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Urban_Legend

The Price of Preservation

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http://www.jacksonville.com/tu-online/stor..._20522624.shtml

The Roosevelt Hotel building, now The Carling, cost Vestcor $2 million. Renovations on the building totaled about $22 million.

The terrazzo at the entrance to the old Roosevelt Hotel on West Adams Street. Keeping the terrazzo intact was part of Vestcor's deal with the city for renovating the old building. The company's failure to do so could cost it $2 million in city funds.

The W.A. Knight building, on West Adams Street, was built in 1923. Langton Associates paid almost $2 million, three times the purchase price, to overhaul the former office building into apartments.

Haydon Burns Library: Peterbrooke Chocolatier has proposed to buy the1960s-era property for $1.5 million and turn it into a chocolate factory.

The Lynch Building at11 E. Forsyth St. was developed into a downtown residential highrise by Vestcor. The building was bought for $2.75 million. Renovations totaled over $20 million.

The Old Marble Bank building, damaged by water and neglect, will soon undergo the first phase of renovation, expected to cost the Police and Fire Pension Fund between $12 and $14 million.

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The old Barnett Bank building, shown in this file photo, was bought for $4.95 million by Cameron Kuhn, who estimates it will take $20 million to renovate the building into office space.

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Troy Scherbinski, assistant building manager for the Police & Fire Pension Fund that owns the Laura Trio of historic buildings, tries to open the rusted main vault in the Marble Bank. The group plans to leave the vault in place after cleaning and renovation of the building.

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