The Downtown Investment Authority is considering providing a $133,200 incentive package for the opening of a licensed Starbucks franchise on the ground floor of Bank of America Tower at 50 N. Laura St.
The proposed incentives include a $118,200 forgivable loan under the DIA’s Food and Beverage Retail Enhancement Program. The no-interest loan would amortize at 20% annually on the date of the closing for five years, as long as the business remains open as proposed in the plan it submitted to the DIA.
The remaining $15,000 of the incentive package would be in the form of a no-interest loan under the Sidewalk Enhancement Grant. It would amortize at 20% annually.
Starbucks Jax LLC and Jacksonville Tower Owner Florida Realty LP co-applied for the incentives, according to DIA documents.
Group RMC of New York City owns Bank of America Tower through Jacksonville Tower Owner Florida Realty LP.
Jeremy Roberts, an Orlando restaurateur, is owner/licensee of the Starbucks and would lease space for the franchise.
A DIA staff report said Roberts was awarded a five-store special license agreement from Starbucks in 2024.
The DIA Retail Enhancement and Property Disposition Committee is scheduled to consider the request Oct. 9.
The staff report says Roberts submitted a build-out budget that exceeds $1 million.
The report says Jacksonville Tower Florida Realty LP “will provide rent concessions for the initial lease year as well as a significant contribution toward tenant improvement” while Roberts “will provide over $800,000 toward the construction cost, plus overruns in addition to equipment and additional startup costs.”
Beyond the DIA incentives, the report says “the capital will come from a combination of a private capital fund loan and the owner’s personal investment.”
The Sidewalk Enhancement Grant would go toward improvements listed at $24,215 and would partially cover construction of a new entryway into the establishment. It will also go toward placement of an outdoor seating area of branded tables and chairs.
The Daily Record reported July 14 that the shop was in permitting review.
A gift shop and most recently an art gallery, The Creative Exchange, previously leased the space.
The DIA staff report said the Starbucks, the first Downtown since 2011, will have most of the same requirements as a corporate-owned store, including training, branding and available products.
It will be open 6 a.m. to 8 p.m. Monday-Friday and 7 a.m. to 4 p.m. on Saturday. It will be closed Sunday except for special events.
The franchise will offer a typical Starbucks menu, including standard drip coffee and espresso-based drinks, hot and iced teas, croissants, bagels, pastries, lunch sandwiches, protein boxes, snacks and treats like cookies and cake pops, according to the staff report.
The Starbucks expects to hire a store manager, shift supervisors, 25 baristas and support staff. The franchise will target urban professionals, ages 25 to 45, employed in Downtown offices, with median incomes above $60,000, and Gen Z students, tourists, and Downtown residents, according to the staff report.
In 2016, Roberts founded Orange County Brewers, an Orlando brewpub and restaurant, and in 2017, Brew Theory, a beverage production and co-packing facility.
According to the Brew Theory website, he previously owned and operated five Little Caesars Pizza franchises in Volusia County, exiting in 2014.
“Mr. Roberts has a long track record of entrepreneurship, successfully starting, operating, and in some cases, selling business, primarily in the food and beverage space, and his business plan materials display those experiences,” the staff report reads. “He also clearly understands the DIAs goals of creating ‘a vibrant, walkable and economically dynamic city center,’ as he puts it.”
Seattle-based Starbucks once had two stores Downtown, in The Jacksonville Landing and at 11 E. Forsyth St. It closed the Forsyth location in 2008 and the Landing shop in 2011.
Keane’s Tavern
Among other agenda items, the DIA committee will also consider a $5,628 grant for sidewalk enhancement at Keane’s Tavern, an Irish pub that plans to open at the end of October.
The restaurant at 315 E. Bay St. proposes adding six-four top tables, 24 chairs, six umbrellas and six citrus trees to the sidewalk. The grant would cover 80% of the enhancement costs, listed at $7,035.
The committee is scheduled for 10:30 a.m. in the main Jacksonville Public Library at 303 N. Laura St.