More housing — and an extension of the Riverwalk — are on track for Riverside.
TriBridge Residential LLC plans to build a pair of midrise apartment buildings on vacant riverfront property between 500 and 550 Bishop Gate Lane.
The infill project would add 125 residences to the Riverside neighborhood along with an expansion of the public Riverwalk along the Northbank.
The expansion would run 350 feet from the Riverside Arts Market south to Memorial Park, providing public access and space for the water taxi to dock.
This week, two City Council committees voted to support Ordinance 2017-284, the development and easement agreements for the project. The ordinance has been in review since April.
The Neighborhoods, Community Investments and Services Committee and the Land Use and Zoning Committee voted Monday and Tuesday. The Finance Committee meets today and could send the ordinance to City Council for approval.
As part of the agreement, TriBridge would build and maintain the riverfront section of the public Riverwalk at its property in return for an $810,610 property tax rebate, also known as a Recaptured Enhanced Value Grant, from the city.
Council President Lori Boyer told the neighborhood committee Monday that the developers wouldn’t be able to build the Riverwalk expansion without the rebate.
She hopes the deal signals a change in how the city supports Downtown development.
Boyer, whose district includes the Southbank and San Marco, said allowing developers like TriBridge to manage parts of the Riverwalk presents a much better deal for the city.
“We get someone to build it for us to our standards, to maintain it to our standards, to give us public easement and access,” she said, “and we get to pay for it over time, from the proceeds that property generates.”
Boyer said she wants to see developers include Riverwalk expansion when introducing new ideas for the riverfront.
The current project is the latest effort to develop the property at Bishop Gate Lane. Plans for a previously proposed luxury condominium tower were scrapped.
“Unfortunately, the market didn’t bear that out,” said council member Jim Love, who represents District 14. “So, the deal died.”
That project, he said, also included expanding the Riverwalk, but didn’t request the city’s financial help. That’s because it was marketing luxury condos that would have created a greater financial margin.
While he’s happy to see more residential options in his district, Love said he’s more enthusiastic about expanding access to the St. Johns River.
A favorite for runners, the Northbank Riverwalk follows the river from the Riverside Arts Market under the Fuller Warren Bridge north into Downtown, stopping before the Shipyards.
A section also runs along the Southbank.
Love said the proposed expansion brings the Riverwalk one step closer to what he envisions as the ideal scenario for Downtown residents and visitors.
“My vision is to see the Riverwalk extended all the way from Memorial Park to Metro Park,” he said.