Grant Approval Recommended for Cady Club in San Marco
At its December meeting, Jacksonville’s Downtown Investment Authority (DIA) recommended approval for grant funding for a new coffee shop and cocktail lounge planned for San Marco’s Kings Avenue.
According to the DIA agenda packet, there are plans for tenant improvements at 1015 Kings Avenue for 9,300 square, split evenly across two stories for a “coffee bar, cocktail lounge, and gourmet bites restaurant.” Formerly known as the Cady Building, the two-story brick building was originally built in 1930.
The owner of the Cady is George Saoud, who is a former DIA board member.
Saoud also owns The Lark, on Hogan Street, for which he received DIA funding as well.
“Mr. Saoud has met or exceeded performance obligations at that site,” the DIA staff report stated.
The “upscale” coffee shop will transform into a cocktail lounge at night, providing “an ‘Island/Florida chic’ decor on the first floor and a ‘slightly moody ambiance with specialty wallpaper and chandeliers’ on the second,” the staff report read.
The recommended $96,427 forgivable, 0% interest grant will come from the Retail Enhancement Programing funding from the Southside Community Redevelopment Area. A minimum total capital contribution of $263,353 will be required to remain eligible for the grant.
A performance schedule for the grant dictates construction must begin within three months of an ensuing Redevelopment Agreement’s effective date and must achieve substantial completion of construction within 12 months of the construction’s start date.
An extension of up to three months may be granted by DIA CEO Lori Boyer, at her discretion, “for good cause shown by the [a]pplicant.”
By Michele Leivas
Resident Community News
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