The city is seeking to offer a $4.6 million incentive for the proposed Jacksonville Surf Park after its developer, Aventuur Inc., said new cost estimates have put the overall project in jeopardy.
The 5.5-acre park, part of a larger, 45-acre space, is planned in the eTown development in South Jacksonville. It has an estimated capital investment of $100 million.
The city Office of Economic Development said in a memo that Aventuur told it that original construction cost projections have grown by over 20% based on results of geotechnical studies performed on the project site.
Because of that, the OED is requesting approval for a 10-year, 75% Recaptured Enhanced Value Grant not to exceed $4.6 million, for the project.
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.
The Mayor’s Budget Review Committee will consider the grant proposal on Sept. 8. If approved, legislation for the grant will be introduced to the Jacksonville City Council.
According to a memo detailing the grant, the project is expected to create 100 new jobs with an average annual compensation of $50,000, excluding benefits. It will also generate hundreds of construction jobs.
The project has an expected return on investment of $1.36 for every $1 spent.
“The company has stated that the new project cost estimates have put the overall project in jeopardy, “ the OED memo said. “With that, the City has offered an incentive in the form of a REV Grant, to keep the project on track.”
The memo does not provide details on any issues uncovered by the geotechnical studies.
According to the memo, Aventuur will use 5.5 acres of the development for the surf park, while also building multifamily residential and retail space.
Aventuur purchased the land for its project in June with plans to begin construction in early 2026. The site, southwest of the Florida 9B and Interstate 295 interchange in South Jacksonville, will be the first surf park in Florida.
The site is part of a master-planned development by The PARC Group and was rezoned in February 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.
According to Aventuur, the surf park is designed to have “consistent, ocean-like surfing experiences for all abilities in a safe, controlled environment.”
The developer said the park was designed with an environmental focus, featuring plans to integrate native landscaping, preserve existing vegetation and use recycled materials where possible.
According to the MBRC memo, the surf park “is expected to be a draw for surf enthusiasts while providing opportunities for Jacksonville residents to experience an enhanced level of surfing experiences.”