The Downtown Investment Authority Board awarded Riverchefs LLC and VyStar Credit Union $371,590 in forgivable loans to help with build-out costs for The Bread & Board’s planned Downtown restaurant and adjoining marketplace.
The board voted 8-0 during its July 15 meeting to offer the developer and landlord VyStar incentive money from the DIA’s Food and Beverage Retail Enhancement Program. Development costs for the project are estimated at $1.521 million.
The Jacksonville restaurant announced March 6 it will open its third location at 100 W. Bay St. this summer. The building is part of VyStar’s headquarters campus.
Riverchefs and VyStar filed a business plan July 7 with the DIA for the 6,760-square-foot project that includes Bread & Board Provisions, a “farmers-market bazaar of sorts,” with culinary offerings and products from local retailers.
The restaurant will be about 4,298 square feet and the marketplace is 2,462 square feet, according to the plan.
DIA Director of Downtown Real Estate and Development Steve Kelley said July 15 that the incentive co-applicants will cover nearly 74% of the total project cost. The Bread & Board parent company will pay 43% and VyStar will pay 30%.
The DIA incentive dollars will cover the remaining portion.
In a breakdown of how the loan will subsidize the build-out, Kelley said $279,370 will be used for the restaurant area and $49,240 will be used for the marketplace.
Because the building is a contributing structure to the Jacksonville’s Downtown Historic Register District, the project was eligible for an additional $42,980, or $10-per-square-foot.
According to the report, the restaurant will create 45 full-time jobs. The Bread and Board plans to be open from 7 a.m. to 10 p.m. Monday-Friday; 10 a.m to 10 p.m. Saturdays; and 10 a.m. to 9 p.m. on Sundays.
DIA Board Chair Ron Moody praised the project July 15 for its location in an area of the Downtown core that the food and beverage incentive program, approved in June, was intended to enhance.
“I was so thoroughly impressed with what a good citizen VyStar is being in making this particular project happen. They are giving a very fair lease, their contribution is pretty outstanding,” Moody said. “This corner is the southwest corner of Bay and Laura (streets). It’s right along our major Laura (Street) corridor, and that’s exactly where we want it to be. It is going to be strategically located for success.”
Plans for The Bread & Board and marketplace Downtown were announced in March and the DIA Food and Beverage Retail Enhancement Program was created in June, although the program has been in the works since 2019.
The Bread & Board will offer made-to-order sandwiches and sandwich boards, salads and entrees along with a selection of grab-and-go items.
VyStar is moving its headquarters and up to 1,000 people Downtown. In addition to the Bay Street building, it owns VyStar Tower next door at 76 S. Laura St.
