JWB Real Estate Capital LLC’s request for $8.62 million in city-backed loans to renovate and restore the historic Florida Baptist Convention and Old Federal Reserve Bank buildings Downtown is headed to City Council.
The Mayor’s Budget Review Committee voted 6-0 on April 12 to file legislation that would authorize the forgivable and deferred loan package.
The Downtown Investment Authority board approved the deal Jan. 20 for what the developer said will be an $18.55 million project.
If approved by Council, the DIA would use its Downtown Preservation and Revitalization Program to award JWB incentives comprising $3,596,630 in forgivable loans; $3,299,827 in Code Compliance Forgivable Loans; and deferred Principal Loans totaling $1,727,864, according to city documents.
DIA CEO Lori Boyer told the budget committee April 12 that the $1.727 million loan would be repaid over 10 years.
JWB, led by President Alex Sifakis, plans 24 studio and one-bedroom market-rate apartments for the Florida Baptist Convention Building.
It also will have two 2,000-square-foot restaurant spaces and two retail spaces of 655 square feet and 492 square feet.
JWB plans to renovate the Federal Reserve building with two restaurant spaces of 4,500 square feet on the first floor and 2,900 square feet in the basement.
The second and third floors will each offer 4,500 square feet of event space.
The Florida Baptist Convention Building is at 218 W. Church St. and the Federal Reserve building is at 424 N. Hogan St., both near City Hall.
Plans for the redevelopment will link the buildings via an outdoor courtyard to the adjacent Seminole Building, which JWB Real Estate Capital also owns.
If the bill is filed by April 21, it could be introduced at the Council’s April 27 meeting.