After falling victim to rising construction costs and interest rates, The Related Group’s proposed high-rise project at the former River City Brewery site is back in play.
The Miami-based developer’s new plans call for a 25-story tower with no fewer than 390 luxury units, a river-facing restaurant and a ship store that would sell beverages, ice and other items to patrons of the adjacent boat ramp.
Under terms negotiated by Related and the Downtown Investment Authority, the developer would invest a minimum of $202.75 million. The DIA proposes providing $58.79 million in city incentives comprising a $39 million completion grant and a $19.79 million Recapture Enhanced Value grant. The REV grant would offer a 75% refund on increased ad valorem tax revenue generated by the new development over 15 years.
Through RD River City Brewery LLC, Related acquired the 3.02-acre property at 835 Museum Circle from the city in August 2021 when it purchased the restaurant’s leasehold.
The site is between the Acosta Bridge and Friendship Fountain, where Related demolished the brewery in the summer of 2022.
Months before the purchase, Related the developer unveiled a proposal that included an eight-story apartment building but no high-rise tower. In April 2023, Related dropped those plans in favor of a project that added a 24-story tower to the mid-rise apartment building, along with other new elements.
That proposal stalled when construction costs rang up $30 million more than Related originally calculated, DIA CEO Lori Boyer said.
Under the term sheet, the new proposal would include eight floors of luxury units including studios and 1-, 2- and 3-bedroom apartments. The project would include a 550-space parking garage with 30 spaces reserved for visitors to the Museum of Science & History.
Related also would manage and execute improvements to the Riverwalk and would deed a 4,200-square-foot parcel to the city to permit expansion of St. Johns River Park and Friendship Fountain.
Terms call for final design to be completed by May 30, 2025, and for construction to be completed by April 30, 2029.
The new incentives package includes changes in methodology the DIA is proposing for evaluating high-rise developments. Instead of basing the city’s return on investment of incentives over 20 years, the DIA is proposing extending the calculation period to 30 years.
According to documentation filed with Related’s proposal, the plan will be filed using the 20-year window if the DIA board rejects the proposed changes in REV calculation.
The DIA’s Strategic Implementation Committee will consider the new agreement in a meeting scheduled for 2 p.m. May 10 in the Lynwood Roberts meeting room at City Hall.
