by Mike Sharkey
Staff Writer
Expect a lot to happen over the next 16 months at the Barnett Bank building: The Kuhn Companies will complete demolition, renovate the 18-story building, market the 100-plus condominiums and watch folks move in.
Kuhn CEO Cameron Kuhn said Thursday that now that the Jacksonville Economic Development Commission has approved a $900,000 grant from the Historic Preservation Trust Fund, the pace of the nearly $28 million project will quicken dramatically.
“You will see a surge of action now that this is approved,” said Kuhn. “This is what has been holding us back.”
The Barnett Building at the corner of Laura and Adams streets was built in 1926 and until 1954 was the tallest building in Jacksonville. Orlando-based Kuhn bought the building late last year for $5.3 million and several months ago began interior demolition.
“We are 85 percent done with the interior demolition,” said Kuhn, adding the next stages include mechanical, electrical and plumbing work. “We are in the design plan phase and will begin marketing in 30 days.”
The $900,000 grant will deplete the preservation fund by half, a fact that worries some JEDC members. JEDC Executive Director Ron Barton acknowledged that fact, but stressed the important of finding funds to replenish the trust.
“Funding is incumbent on the administration and City Council,” said Barton. “There is no constant mechanism in place, but we are always looking for sources.”
Several commissioners questioned depleting the fund by 50 percent but Barton defended it, reminding the commissioners that the $900,000 grant is just a fraction of what the developer is spending.
“It’s appropriate to look at the ratio of the grant to the project’s cost,” said Barton. “We spent $800,000 on Brewster (Hospital in LaVilla) and that was 60 percent of the project’s cost. The Carling was $27 million and we gave them (Vestcor) $2 million.
“This grant is very appropriate in terms of the total project cost and the project is in the core of Downtown.”
When finished, the Barnett Building will be 18 floors of mixed-use space. The first floor will be retail with public access and a private entrance for residents. The second floor mezzanine is being gutted and will returned to its original open space look while the third floor will be offices.
Kuhn Vice President of Property Management George Moore said he has spoken to a bank about leasing space on the first floor while the rest of the floor may be filled with publicly-accesible kiosks.
Floors 4-18 will be condominiums with seven units per floor starting at around $200,000.
“They will be unique residences,” said JEDC project manager Karen Nasrallah.
Moore also said the company has identified enough parking within 750 feet of the building to satisfy the needs of residents, tenants and customers.
Kuhn is also developing RiverWatch, another multi-million dollar mixed-use project that involves converting the SunTrust Building while developing another tower and parking garage. In comparison, the Barnett Building won’t be a problem.
“This one’s easy,” he said. “This is what we do. We have been rehabbing historic buildings for 20 years.”
Kuhn said he expects the project to be done and residents moved in by the end of next year.