$58.79 million incentives deal for Southbank high-rise apartments advances

Jacksonville City Council will consider the package for The Related Group at the former River City Brewing Co. site.


The Related Group is proposing a 25-story residential tower with no fewer than 390 luxury units, a river-facing restaurant and a ship store at the site for the former River City Brewery on the Downtown Southbank.
The Related Group is proposing a 25-story residential tower with no fewer than 390 luxury units, a river-facing restaurant and a ship store at the site for the former River City Brewery on the Downtown Southbank.
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A request for $58.79 million in city incentives for The Related Group’s proposed high-rise development on the Downtown Southbank is headed to the Jacksonville City Council after the Mayor’s Budget Review Committee voted July 22 to advance the legislation.

The incentives include a $39 million completion grant and a $19.79 million Recapture Enhanced Value grant. The REV grant would refund 75% of increased property tax revenue from the new development over 15 years.

The Related Group is proposing a 25-story residential tower on the Downtown Southbank at 835 Museum Circle.

The agreement between the Downtown Investment Authority and Related requires the developer to invest at least $202.75 million in the project.

The Miami developer plans a 25-story tower on the former River City Brewing Co. site, a 3.02-acre property at 835 Museum Circle between the Acosta Bridge and Friendship Fountain. The project would include an additional eight-story apartment building, a 550-space parking garage, a riverfront restaurant and a ship store selling beverages, ice and other items to boat ramp users.

Related also would manage and complete Riverwalk improvements and give a 4,200-square-foot parcel to the city to allow expansion of St. Johns River Park and Friendship Fountain.

The DIA board recommended the development agreement May 15.

The site plan for The Related Group's residential and restaurant project on the Downtown Southbank.


 

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