The city of Jacksonville is considering the sale of the former National Guard Armory building in Springfield to its lessee, according to a memo from the Office of Economic Development to the Mayor’s Budget Review Committee.
The memo, set for consideration by the MBRC on Oct. 27, requests authorization to file Council legislation for a purchase and sale agreement for the 2.02-acre property with Armory Redevelopment Associates, LLC, which began leasing the property at 851 N. Market St. in 2020.
The memo states that Armory Redevelopment Associates wants to purchase the property at a price listed in a 2022 amended lease with the redeveloper’s parent organization, REVA Development Corp. of Fort Lauderdale,
As part of the 2022 lease amendment with REVA, the city provided an option for the developer to purchase the armory at $4.04 million, with that price increasing by 1% annually.
In 2019, the city selected REVA to redevelop the Armory into a mixed-use facility with art galleries and studios, co-working spaces, a food hall, performance space and a microbrewery.
In the lease, the city also provided an optional parcel for sale adjacent to the Armory at 928 N. Liberty St. to the LLC for $846,000.
REVA planned to develop 100 workforce apartments on the Liberty Street property. That property has not been sold, the city told the Daily Record in an email on Oct. 24.
Along with the lease amendment, the city amended its original development agreement in 2022 to account for the timing of the start and completion of the Armory’s redevelopment, the cost of stabilizing the Armory and the anticipated development of the 100 housing units.
According to a 2022 city summary, the three-story building needed asbestos, lead-based paint and mold abatement; HVAC, plumbing, electrical and telecommunications replacement; fire protection and sprinkler system installation; waterproofing; re-roofing; and framing and floor rehabilitation.
In 2022, costs of stablization were estimated at $15 million. REVA listed the full cost of the Armory redevelopment at $30 million in 2024.
The OED said REVA has done roof repairs and other small improvements.
The city issued a roofing permit for the building in 2024.
The 80,826-square-foot Armory has endured flooding over the years, including when Hurricane Irma left 12 to 16 inches of standing water in the structure during 2017. REVA, a 501(c)(3) nonprofit organization whose name is an acronym for Real Estate Ventures for the Arts, lists total cost of the project at $30 million, including work to reduce flooding.
The building was vacant for the 10 years prior to REVA’s takeover of the space, and it has not yet been opened to the public.
The Armory was constructed in 1916, and has served as property of both the city and the state of Florida since that time.
According to the Jaxson, the Armory served the military reserve force, and was a destination for dances, cultural events, high school graduations and concerts The Armory’s included a kitchen, mess hall, band room, billiard room, rifle range, swimming pool and bowling alley.
With MBRC approval, the OED will introduce legislation for the purchase and sale agreement to City Council during its Oct. 28 meeting.