Daily Record Financial News &
Tuesday, March 20, 2018
Vol. 105, No. 087 • One Section
35¢ www.jaxdailyrecord.com
Balanky plans Southbank tower with gondolas across St. Johns
Special to the Daily Record
An artists’s rendering of the $80 million, 28-story, 300-unit residential tower proposed by developer Mike Balanky at 1202 Kings Ave. on the Southbank.
Developer wants to build residential tower next to Kings Avenue parking garage, but has pending litigation with JTA. By David Cawton Staff Writer Developer Mike Balanky proposes a 28-story tower and a gondola lift transit system for the Downtown Southbank. Balanky, president and CEO of Chase Properties, announced the ideas Monday to the Rotary Club of Jacksonville.
Balanky proposes a 28-story, 300unit residential, office and retail project, called Kings Avenue Station Phase II, on an acre at 1202 Kings Ave. It would replace a surface parking lot. The property is owned by the Jacksonville Transportation Authority. In March 2005, Balanky signed a 70-year ground lease with JTA through Kings Avenue Redevelopment LLC,
with plans to develop the property in two phases. The site is south of Interstate 95 on Kings Avenue, in front of JTA’s Kings Avenue parking garage. There are some potential complications. Balanky and JTA are involved in pending litigation concerning the lease and specifically, use of the property.
Winn-Dixie parent plans to create ‘stunning, remodeled stores’ Southeastern Grocers says it has a three-year transformation plan. Southeastern Grocers hopes that the Chapter 11 bankruptcy reorganization petitions it files by the end of next week in Delaware will herald a fresh start for its remaining 582 supermarkets. The Jacksonville-based com-
Public
pany said in its Thursday news release that it intends to create “stunning, remodeled stores” in a significant portion of its remaining stores as part of its three-year plan. Spokesman Joe Caldwell said Monday the company expects to complete 75 remodels this year throughout its store network. Southeastern Grocers said it expects to start a U.S. Bankruptcy Court-supervised restructuring plan by the end of March and complete it within 90 days. That means the company intends to regroup starting July 1. As part of prepackaged Chapter 11 reorganization cases, South-
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CLOSING STORES Southeastern Grocers will close 94 Winn-Dixie, Harveys, Fresco y Más and Bi-Lo stores as part of a restructuring. Here is the breakdown:
eastern Grocers will close 94 stores, including four in Northeast Florida, and restructure debt. The Northeast Florida locations to close comprise Harveys Supermarkets at 1012 Edgewood Ave. N. and 3000 Dunn Ave. in Jacksonville, and Winn-Dixie stores at 9866 Baymeadows Road and at 248 Blanding Blvd. in Orange Park. In South Georgia, two WinnDixies in Valdosta and a Harveys in Waycross will close. The three-year plan to include the remodeling is part of the transformational process. Mathis
Kings Avenue Redevelopment developed the first phase at Kings Avenue and Nira Street with two eight-story adjoining Hilton-branded hotels. Plans for phase two have been on hold since about 2008, according to Balanky. In 2009, JTA granted Kings Avenue Redevelopment a one-year deferral
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Alabama
10 Winn-Dixies
Florida
30 Winn-Dixies 4 Harveys Supermarkets 1 Fresco y Más
Georgia
15 Harveys Supermarkets 3 Winn-Dixies 1 Bi-Lo
Louisiana
1 Winn-Dixie
Mississippi
1 Winn-Dixie
North Carolina
7 Bi-Los 2 Harveys Supermarkets
South Carolina 14 Bi-Los 5 Harveys Supermarkets
Published
for
27,407
Total closures
45
26 22
1
consecutive business days