by Bradley Parsons
Staff Writer
When the Jacksonville Economic Development Commission resumes business Aug. 12, the City will seek to spend incentive dollars to spur active riverfront residential markets rather than trying to jump start lagging markets at downtown’s perimeter.
A committee charged with reviewing the JEDC’s downtown development policies largely agreed with a list, presented Wednesday morning by Downtown Development Authority managing director Al Battle, ranking the sections of downtown that look to be the best investments for City money. A project’s geography will not guarantee it City assistance, nor will it disqualify. But Wendland said location would be a primary consideration when the JEDC scores projects to determine eligibility for incentives.
“Location is going to be important,” said Wendland. “Projects are going to get points in high-priority areas. That doesn’t mean we have to exclude projects in the other areas, but they would have to score well in other areas.”
The JEDC rates the Northbank, extending north to Hemming Plaza and including the Bay Street Town Center, as its first priority. Battle said the City could leverage new investment in this area with existing City-supported projects like the Dyal-Upchurch Building and 11 E. Forsyth. Battle said the area could best support market-rate housing, “more Vestcor projects than Berkman Plazas,” he said.
“This is where the mass is, this is where people work and a lot of the projects we’ve incented are online and working well,” said Battle.
The JEDC stayed close to the St. Johns River for its second priority area. Battle said the Southbank, extending south to San Marco, could provide a base for the City’s high-end housing. He said the City was looking to make better use of the property holding the River City Brewing Company and the Radisson.
Several committee members questioned why the Southbank, a nascent luxury market, was ranked near the top of the list when the City is looking to encourage market-rate housing.
[Jacksonville Housing Commission president] Randy Evans, who is consulting for the City on the JEDC review, suggested that the City would spend incentive money in the area to improve infrastructure rather than to subsidize developer revenue.
“Incentives might provide a park or help maintain a river view rather than on a project-by-project basis,” said Evans.
At the opposite end of the JEDC’s priorities, are the areas around the sports complex, including the Shipyards, LaVilla and the Brooklyn and Cathedral Districts.
Although projects in those areas will likely be hampered by location, Wendland said they could still qualify for City money. The JEDC will also rank projects according to their ability to increase downtown’s population, the area’s retail sales and office lease rates. A project that demonstrates an ability to perform in those areas could overcome an undesirable location.