The Downtown Investment Authority approved a $6.3 million property tax break Feb. 23 to Corner Lot Development Group’s 340-unit Artea apartment project on the Downtown Southbank.
The real estate company’s $77.9 million multifamily project is part of the Jacksonville Transportation Authority Transit Oriented Development Program.
The DIA board voted 8-0 to award a 55%, 15-year Recapture Enhanced Value Grant that caps at $6,310,500.
A REV grant is a refund on ad valorem tax revenue generated by a new development.
The four-story Artea apartments is proposed on 3.87 acres owned by JTA near the Kings Avenue parking garage and Skyway station.
It is southwest of the RiversEdge master development site, previously called The District.
In October, Corner Lot entered a 99-year ground lease with JTA for the site.
In a news release Feb. 23, Corner Lot CEO Andy Allen said the partnership with JTA will allow Artea residents pedestrian access to the Skyway as well as nearby restaurants, parks and new developments proposed for the Southbank.
“This is only the first in a series of transit-oriented residences that are underway,” Allen said. “We also have additional projects in development that will allow those residents to use the Skyway to visit their friends and family at Artea and travel throughout downtown.”
The residents will have access to a 425-space structured garage.
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 the 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.
According to the term sheet, Artea must include a 7,100-square-foot indoor space to host pop-up restaurants, small farmers markets and social events for residents and guests.
Residents must 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 approved in December by the Downtown Development Review Board.
The DIA board has authority to issue final approval for REV grants below 75% and less than 20 years, so the Artea deal will not need to be approved by City Council.
