The Downtown Investment Authority board is expected to consider a $6.23 million tax incentive Oct. 14 for The Doro, a proposed 247-unit, mixed-use development near TIAA Bank Field.
The DIA Strategic Implementation Committee voted 4-0 on Oct. 9 to advance a request for a 15-year, 65% Recapture Enhanced Value Grant for the proposed $65.64 million apartment and retail project by Rise: A Real Estate Company.
The DIA could take a final vote on the REV Grant at its 2 p.m. Oct. 14 meeting.
The Valdosta, Georgia-based developer applied for building permits for The Doro that show a construction cost of $46 million for the Downtown apartment and retail project and parking garage.
“Make no mistake, this developer is taking risk and that’s why they should get a return, and I’m thrilled that they’ve made their decision to move forward,” said DIA board Chair Ron Moody.
Rise will demolish the existing George Doro Fixture Co. building at the 1.63-acre site to develop the seven-story building at 102 & 128 A. Philip Randolph Blvd.
DIA documents show the project includes 4,875 square feet of ground-floor retail commercial and restaurant space; a 4,653-square-foot terrace with an indoor-outdoor public bar; a resident swimming pool; and other amenities.
Rise wants to build a 6,100-square-foot street plaza with outdoor seating in a closed area of East Forsyth Street between The Doro and neighboring Manifest Distilling.
The closed right of way is owned by 929 East Bay Street LLC as part of the Manifest and Intuition Ale Works complex, according to online Duval County Clerk of Court records.
A DIA staff report states Rise is negotiating with 929 East Bay for shared use of the space, “particularly during game days and other events” in the Downtown Sports and Entertainment District.
The Doro is near the Jacksonville Jaguars home stadium TIAA Bank Field, Jacksonville Jumbo Shrimp home field 121 Financial Ballpark and VyStar Veterans Memorial Arena.
Matthew Marshall, Rise vice president of development, said Oct. 6 that The Doro 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.
