NAI Hallmark Partners may build a high-end apartment complex next to 220 Riverside, a high-profile project considered a part of the revitalization of the Brooklyn neighborhood.
This one would contain 223 units and cost an estimated $42 million.
The units would range from 575 square feet to 1,200 square feet. The average size would be 851 square feet.
NAI Hallmark is seeking a 75 percent Recapture Enhanced Value grant from the City of Jacksonville to recover a portion of the tax revenue generated by the development.
The company estimates the city will collect $9.3 million in additional taxes over the 20-year period. The grant would result in a rebate of about $7 million, giving the city a net gain of $2.3 million.
Hallmark is deciding on exercising an option on the land, which is located at 200 Riverside. The REV Grant approval is needed to help finance the deal.
“This residential development at 200 Riverside represents another major private investment that continues our strong momentum in revitalizing the Brooklyn neighborhood at the gateway to Downtown,” Mayor Alvin Brown said.
With this project, the city will have redeveloped 12 vacant blocks in the Brooklyn neighborhood.
Hallmark expects to open 220 Riverside, a 294-unit upscale apartment complex, with retail and a connecting events venue, sometime in December.
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