The developer of Jacksonville Surf Park will be eligible to receive a tax break of up to $4.6 million after action Nov. 12 by City Council.
Council voted 17-0, with members Matt Carlucci and Terrance Freeman away from the dias, on Ordinance 2025-0776, which would support developer Aventuur Inc. in building the mixed-use project in South Jacksonville. The funding comes as a 10-year, 75% Recapture Enhanced Value Grant.
A REV grant is a refund on ad valorem tax revenue generated by a new development or property enhancement. It can apply to property and tangible personal property, and requires improvements to be made before the refund is provided.
Ed Randolph, the city’s executive director of economic development, told the Mayor’s Budget Review Committee on Sept. 8 that Aventuur made the request after geotechnical testing revealed that the site of the project was on a high water table, with groundwater close to the surface. The findings drove up cost estimates for the project, Randolph said, prompting Aventuur to seek funding from the city.
Randolph said Aventuur’s engineers told the company it will have to invest $20 million to $30 million more than the $110 million originally estimated for the project.
A memo from the OED said costs for the 45-acre development, including the 5.5-acre surf park, have grown by more than 20%.
The project site is southwest of the Florida 9B and Interstate 295 interchange in South Jacksonville. The site is in eTown, a master-planned development by The PARC Group.
Randolph said Aventuur was considering stopping the project after receiving the results of the geotechnical studies. He said the city’s grant could push the developer over the line to move forward with the project.
Randolph said the park would position Jacksonville to benefit from what he called a growing global interest in surfing, which became an Olympic sport in the 2020 games.
According to Aventuur, the Jacksonville Surf Park will be anchored by a 56-module, 5.5-acre Wavegarden Cove surfing lagoon. The technology is designed to create “consistent, ocean-like surfing experiences for all abilities in a safe, controlled environment.”
“We believe it’d be a regional draw and really bring folks in, not just nationally, but internationally,” Randolph said.
“I think truly, this sets us up, and they’re looking to go after the regional surf competition market.”
The project is expected to create 100 jobs with an average annual compensation of $50,000, excluding benefits, a document attached the legislation. The project, which is expected to take a $64 million capital investment from Aventuur, will also generate hundreds of construction jobs.
The project has an expected return on investment of $1.36 for every $1 spent.
Aventuur purchased the land for its project in June with plans to begin construction in early 2026.
In February, Council voted to rezone the site to Planned Unit Development to accommodate the project. A PUD is a special zoning district that allows for a mix of residential, commercial and industrial uses within a single district.