Corner Lot Development Group could receive a $6.3 million city property tax incentive for its proposed 340-unit Artea apartment project on the Downtown Southbank.
The Downtown Investment Authority board’s Strategic Implementation Committee is scheduled to consider terms of the deal at its Feb. 14 meeting.
The four-story, estimated $77.9 million Artea project is proposed on 3.87 acres leased from the Jacksonville Transportation Authority near JTA’s Kings Avenue parking garage and Skyway Station.
It is southwest of the RiversEdge master development site, formerly called The District.
The Duval County Public Schools administration building parking lot sits next to the project to the north.
Corner Lot and JTA officials agreed to the 99-year ground lease in October as part of the transportation authority’s Transit-Oriented Development Program.
The idea is to combine residential, office, retail or mixed-use projects with direct or nearby access to public transportation options.
A draft DIA resolution and term sheet release Feb. 9 shows the DIA is considering a 55%, 15-year Recapture Enhanced Value Grant for the multifamily development up to $6,310,500.
A REV grant is a refund on new ad valorem tax revenue generated by a development project.
A staff report in the committee packet shows Corner Lot asked DIA officials for an up to $9,918,226 tax refund, 75% over 15 years.
But DIA staff recommended the board consider a lower tax break.
The term sheet says Corner Lot will have to maintain a minimum $70,728,600 private capital investment in the market-rate apartment project to receive the full REV grant.
The apartment building will wrap around an estimated 425-space parking garage.
According to the term sheet, Artea also will feature a 7,100-square-foot indoor space to host pop-up restaurants, smaller farmers markets, and social events for residents and guests.
Residents also would have access to a 1,522-square-foot rooftop amenity space; a 5,158-square-foot “tranquility” courtyard for yoga classes, meditation and group education; a 7,561-square-foot pool courtyard; and a 5,158-square-foot “active space” courtyard.
Artea’s architectural design was OK’d in December by the Downtown Development Review Board.
If approved by the DIA committee, the full board could vote on the deal at its Feb. 23 meeting.
Corner Lot will have 90 days to break ground after it executes the agreement with DIA and the city. That starts a two-year timeline for construction, according to the term sheet.
Corner Lot is co-owned by CEO Andy Allen and COO George Leone. Allen said Oct. 7 that Corner Lot had been working on Artea for 18 to 24 months, including a pause during the coronavirus pandemic.
He said Corner Lot wants to break ground in the second quarter of 2022.
