JBJ: DIA approves FSCJ's proposed West Adams Street housing plan

Jacksonville Business Journal

http://www.bizjournals.com/jacksonville/news/2015/11/18/dia-approves-fscjs-proposed-west-adams-street.html

The 104-year-old Lerner building at 20 W. Adams St. needs renovations estimated by owner Eugene Profit to cost $6.2 million. Profit, a former NFL player, also owns 100 E. Bay Street, whose main tenant is Peterbrooke Chocolatier.

The plan for the site calls for $600,000 in grants to the property owner and $600,000 in forgivable loans at 0 percent interest to FSCJ over 10 years.

The college will be able to use $60,000 a year to cover any shortfall between FSCJ revenue derived from student rentals and financial obligations to the developer.

The second through sixth floors of the Lerner Building will be converted into dorms for 60 students while the first floor will be transformed into a cafe where students from the college's "award winning" culinary school can get hands on experience, said to FSCJ spokeswoman Jill Johnson.

The deal still needs approval from FSCJ Board of Trustees and the City Council.