With Phase One underway, the Phoenix Arts & Innovation District is starting toward the second

Future of Cities CEO Tony Cho says “now you have something to show."


The Bunker Building the Phoenix Arts & Innovation District at 2402 N. Market St.
The Bunker Building the Phoenix Arts & Innovation District at 2402 N. Market St.
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The Bunker Building appears to be next in store for renovation in the Phoenix Arts & Innovation District in North Springfield.

At 2402 N. Market St., the two-story 14,079-square-foot building is near the newly renovated Emerald Station at 2320 N. Liberty St. 

The city is reviewing a permit application for Spencer Construction & Engineering Inc. of Jacksonville to renovate the facade and shell of the Bunker structure at southeast Market Street between East 14th and 15th streets at an estimated project cost of $1.39 million.

The Bunker Building at 2402 N. Market St. is planned for renovation.

Jacksonville-based JAA Architecture is the architect.

District developers celebrated the ribbon cutting of the first building Oct. 30.

The 17,000-square-foot Emerald Station is a renovated warehouse that includes 7,000 square feet of creative offices, conference rooms, an in-house catering kitchen and a space for the city of Jacksonville’s Small and Emerging Business incubator.  

It also houses a 10,000-square-foot event space, managed by the Twinkle Collective, which was used for the event.

A rendering of Emerald Station, the first renovated building in the Phoenix Arts & Innovation District at 2230 N. Liberty St.
Phoenix Arts & Innovation District

The district primarily is bordered by Main, 15th and Liberty streets and an east-west rail line, with three parcels south of the line. 

The site largely consists of vacant industrial properties and green spaces.

When built-out, the district is designed to include 10 properties, including conversions of four warehouses and green spaces into office space, artist studios, galleries, retail establishments and restaurants. Affordable housing will be included.

Also called PHX JAX, the mixed-use development is proposed on the 8.3-acre site about 2 miles north of Downtown Jacksonville.

In June 2024, Council approved $5.5 million in incentives for the Phoenix district, with the package comprising a $1.5 million Recapture Enhanced Value Grant plus $2 million completion grants for each of two phases of construction. 

The preliminary master plan for Phoenix Arts & Innovation District.
Photo by Ric Anderson

A REV grant is a refund on ad valorem tax revenue generated by a new development.

Council also approved a rezoning request to Planned Unit Development to permit commercial and multfamily uses in the district. 

According to a project overview, work will be done in two phases ending in 2026.

Phase One

Phase One is an estimated $14.15 million renovation of two buildings, including the Emerald Station, at 2320 and 2336 N. Liberty St. Construction started in June 2024 for completion by June 30, 2025.

The Phoenix Arts & Innovation District in North Springfield.
Phoenix Arts & Innovation District

The city would provide a completion grant totaling $2 million for those buildings.

Also part of the Phase One agreement, the developer will lease a finished 150-square-foot interior space to the city in the Emerald Station at 2320 N. Liberty St. for $1 a year for three years.

This space will be used to support small business growth and development within the project and surrounding area. Conference rooms will be made available to Jacksonville Small and Emerging Businesses and city staff. 

Phase Two

Phase Two is an estimated $23.79 million project to renovate two buildings at 2402 and 2303 Market St. with work starting in January 2025 for completion by June 30, 2026. 

The city would provide completion grants totaling $2 million and a REV grant of up to $1.5 million over 15 years. 

The agreement says the developer is committed to use Jacksonville Small and Emerging Businesses equal to 20% of the total of the Completion Grant, or $800,000, to assist in building the project. It will also provide quarterly reports on their use and how much they are paid.

“I always believe in having vision, but showing instead of telling," said Phoenix Arts & Innovation District lead developer Tony Cho at the ribbon-cutting ceremony for Emerald Station on Oct. 30.
Photo by Ric Anderson

The Phoenix Arts & Innovation District project is estimated to have a positive return on investment of $1.07 for every $1 invested.

“The Phoenix Arts & Innovation District is an opportunity to co-create in partnership with the neighborhood of North Springfield a new vision for its future,” said Tony Cho, CEO and founder of Miami-based Future of Cities and founding managing partner of PHX JAX, in December.

Cho said at the Oct. 30 ribbon cutting that funding the project had been difficult due to high interest rates and what he described as skepticism of plans and renderings among potential investors in Jacksonville.

“Now you have something to show,” he said.

“When you’re just showing people vacant warehouses, they don’t see the vision. Now you have an event, and you have air conditioning, you’ve got bathrooms and you’ve got things going on.”


 

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