TU: FSCJ and developer seek city financial assistance for downtown student housing
FSCJ officials hope that a year from now, up to 60 of its students will be able to make that walk because they’ll be living at 20 W. Adams St., a six-story, century-old building that’s stood vacant for years in the heart of downtown.
The Downtown Investment Authority board voted Wednesday to approve a $600,000 historic preservation grant and up to $600,000 in zero-interest loans for conversion of the Lerner Building.
If City Council agrees to the incentives and the renovation gets done, it would mark the first time downtown has had college-affiliated student housing.
“I think it’s magical for our students,” FSCJ President Cynthia Bioteau said. “I think it’s magical for our community.”
The bid to bring housing to the Lerner Building is a joint effort by FSCJ and former NFL player Eugene Profit, who owns the building and will be doing the multi-million dollar renovation.
Profit built a successful investment advisory firm in Maryland after retiring from the NFL in 1990 and he owns two downtown Jacksonville buildings — the one on Adams Street and also a six-story building at 100 W. Bay St. formerly known as the Life of the South Building.
The city’s financial support would involve a $600,000 grant from the downtown historic preservation and revitalization trust fund. The grant would go to 20 W. Adams Street LLC, which is controlled by Profit.
After renovating the building, Profit will lease space in the entire building to FSCJ. The college would use the ground floor as a restaurant for its culinary school. The second through sixth floors would have 60 beds for college students.
Bioteau said she is confident the college can fill the beds at a monthly rent of about $750. She said the college already has 66 international students who need housing while pursuing studies at FSCJ, and the West Adams Street building will appeal to local students who want to live downtown.
But if the college falls short of generating enough income to cover its obligations to Profit, the city would provide a financial safety net.
The incentive package would enable FSCJ to get loans from the city for up to $60,000 per year over a 10-year period, which adds up to as much as $600,000 in loans over a decade. FSCJ would be able to use the loans to cover any financial shortfalls if revenue from student housing isn’t enough to cover what the college owes
Profit in lease payments.
DIA board members peppered staff with questions about the incentive package, but ultimately voted 6-0 for the project.
“I’m excited,” board member Marc Padgett told Profit. “You’re a little bit of a pioneer to come in and do it.”
David Bauerlein: (904) 359-4581