The Downtown Investment Authority board approved $133,200 in incentives Oct. 15 to attract Starbucks to Bank of America Tower.
The nine-member board voted 8-0, with member Trevor Lee absent, to award two grants to Starbucks Jax LLC to locate in the tower at 50 N. Laura St.
The bulk of the incentive package is a $118,200 loan through the DIA’s Food and Beverage Retail Enhancement Program. The incentive will be structured as a forgivable, no-interest loan that will amortize at the rate of 20% on each anniversary date of the closing for five years, as long as the business remains open.
The remaining $15,000 was awarded as a Sidewalk Enhancement Grant.
The Starbucks would be a licensed store operated by Jeremy Roberts, an Orlando business owner who applied for the incentives.
Once built-out, the licensed Starbucks would be the first Downtown since 2011 and would have most of the same requirements as a corporate-owned Starbucks. This will include training, branding and available products.
The shop would offer a typical Starbucks menu, including standard drip coffee and espresso-based drinks, Frappuccinos, hot and iced teas, croissants, bagels, pastries, lunch sandwiches, protein boxes, snacks and treats like cookies and cake pops, according to the staff report.
According to the staff report, hours will be 6 a.m. to 8 p.m. Monday through Friday, 7 a.m. to 4 p.m. on Saturday and for special events only on Sunday.
The store plans to create a new entryway into the Starbucks directly from the street, covered partially by the $15,000 Sidewalk Enhancement Grant. It will also place branded tables and chairs outside the Bank of America Tower on the sidewalk.
Roberts is president of RE Management Group Inc., which owned and operated five Little Caesars franchises, according to the DIA staff report.
He is the founder and current owner of Orange County Brewers, an Orlando brewpub and restaurant, and is the founder and owner of Brew Theory, a 45,000-square-foot beverage production and co-packing facility.
Roberts was awarded a five-store special license agreement from Starbucks in 2024.
“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 DIA’s goals of creating ‘a vibrant, walkable and economically dynamic city center,’ as he puts it.”
The DIA board approved the incentives without comment as part of the board’s consent agenda.