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JBJ: Student housing could be coming to this Downtown Jacksonville building

Nov 1, 2022, 10:59 AM
A 104-year-old building on Jacksonville’s West Adams Street has been sold and could soon house dormitories for Florida State College at Jacksonville, which is asking for $1.2 million in city money.

Jacksonville Business Journal


http://www.bizjournals.com/jacksonville/news/2015/11/16/student-housing-coming-to-downtown-jacksonville.html

Building owner Marion Graham sold the property at 20 W. Adams St. to Eugene Profit. 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 would 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, according to plans obtained from the DIA.

Wallace said the proposal that will be voted on by the DIA on Wednesday is a “good deal." He said the project will create more student housing for Florida State College at Jacksonville and restore a historic downtown building.

If the Downtown Investment Authority approves the grant and loans, the second through sixth floors of the Lerner Building will be converted into dorms for 60 students.

Broker Margie Seaman said the more than 5,500 square feet of space on the first floor will continue to be marketed as retail or restaurant space.

The developer’s grant would go to cover expenses incurred during the reuse of the “historic landmark.” The money would come out of the Downtown Historic Revitalization Fund and could be used for restoring the outside of the building and preservation of significant interior features, according to the DIA proposal.

The total cost of the development is estimated to reach $6.2 million, but includes the value of the land and building — about $1.2 million.

The developer would also receive a $2.89 million loan from Presidential Bank, according to documents submitted to the DIA.

If DIA approves the plan at its Wednesday meeting, it will have to be approved by the City Council.

Derek covers commercial and residential real estate and related industries.