MONDAY November 23, 2020
Public
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Daily Record JACKSONVILLE
DEVELOPMENT
Downtown Investment Authority Daily Record expected to do review of Lot J deal Stein Mart JACKSONVILLE
The SteinMart.com online store, now closed, could reopen under new ownership.
Daily Record Daily Record JACKSONVILLE
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name may return online
Company bids $6.02 million for the bankrupt retailer’s intellectual property. BY MARK BASCH CONTRIBUTING WRITER
striking the ordinance code waivers that limited DIA’s involvement. Carlucci and Cumber want the independent agency to review the city’s investment in the mixed-use project proposed west of TIAA Bank Field. Organizations like the Jacksonville Civic Council, Urban Land Institute North Florida and OurJax and the public called for more transparency in the agreement. The deal, negotiated over the past two years by the Mayor Lenny Curry administration, calls for $208 million in taxpayer debt to fund Lot J. The project, a partnership of the city, Khan development company Gecko Investments LLC and The Cordish Companies, includes a city-owned 100,000-square-foot Live! District
A venture called Stein Mart Online Inc. was the winning bidder at a Nov. 18 bankruptcy court auction to buy the intellectual property of Stein Mart Inc., with a bid of $6.02 million, according to court documents. Stein Mart, a Jacksonvillebased fashion retailer, filed for Chapter 11 bankruptcy in August and closed the last of its 281 stores last month. However, the sale of the intellectual property allows the winning bidder to continue to use the Stein Mart brand online. Court documents give few details about Stein Mart Online. Hilco Streambank, an intellectual property advisory firm that marketed the assets for sale, said Stein Mart Online is a majorityowned subsidiary of Retail Ecommerce Ventures. Hilco said in a news release last month that Retail Ecommerce Ventures “has built a diverse group of ecommerce-focused businesses by acquiring the intellectual property assets of Dressbarn, Franklin Mint, Linens ‘n Things, Pier 1 Imports, and Modell’s Sporting Goods.” The sale of Stein Mart’s intellectual property is subject to approval at a hearing Nov. 23 in U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division.
SEE LOT J, PAGE 2
MBASCH@JAXDAILYRECORD.COM
Special to the Daily Record
Lot J is a proposed $450 million mixed-use deveopment west of TIAA Bank Field. The project is a partnership of the city, Khan’s development company Gecko Investments LLC and The Cordish Companies.
At a three-hour City Council meeting, a Curry administration official, member Aaron Bowman and President Tommy Hazouri spar over the process. BY MIKE MENDENHALL STAFF WRITER
The city’s $233 million incentive package for Jacksonville Jaguars owner Shad Khan’s Jot J development appears headed to the Downtown Investment Authority for review. The City Council on Nov. 19 was debating Ordinance 2020-648 that authorizes borrowing for the proposed $450 mixeduse development and includes ordinance
code waivers to bypass review of the project by the DIA and Downtown Development Review Board. Near the end of a three-hour meeting that often veered from Hazouri the agenda, President Tommy Hazouri proposed voting on a resolution Nov. 24 that would defer the Lot J bill and development agreement for DIA analysis. The decision came after Council failed to reach a quorum to vote on an amendment by District 5 member LeAnna Cumber to defer the legislation until the DIA’s review. Cumber proposed the amendment as an alternative to Council member Matt Carlucci’s proposed substitute bill. His legislation would send Lot J to the DIA by
St. John’s Pointe Apartments sold for $33.4 million Miami-based PIA Residential announced Nov. 17 it acquired St. John’s Pointe Apartments in Orange Park for $33.4 million. PIA Residential and Des Moines-based BH Equities closed on the 284-unit community at 114 Old Orange Park Road on Oct. 30. The seller was Tampa-based WRH Realty Services. BH Management Services will manage the property. Erik Bjornson, senior managing director at Newmark Knight Frank, represented the seller. PIA Residential plans to invest $3 million to improve the units and community amenities. Rent ranges from $870 to $1,270 a month.
VOLUME 108, NO. 6 • ONE SECTION