DIA is advancing $1.23 million in incentives for the renovation of 1001 Kings Ave. | Jax Daily Record | Jacksonville Daily Record
The Downtown Investment Authority’s board of directors voted 5-0 on April 20 to approve a combination of repayable and deferred principal loans totaling $1.23 million to partially fund a $5.133 million headquarters project at 1001 Kings Ave. on the Downtown Southbank.
The taxpayer-supported incentive program is offered to help ALE Kings Holdings LLC defray building renovation costs for online furniture retailer Industry West’s new showroom and offices and for Breeze Homes.
The case goes to the city council.
If approved by the Board, ALE Kings Holdings would receive:
• A forgivable loan of $257,200 for historic preservation, restoration and rehabilitation.
• A code-compliant forgivable loan of $728,200.
• A deferred capital loan of $246,360 under the Downtown Preservation and Revitalization Program.
The DIA staff term sheet indicates that $4.813 million of total development costs are eligible for the agency’s Downtown Preservation and Revitalization Program incentives.
The city would fund 23.9% of the project through the incentive agreement.
The developer is investing $705,303 in equity in the project, according to the term sheet.
DIA Board Vice Chair Carol Worsham said the project’s code compliance costs are an example of why historic redevelopment incentives are needed to rehabilitate vacant historic buildings in the center. -city.
The renovated building will be the headquarters of Industry West.
“These buildings have such a hard time meeting existing code — fire, security, ADA,” Worsham said. “Without it, these buildings would not be retrofitted because meeting this code is nearly impossible without this program.”
The condition sheet shows $970,999 of the $2.519 million construction budget is to bring the building up to code.
“I will be happy to see this corner develop. It’s been pretty vacant for years,” said DIA board member Craig Gibbs.
Board member Ron Moody abstained due to a professional relationship with ALE Kings Holdings.
Board Chairman Braxton Gillam and member Jim Citrano were absent from the meeting.
Industry West co-founders Jordan and Anne England and The Corner Lot Companies CEO Andy Allen and COO George Leone formed ALE Kings Holdings LLC to develop the project.
Industry West has moved from its former headquarters at 1407 Atlantic Blvd. near St. Mark’s Square and operates from a temporary office in its Cecil Commerce Center warehouse, Allen said.
After renovations, Industry West will occupy the first two floors with showroom, offices and creative space.
Breeze Homes, part of Corner Lot Development Group, will occupy the third floor with 12 employees.
Allen said April 21 that the businesses hoped to move into the Kings Avenue building before the fourth quarter of 2022.
The three-story brick building was developed before 1912 and is one of the few remaining commercial buildings reflecting the former town of South Jacksonville from 1907-32.
The council granted the building historic monument status in 1999.
The city issued a permit Nov. 12 to River City Contractors for a nearly $1.76 million interior construction of the building southeast of Kings Avenue and Prudential Drive.
Bold Line Design LLC of Ponte Vedra is the architect.
Plans filed with the permit show alterations of 11,702 square feet, comprising 4,089 square feet on the first floor, approximately 3,644 square feet on the second level and 3,969 on the third floor.
ALE Kings Holdings purchased the Kings Avenue property on July 6, 2021 for $2.25 million. South State Bank issued a mortgage for nearly $3.6 million on September 30, 2021.
The Englands and Allens also own the Industry West Atlantic Boulevard headquarters, which is being renovated for the Fore Score Golf Tavern.
They purchased the 4,300 square foot San Marco Square building in 2017 and Industry West moved there in 2018 from a smaller rented space nearby.
Jordan and Anne England started the business as an e-commerce venture, growing from home to a rented space and then to St. Mark’s Square.
The 11-year-old Industry West has 42 employees and 2021 sales of $35-40 million.
The e-commerce company describes itself on industrywest.com.
It “curates modern, handcrafted furniture and décor, with an emphasis on high-end design.”
Writer Karen Brune Mathis contributed to this report.
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