The 19-story building that cost $100 million to build in 1963 and would become JEA’s headquarters, sold for $1 million. A group led by Live Oak Contracting purchased the building, knowing it needs a lot of work. The company has redevelopment plans that include a mixed-use project with 180 residential units, rooftop amenities, office space, and ground-floor retail and restaurant uses.
The Jacksonville Business Journal reports that though the building was valued at about $15 million in an appraisal solicited by JEA and at about $30 million by the Duval County Property Appraiser, other conditions were tied to the substantially lower price of the sale.
The appraisals do not account for the substantial amount of capital needed to renovate the building, which has been estimated to range from $65 to $78 million.
Maintaining the building has cost JEA $3.7 million through Fiscal Years 2023 to 2025.
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