Approve funding for the Barnett/Trio project
On September 15th, SouthEast Group met with the City’s Administration and presented a comprehensive plan for a Public-Private-Partnership to restore and reactivate the most important group of historic properties in our city.
This plan addresses the adaptive reuse of all four buildings and creates a 24-hour node of activity in the epicenter of Jacksonville’s downtown. The redeveloped site will include a new Marriott hotel, exquisite new restaurants and retail, along with more than 100 new residential apartments.
All of the private financing required for the entire project has now been secured, and funds to satisfy the original mortgage with Shad Khan's Stache Investments have been placed in escrow.
SouthEast Development Group, LLC recently partnered with The Molasky Group of Companies, representing the most progressive opportunity to achieve success for this project, bringing together the most well-equipped local development team with the financial strength of a proven national firm with a background including over $2 billion in specialized Public-Private-Partnerships.
Here's how the economics of this Public-Private-Partnership look:
With a total capital stack of just over $77 million for the entire project, the private sector will invest and finance approximately $69 million, or 90% of the total project costs. This leaves a public investment of $8 million, or approximately 10% of the total capital stack to be contributed by the City of Jacksonville. In return, the City will benefit from $152 million in total economic impact from the development, with a projected $17.5 million in operations each year and a $7 million increase in new regional payroll. In total, the project will generate 448 jobs during construction and 247 permanent mid-to-high wage jobs during operations.
The most progressive cities around the world focus on preserving, restoring and utilizing their historic properties. One of the ways they accomplish this is by embracing Public-Private-Partnerships, bringing public investment to bear on the critical needs of the community, while leveraging the expertise and strength that the private sector offers.
It's Jacksonville's turn to take a big step. We need your support to add your voice to the cause of forming this Public-Private-Partnership and seeing this project to completion.
Please join us in encouraging our City Administration to quickly approve this Public-Private-Partnership and make downtown Jacksonville the place that we all want it to be. This project is the catalyst for major changes and economic impact for our downtown, it positively impacts every neighborhood of our city, enhances our national reputation and launches Jacksonville’s true, long awaited renaissance; making every other project more viable and successful.
For additional information, visit www.barnett-trio.com.
- Director, Marketing & Community Engagement
- SouthEast Development Group, LLC
By now you've probably seen the plan from the SouthEast Group to restore and reactivate the Barnett and Laura St. Trio buildings. We understand that making a decision like this shouldn't be taken lightly, but we believe that this project will make a significantly positive difference to every aspect of downtown Jacksonville. The sooner this project starts, the sooner we can improve our city ... and isn't that what we all want? Which is why we want to encourage you to approve and expedite the Public-Private-Partnership so that we can all take another step towards making Jacksonville the great city we all know it can be.
Our heartfelt thanks,
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