St. Augustine-based Axis Income Fund is seeking a $3 million Historic Preservation Trust Fund Grant to redevelop downtown's Independent Life Building.
The 18-story, 165,000-square-foot building at 233 W. Duval St. was constructed in 1955 for the Independent Life Insurance Company, a business that closed more than 25 years ago.
Axis Income bought the building, which is vacant, for $3.7 million last fall. City Council gave the building landmark status in April.
The developer expects to spend $30 million to convert the building into 140 units of luxury apartments with a first floor grocery store, rooftop pool and rooftop restaurant.
Axis plans to employ 100 people over 14 months at the building, including 55 grocery store employees, 25 restaurant employees, 10 building maintenance staff and 10 leasing personnel.
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