Developer Rise: A Real Estate Company applied for building permits for The Doro Downtown that show a construction cost of $46 million for the apartment and retail project and parking garage.
It also will create space for a ground-floor restaurant and a rooftop bar with views of the river, Downtown and TIAA Bank Field and surrounding development.
“We believe the restaurant will also lease the rooftop space as well. It will be a bar,” said Matthew Marshall, Rise vice president of development, Oct. 6.
“The rooftop bar will have a private elevator service as well,” he said.
Through Jacksonville Properties I LLC, Rise wants to develop the 247-unit, five-story wood-frame project over a two-story podium of development. Rise also will build a seven-level, 284-space parking garage with rooftop amenities.
Podium construction is a multistory wood-framing project over a podium of another construction style that could include retail development.
At The Doro, Marshall said the two floors under the podium will have town houses, restaurant and common area amenities like the clubhouse and leasing area.
Rise requests a Market Rate Multi-Family Housing Recapture Enhanced Value Grant of up to $6.23 million from the Downtown Investment Authority for the project.
The request is on the Oct. 9 DIA Strategic Implementation Committee meeting, which is scheduled at 9 a.m.
The grant will rebate 65% of the ad valorem tax increment generated by the project for 15 years.
The project is on 1.77 acres at 102 A. Philip Randolph Blvd. where the George Doro Fixture Co. operated. The warehouse and other buildings are slated for demolition.
Marshall anticipates a total project investment of $65 million.
The Downtown Development Review Board approved final designs May 14 for Rise to build the apartment and retail project to replace the Doro Fixture building, despite objections from local historic preservation advocates.
The oldest building on the Doro property dates to 1914 and more structures were added through 1954, according to the DDRB report, while a state review dates the original building’s construction to 1904.
The Doro Fixture building is not in Jacksonville’s Downtown National Register District and does not have local landmark status to protect it from demolition, according to a DIA staff report.
Codes-ABC Inc. of Orange Park is providing code compliance review for Valdosta Georgia-based Rise’s construction plans.
Marshall said apartments will comprise:
■ 13 town houses, a mix of one- and two-bedroom units of 909 to 1,183 square feet
■ 22 studio units of 472 to 597 square feet
■ 40 small one-bedroom units of 600 to 642 square feet
■ 116 one-bedroom units from 679 to 750 square feet
■ 56 two-bedroom units from 962-1,217 square feet
Marshall said the company is not ready to release rental rates until the property management division is prepared to market the property.
He said the apartment building wraps around the garage on three sides. The north side of the parking structure facing VyStar Veterans Memorial Arena is exposed.
The site is at A. Philip Randolph Boulevard and Forsyth, Lafayette and Adams streets in the Downtown Sports & Entertainment District.
Rise General Contractors LLC, which opened an office in Jacksonville, is the contractor.
Rise paid $5.2 million for the George Doro Fixture Co. property Sept. 30 through Jacksonville Properties I LLC.
It bought the property from 102 A. Philip Randolph LLC, led by Jacksonville investors Paul and Farley Grainger.
Marshall said Oct. 1 that the company is obtaining building permits from the city. He expects demolition of the existing Doro structure and site work to begin this fall.
Marshall said construction will take about 22 months.
The review board approved The Doro design with the condition that Rise obtain a building permit for vertical construction before demolishing the Doro Fixture structure.
The city is reviewing permit applications for the almost $59,600 demolition of the warehouse space and $50,000 in site clearing.
Doro Fixture fabricated architectural woodwork, casework and millwork. The property includes almost 62,000 square feet of warehouse space among several buildings along with a parking lot.