The Mayor’s Budget Review Committee agreed March 22 to send City Council a $15.69 million incentives package for a Miami-based developer’s plan to replace the River City Brewing Co. restaurant on the Downtown Southbank with apartments.
The committee’s 7-0 vote authorized the Downtown Investment Authority to file legislation with Council for Related Group’s proposed $92 million, eight-story RD River City Brewery apartment community and restaurant.
The vote is the latest step for what would be the developer’s first project in Jacksonville.
MSA Architects is scheduled to bring a revamped apartment design to the Downtown Development Review Board on March 23 for conceptual review after it was tabled in January.
A DIA staff report released last week details a 333-unit market-rate apartment community at 835 Museum Circle, adjacent to Friendship Fountain, with an eight-story, 535-space parking garage.
A March 3 memo from DIA CEO Lori Boyer to city Chief Administrative Officer Brian Hughes says the proposed apartment complex will have 325 units.
Here is how the incentive deal breaks down:
• An $11.9 million, 75% Recapture Enhanced Value Grant over 20 years.
• $1.65 million from the Southbank Tax Increment District for removal of an underground fuel tank and reconstruction of a parking lot adjacent to the boat ramp access.
• $1.143 million in taxpayer money toward repair of a fuel dock.
• A $500,000 matching infrastructure grant to address soil conditions impacting foundation design.
• A $500,000 restaurant completion grant.
• The city also would pay for the increased maintenance costs of Friendship Fountain and the public park.
A bill with an attached economic development agreement with Related could be filed with Council as soon as March 24.
Boyer told the committee March 22 that she expects the infrastructure grant and city-backed site improvements to be part of the DIA’s 2022-23 fiscal year city budget request.
Related is under contract with the site leaseholder, Maritime Concepts, to buy out the company’s interest in the restaurant property, including the remaining 77 years in its land lease with the city.
The developer will pay for the reconstruction of a second dock and a 20-slip public marina for transient boaters.
The Downtown Development Review Board will meet at 2 p.m. March 23 to consider Related and MSA’s latest designs.
The board tabled the review in a 9-0 vote Jan. 14 when members and DIA staff said they were unsure if that design fit “contextually” along the St. Johns River in Jacksonville.
Despite the critique, board members said they want the Miami condominium, apartment and office developer to build in Jacksonville.
MSA Architects will bring the design for what the DIA staff report released March 17 calls, “modern in style with clean lines, smooth textures, and minimal ornamentation.”