The developer of a proposed nine-story, 128-room Hyatt Place Downtown needs another six months before breaking ground.
Mainstreet CV 76 S. Laura Street LLC requested the construction deadline extension from the Downtown Investment Authority, according to documents filed with the Mayor’s Budget Review Committee.
According to a memo written by DIA Operations Manager Guy Parola, the commencement of construction deadline will move to no later than Sept. 1. The DIA will ask the committee Jan. 27 for permission to file legislation with City Council to amend the option agreement.
The April 26, 2021, completion deadline will remain unchanged, according to the memo. The hotel is planned on a quarter-acre at Water and Hogan streets.
Mainstreet CV, a subsidiary of Fort Lauderdale-based Mainstreet Capital Partners, wants to develop the hotel in property also known as Sister Cities Plaza northwest of The Jacksonville Landing site.
It will include a pool area, fitness center and other amenities.
The group bought the land from Parador Partners LLC in April 2017, taking over a 2011 economic development agreement between Parador and the DIA.
Parador built the 612-space parking garage behind the hotel site.
The company, along with CarVal Investors LLC, sold the neighboring 23-story tower and garage to VyStar Credit Union for $59 million July 31.
The groups purchased the properties in 2015 for $31.1 million.