The Jacksonville Transportation Authority board approved a ground lease with Gateway Jax that would allow the Downtown developer to build apartments and commercial space on a lot near the Rosa L. Parks Transit Station.
The JTA board voted 5-0 on July 1 in favor of terms of a 99-year lease in which Gateway Jax would pay $110,000 in rent the first year, with 2% increases every year thereafter, for the 1.47-acre lot.
The vacant lot is bordered to the west by the station, to the north by State Street, to the east by Laura Street and to the south by Union Street.
The agreement calls for Gateway to build 250 residential units and 5,000 square feet of commercial space on the property. The developer would pay a $50,000 deposit and would be required to begin construction within 720 days, almost two years, after execution of the agreement.
Construction would need to be completed in 26 months after it begins.
Under terms of the agreement, which has yet to be signed, Gateway would dedicate 15% of the residential units for workforce housing.
Gateway Jax is a partnership between principal Bryan Moll, JWB Real Estate Capital and DLP Capital LLC.
It has begun construction on a Downtown development that, if fully realized, would encompass more than two dozen properties and cost more than $2 billion. The properties under construction are in the NorthCore district of Downtown, which is near the Rosa Parks station.