Daily Record Financial News &
Wednesday, February 1, 2017
Vol. 104, No. 057 • Two Sections
35¢ www.jaxdailyrecord.com
Is time right for Barnett Bank, Trio?
DIA to consider $9.8M incentives package for $90M investment
By Marilyn Young, Editor
The first question Aundra Wallace was asked on his first day on the job in 2013 was “How are you going to get the Laura Street Trio done?” By that time, developer Steve Atkins had been pitching his Laura Street Trio and Barnett Bank building redevelopment for more than three years. Iterations of the mixed-use project would bring a hotel, bank, retail, office space and residential to the Laura
Wallace
Poll: Most support tax hike for schools
Street corridor, a critical thoroughfare Downtown. But the finances never lined up for serious consideration of public incentives. That changed this morning. Wallace, CEO of the Downtown Investment Authority, planned to introduce a $9.8 million performance-based incentives package to his board of directors for Atkins, principal of SouthEast Group, and the Molasky Group of Cos. The private investment would
total about $90 million, including an $11 million parking garage with 550 spaces and 12,000 square feet of retail. The $44.6 million Laura Street Trio project would include a hotel, restaurant, bodega and rooftop bar and receive $5.8 million in incentives. The $34.2 million Barnett Bank building project would have a bank, retail, office space and apartments and receive $4 million in incentives. Wallace said the deal came
together late last week, bolstered by Molasky reaching an agreement to buy the Barnett Bank building from Stache Investments. The Shad Khan-owned company retained control of the building in September after Atkins lost it to Stache in a foreclosure lawsuit. Wallace said the Las Vegasbased Molasky firm put the full amount of the request in escrow and is working to close the transaction in mid-February. Incentives continued on Page A-3
Survey says teachers more important than scores
People may not be up to speed on how well the school system is working, but most would be willing to pay more taxes to support it. Those are two of the conclusions from the Jacksonville Public Education Fund’s fourth annual Public Education Perceptions Poll released Tuesday. The survey of more than 500 Duval County adult residents — including about 25 percent who have children enrolled in public schools — was conducted Jan. 9-15 by the University of North Florida Public Opinion Research Laboratory. Topics included how familiar people are with the system’s performance, possible ways to improve education and where education ranks as a priority. “The community needs to know what it thinks about public education,” said fund President Trey Csar. “And it’s a reference point for comCsar munity leaders and elected officials. Perception can be more important than reality,” he added. One of the questions asked what people think the public high school graduation rate is in Duval County. Despite the system having a recordsetting 79 percent in the school year that ended in June, the mean response to the poll was that 62 percent graduate. Even though they underestimated that benchmark for public education, 68 percent of parents whose children attend public schools would give more A and B grades than the state’s grading system, which is based on statewide standardized tests. Only about one-third of schools achieved an A or B grade from the state last school year. An increase in awareness of the value of teachers and decreased regard for testing Poll continued on Page A-2
Public
Photo by Fran Ruchalski
By Max Marbut Staff Writer
Finding ways to ease young patients’ fears at Wolfson Pat Kirkland, Wolfson Children’s Hospital manager of Family Support Services, is shown in a playroom decorated like a space ship, donated by former Jacksonville Jaguar Maurice Jones-Drew. Read about Kirkland’s job of helping young patients better understand the procedures at the hospital on Page A-7.
River & Post restaurant is a $1M project River & Post Restaurant and Rooftop Bar, the dining venture planned in Summit Tower at 1000 Riverside Ave., is in for permitting. The $1 million construction project shows a build-out of 9,500 square feet on the first floor and on the ninth floor for the rooftop interior bar and outside seating with a view of the St. Johns River. Managing partner Jeff McCusker said Tuesday that with furnishings and other work, the project could run more than $1.5 million. He expects to open mid- to late summer and hire 70-80 employees. The menu will feature Southern American cuisine with a focus on seafood and steaks, he said. The menu will be confirmed after he hires a chef, which could be soon. McCusker envisions entrees will be $18-
legal notices begin on page
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$35, averaging $25-$28. Hours are being determined, he said, although he expects River & Post will serve lunch from 11 a.m. to 4 p.m. and dinner from 4-10 p.m. The rooftop bar would open late afternoon and might feature entertainment, such as acoustical guitar. McCusker said response has been positive to the project. According to building plans, the first-
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floor design includes the main dining area, a bar, two banquet rooms, private dining and outdoor seating. Micamy Design Studio LLC is the architect. Padgett Premiere Properties LLC, which owns Summit Tower, seeks rezoning for the project. Rezoning plans show a dining area, commercial kitchen and bar of 233 seats on the first floor along with outdoor seating for 48. The rooftop bar includes a small commercial kitchen area. There would be indoor seats for 32 and outdoor seating for 122. McCusker, with experience as a general manager and assistant general manager at local restaurants, is a partner in 1000 Mathis continued on Page A-2
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