The city of Jacksonville and Pinnacle Financial Partners have partnered to provide assistance to some property owners in Northwest Jacksonville.
In an April 3 news release, the city said Pinnacle is committed to offering short-term financing to commercial property owners in the Myrtle-Moncrief Avenue B Business Corridor.
The release said owners in the area had struggled to secure financing due to perceived risk factors.
The public-private partnership between Pinnacle and the city is designed to enhance the area’s aesthetics by helping owners revitalize their properties, which will in turn increase property values.
Nashville, Tennessee-based Pinnacle entered Northeast Florida market in late 2023.
Its offices are at 501 Riverside Ave. in the Brooklyn area of Downtown.
“This is another winning partnership with the city that will help reignite growth in the community,” said Brenda Bellard Harris, community development coordinator at Pinnacle’s Riverside office in downtown Jacksonville, in the release.
“This corridor is just five minutes from our new office on Riverside, so to be able to play a part in its renewal is an honor. Part of Pinnacle’s mission is to make a significant positive impact on the communities we serve. This project is exactly what we mean by that.”
A map of the corridor on the city’s website shows it running along Myrtle Avenue from King Street north to Moncrief Road, then northwest to Restlawn Drive.
In addition to the partnership, the city Office of Economic Development has partnered with the Beaver Street Enterprise Center for technical assistance for those applying to the program. That technical assistance will support property owners eligible for the program with completing the application and submitting all required information correctly to the city.