The City of Jacksonville has permanently ended negotiations with the developer of the Laura Street Trio project after months of discussions and disagreements over funding and project timelines. As a result, the city has refiled a foreclosure lawsuit against SouthEast Development Group, citing unpaid fines for municipal code violations. SouthEast Development Group, led by Steve Atkins, has been the primary developer of the Laura Street Trio project since 2010, with plans to restore and redevelop the buildings into a mixed-use facility. Their proposals have included a hotel, apartments, retail space, and restaurants, but the project has faced significant challenges, such as funding issues, complex restoration requirements, and fluctuating economic conditions.

The Laura Street Trio, a cluster of three historic buildings in downtown Jacksonville, Florida were among among the first new structures built after the Great Fire of 1901. Comprising the trio are the Old Florida National Bank (also known as the Marble Bank), the Bisbee Building, and the Florida Life Building. For the past two decades, these architectural gems have been vacant and deteriorating while developers and the city try to figure out a path for restoration and further development.

In September, the City of Jacksonville dropped a foreclosure lawsuit concerning code violation fines exceeding $800,000 after SouthEast brought in Live Oak Contracting as an equity partner in the project. The city began providing millions in development incentives in 2017, but total cost estimates for the project have escalated from $45 million in 2017 to the current estimate of $212 million. SouthEast Development Group has requested payments throughout development rather than the customary payments after completion. The city is hesitant to allocate further substantial public funds, especially given the project delays, growing cost and associated risks.

The project has become a contentious issue for the city government, particularly in light of the billions of dollars in other projects currently underway, including Shad Khan's Four Seasons Hotel, the Pearl Street District, the Phoenix Arts & Entertainment District, the Shipyards Redevelopment project, Rise Doro, and the Stadium of the Future. Shad Khan's $360 million 400' yacht, Kismet, is currently docked along the Northbank Riverwalk in downtown Jacksonville and is a metaphor for all the money floating around downtown Jacksonville.

The developer has expressed disappointment with the city's decision, accusing the city of changing its demands and failing to provide adequate support. Both parties have accused each other of negotiating in bad faith and lacking transparency, which has hindered progress and ultimately led to the termination of negotiations.

While the City of Jacksonville has presented its perspective, SouthEast Development Group has also shared its view on the breakdown of negotiations.

It remains to be seen whether they will get back together in this on again off again relationship or if a new developer will emerges. The fate of the Laura Street Trio hangs in the balance, and the city's decision to end negotiations has significant implications for the property across the street from the signage that boldy states “Visit Jacksonville”.