JACKSONVILLE, Fla. – The Downtown Investment Authority is set to meet at 2 p.m. on Wednesday to discuss the potential rehab of the former Mag’s Café at 231 N. Laura Street.
Built in 1957, the two-story building includes a basement and roughly 4,262 square feet of space. Earlier this year, the city gave the building local historic landmark status, and it’s a part of the Downtown National Historic District.
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The building sits on the corner of Laura and Monroe across from James Weldon Johnson Park.
Developer Alan Cottrill is pitching the project to the Downtown Investment Authority. The documents indicate he plans to buy the property through a newly formed LLC and bring back both housing and commercial space.
The proposal calls for about 2,800 square feet of restaurant/retail space across the first floor and basement, and two one-bedroom apartments on the second floor.
The team is also exploring tying the building’s retail/restaurant space into the adjacent property to create a larger footprint for a potential operator.
The proposal sets the total development cost at around $4.7 million with construction costs around $3.5 million.
DIA staff are recommending around $1.9 million in support from the Northbank Downtown Redevelopment Trust Fund.
If the Board approves, the recommended package will be forwarded to City Council for final approval.
The developer would then be required to begin construction within six months of the agreement becoming effective and reach substantial completion within 18 months of starting work.
The DIA Board meets at 2 p.m.
News4JAX will be in attendance and update the story with more details.