A request for $58.79 million in city incentives for The Related Group’s proposed high-rise development on the Downtown Southbank is headed to the Jacksonville City Council after the Mayor’s Budget Review Committee voted July 22 to advance the legislation.
The incentives include a $39 million completion grant and a $19.79 million Recapture Enhanced Value grant. The REV grant would refund 75% of increased property tax revenue from the new development over 15 years.
The agreement between the Downtown Investment Authority and Related requires the developer to invest at least $202.75 million in the project.
The Miami developer plans a 25-story tower on the former River City Brewing Co. site, a 3.02-acre property at 835 Museum Circle between the Acosta Bridge and Friendship Fountain. The project would include an additional eight-story apartment building, a 550-space parking garage, a riverfront restaurant and a ship store selling beverages, ice and other items to boat ramp users.
Related also would manage and complete Riverwalk improvements and give a 4,200-square-foot parcel to the city to allow expansion of St. Johns River Park and Friendship Fountain.
The DIA board recommended the development agreement May 15.
