett, he can take some solace in his recent successes in other cities. LB Jax has been responsible for a handful of higher-end developments in Sarasota, Fort Lauderdale and Gainesville.
“And we’re very excited about that,” Langton said. “We haven’t diverted our attention away from Jacksonville by any means, but we can’t wait forever. As time marches on you can’t help but lose hope.”