The Downtown Investment Board voted unanimously Aug. 20 to approve a $156,000 grant to help establish a Japanese restaurant in LaVilla.
Koto Jax LLC plans to use the funds, granted by the nine-member board under the DIA’s Retail Enhancement Program, to renovate leased space at 927 W. Forsyth St. to open Koto Izakaya & Listening Room.
Applicants Raymond De Padua, managing partner of Koto Jax LLC, and Justin Raulerson, general manager, plan to renovate a 10,400-square-foot space at a cost of $692,115, according to an application to the DIA. The company has a 10-year lease in the building with two optional extensions.
The restaurant is the second in Duval County for Koto Jax LLC, according to a DIA staff report. The company manages a similar establishment, Izakaya Ko, in Jacksonville Beach. The LaVilla location would include the addition of the listening room and lounge.
Izakaya serves smaller dishes and snacks along with alcoholic drinks.
The grant will be structured as a no-interest forgivable loan grant that will be amortized at 33.33% each year for three years, with the full remaining balance forgiven at the end of the third year, so long as the business remains in operation.
Koto Izakaya would take over two floors of the three-story building at 927 W. Forsyth St., with the bar and restaurant on the first floor and the listening room on the second. The listening room would have food service from the main kitchen.
The building has been owned by Paul Sifton since 2006 and has mostly served as an event space and residence since that time. Each floor is 5,200 square feet.
Koto Jax plans to hire 15 to 20 workers for part- and full-time roles, according to the staff report. That includes kitchen and service staff, plus a marketing and event coordinator.
The restaurant would market itself to nightlife enthusiasts, foodies, young professionals, music lovers and tourists, according to the staff report.
“Inspired by Japan’s social dining culture and jazz kissa listening rooms, Koto combines authentic Japanese small plates with a curated music experience delivered through high-fidelity audio equipment,” the DIA staff report reads.
Koto Izakaya plans to open Tuesday through Sunday at 10 a.m. It would close at 10 p.m. Tuesday, Wednesday, Thursday and Sunday, and at 1 a.m. on Friday and Saturday.