The Jacksonville City Council gave final approval Feb. 13 to incentives to revive a pair of vintage Downtown buildings.
The Council voted 17-1, with Council member Rory Diamond opposed, for a $6.03 million incentive for the former Jones Bros. Furniture Co. building at 520 N. Hogan St. Council member Jimmy Peluso was absent.
On a 17-0 vote, the Council approved $4.9 million in incentives for the Greenleaf & Crosby Building at 208 N. Laura St. Council member Terrence Freeman was absent.
Council President Ron Salem abstained from the Greenleaf & Crosby vote, citing a conflict related to his investments in other projects involving the developer.
The Jones Bros. incentive, Ordinance 2024-0037, comprises Downtown Preservation and Revitalization Program loans, of which $4.8 million are forgivable.
or the Greenleaf & Crosby building, Ordinance 2024-0036 provides $4.9 million in DPRP loans, of which $3.97 million are forgivable.
Greenleaf & Crosby Building
JWB Real Estate Capital LLC plans to transform the 96-year-old Greenleaf & Crosby building into 44,000 square feet of office space along with 11,000 square feet for restaurant and retail use. The company plans to move its headquarters at 7563 Philips Highway in Deerwood Center into the building.
The 12-story building was the longtime home of Jacobs Jewelers, which closed in 2023, and for the free-standing clock outside of it.
Terms of the incentive package call for JWB to launch construction within six months of the effective date of the ordinance and complete it within 18 months.
Jones Bros. building
At the seven-story Jones Bros. building, Corner Lot Development Group plans an adaptive reuse that includes 28 apartments and at least 1,700 square feet of co-work office space. The building, developed in 1926, operated as a retail furniture store until the late 1980s.
Terms call for construction to start within six months after the ordinance takes effect and for construction to be completed within two years.
In late 2022, the Downtown Development Review Board approved a version of the Jones Bros. project that included a 145,000-square-foot, 148-apartment addition to the historic building. That portion of the project did not materialize.
Lori Boyer, CEO of the Downtown Investment Authority, said Corner Lot still has plans for the new construction.
The incentives are calculated on the amount of increased tax revenue the buildings will generate once rehabilitated. They are payable upon completion.
The Council passed both ordinances without comment.