Two years after approving more than $1.2 million in public incentives to revive the former Pratt Funeral Home at 525 Beaver St. as a mixed-use development, Jacksonville City Council is considering adding property tax breaks to the Downtown project.
Council Ordinance 2025-0836 would provide a partial ad valorem property tax exemption for The Raven, which is set to open in December in the historic building as a hotel with retail space. The bill would eliminate any tax increases from property improvements for the next 10 years.
The city did not return a request for comment asking for an estimate of the total amount of the tax reduction.
Developer Eric Adler, through his company 525 Beaver, LLC, received a $1,251,430 grant from the Downtown Investment Authority in May 2023. 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.
The new incentive would 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.
The Raven is a self-described “aparthotel” that “combines the features of a hotel with the comforts of an apartment,” according to the hotel’s website. The Raven 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 website shows room availability starting Dec. 1.
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, several months after the city approved the initial DIA grant, 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.