Skip to main content
Jax Daily Record Saturday, Jan. 10, 201512:00 PM EST

Brooklyn hotel incentives heading to City Council


An incentives deal worth $3.7 million for the construction of a Brooklyn hotel was filed with City Council this week.

The Downtown Investment Authority board has signed off on the possible $3.7 million Recapture Enhanced Value grant for the specialty hotel planned north of 220 Riverside Apartments and Unity Plaza.

Parkview Partners LLC wants to build the estimated $23 million facility containing 150 rooms, banquet space and fitness center at Forest and Magnolia streets. The deal calls for a minimum capital investment of $17.5 million.

The Recapture Enhanced Value grant is a rebate on taxes a company generates through its investment. Typically, the maximum is 50 percent for seven years, but council will have to waive its rules for the hotel’s 75 percent return and 20-year period.

According to the legislation, the waiver is justified because the project has a minimum investment of $17.5 million investment and couldn’t be financed without the boost.

The project will create about 75 construction jobs, 15 full-time jobs after completion and an additional $1.2 million in property taxes.

Be the first to know the latest breaking news and information that business leaders rely on in this fast-paced changing Northeast Florida economy. Regional business news, trends and statistics needed to grow your business. Key upcoming events you won’t want to miss and much more. Click Here to Grow your Business NOW!

Related Stories