Jacksonville City Council unanimously approved a $7.5 million property tax refund May 9 for Corner Lot Development Group to build apartments near Jacksonville International Airport and the Amazon fulfillment center in North Jacksonville.
The 320-unit project is valued at an estimated $65 million. Construction is scheduled to start in late 2023 and be completed in December 2025.
The vote was 18-0, with Council member Rory Diamond excused. There were no comments.
A city project summary says Avion MF Partners LLC requests a 10-year, 75% Recapture Enhanced Value Grant property tax refund capped at $7.5 million.
According to the summary, 96 units, or 30%, would be set aside as workforce housing with rent capped for the first four years.
After the initial period, annual rent increases on the Avion workforce housing units would be capped at 2%, according to the summary.
The bill waives provisions of the city’s Public Investment Policy regarding the requirements that a project being assisted must be in a targeted industry and must create 10 or more full-time jobs paying greater than or equal to 100% of the state average
In March, city representatives said in the fact sheet the project justifies the tax incentive because it meets the Council’s goal of building more affordable housing in Jacksonville and that Avion is an investment near a growing employment area.
Corner Lot, through Avion MF, bought 13.23 acres undeveloped acres in March 2023 from FPK Ltd. for $6.046 million, according to the Duval County Clerk of Courts.
The city’s public investment policy does not include REV grants for multifamily apartment projects outside of the Northbank and Southbank Downtown Community Redevelopment Areas.