The owner of the former Pratt Funeral Home in Downtown Jacksonville will receive tax breaks for the next 10 years to help fund renovation of the property into a mixed-use development.
Jacksonville City Council approved Ordinance 2025-0836 by an 18-0 vote on Dec. 9, which eliminated any tax increases from property improvements to The Raven, a Downtown “aparthotel,” for the next 10 years. The property is at 525 Beaver St.
Council member Terrance Freeman was not present for the vote.
In 2023, Council approved a $1.25 million forgivable loan package for owner Eric Adler’s restoration and adaptive reuse of the 9,482-square-foot building.
The grant was directed for development of 13 multifamily rental units and approximately 1,500 square feet of commercial space, envisioned as a coffee shop or wine bar. Development was expected to cost $5 million.
City officials could not provide an estimate for the value of the newly approved tax break.
“We do not know what the improvements are going to be and the value added, what the future use of the property will be and what the real estate market will look like over the next 10 years,” Chief Appraiser Keith Hicks said in a statement. “Too many unknowns to provide an accurate response.”
The new incentive will come through a Historic Preservation Property Tax Exemption administered by the city. That exemption was created through a 1992 statewide referendum to allow cities to provide a partial tax exemption to owners of Florida historic properties who restore, rehabilitate or renovate those structures.
In 2022, Council approved legislation designating the Pratt Funeral Home a local landmark.
Adler applied for the exemption, and the Planning Department determined that the property met the qualifications for the exemption.
On its website, The Raven says it “combines the features of a hotel with the comforts of an apartment.” It will offer 13 apartment-style hospitality units.
The hotel’s website lists studios and one- and two-bedroom units from $149 to $249 per night. The Raven’s website shows that it is now accepting reservations.
Guest rooms feature kitchenette and in-unit laundry facilities. The property has an outdoor pool, free Wi-Fi, on-site parking and coffee.
The building previously served as the Pratt Funeral Home. Originally owned and managed by Lawton Pratt, it became the Pratt Funeral Home in 1915. City records show the building was built in 1916, but records from that time may not be precise.
After Pratt’s death in 1943, his apprentice, Oscar Hillman, and his wife, Evelyn Hillman, took over the business. They renamed it the Hillman-Pratt Funeral Home.
After Hillman died in 1978, his wife ran the business until Anthony Walton took it over in 2002. Walton ran the funeral home as Hillman-Pratt & Walton Funeral Home until it closed in 2019
In November 2023, the city issued a permit for Avant Construction Group to renovate the structure at a cost of almost $2.1 million. Plans called for the building to have 13 apartments and a small plate restaurant and wine bar.