Trees and weeds grow through the floorboards on the fourth and fifth levels of the vacant office building at 218 W. Church St.
Alex Sifakis, president of JWB Real Estate Capital, said nature has “reasserted itself” inside the dilapidated historic structure, but he sees potential.
“I think that bringing these old buildings back to life is really important for Downtown. I mean, it looks like a fricking disaster, but we’re (JWB) used to this,” Sifakis said.
The five-story, 26,500-square-foot building constructed in 1924 was purchased by JWB on Aug. 26 for $675,000. It’s the company’s latest investment in what Sifakis and three other development groups have collectively branded Downtown’s “North Core.”
JWB, Augustine Development Group, ACE JAX LLC and husband-and-wife team Jim and Ellen Wiss paid a combined $15.38 million for historic buildings and parcels in the Downtown neighborhood since January 2018. The four development firms have announced a total of $86.1 million in plans, with more in the works.
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