City of Jacksonville permanently ending negotiations with Laura Street Trio developer

Once again, the city of Jacksonville says it's had enough of the developer of the proposed Laura Street Trio adaptive reuse project Downtown.

And this time, the city says it's permanently ending talks with the development team, led by Trio owner Steve Atkins of SouthEast Development Group Inc.

In an announcement Nov. 12, the city said it was terminating negotiations and would refile a foreclosure lawsuit it filed in August 2024 that says SouthEast owes the city more than $800,000 in unpaid fines for municipal code violations.

That suit came after a previous round of talks involving SouthEast, the city and the Downtown Investment Authority hit a dead end. Both sides accused the other of negotiating in bad faith.

The city dismissed the suit in mid-September after Jacksonville-based Live Oak Contracting joined SouthEast, prompting hopes that a deal could be reached.

"We have worked long and hard to come up with an agreement that is financially viable for the city," Phillip Perry, Mayor Donna Deegan's chief communications officer, said in a Nov. 12 email. "Despite our best efforts and countless hours spent by staff, that has not materialized."

The Trio comprises the First National Bank Building, Bisbee Building and Florida Life Building. The structures were built from 1902 to 1912 and are among the last remaining unrestored buildings constructed during the years immediately following the 1901 fire that destroyed much of Downtown. The buildings are at Laura, Forsyth and Adams streets.

Atkins' most recent proposal included $85.77 million in city incentives comprising $18.3 million in loans and $67.57 million in development grants. The total development cost was $188.67 million to convert the buildings into a hotel, apartments, restaurant and bar.

Live Oak said the project would include a 143-key four-star Autograph Collection Hotel by Marriott, 169 blended-rate apartments and retail and entertainment spaces that "will be unlike anything else in Northeast Florida."