The Related Group will break ground in May on its proposed residential tower in Downtown Jacksonville, Mayor Donna Deegan said April 8 at a JAXUSA Partnership event.
Deegan mentioned the groundbreaking of the Miami-based developer’s Southbank project during a brief overview of city economic development advances at JAXUSA’s first luncheon of 2026. JAXUSA, the development arm of the JAX Chamber, held the Florida Blue Conference Center at 4800 Deerwood Campus Parkway.
The mayor’s remark was the latest indication that Related is moving forward on the project more than six years after revealing the first iteration of plans for 835 Museum Circle, the former site of the River City Brewery Co. restaurant.
In January, the Daily Record reported that the group’s South Bank Residences were in permitting.
Plans submitted with the permit application showed two residential towers of 25 and eight stories with an attached parking garage.
The permit was at a project cost of $150 million, lower than the more than $202.74 million projected in 2024 as Jacksonville City Council approved incentives for the project. The construction estimate does not include all of the costs involved, and such estimates typically are adjusted as reviews progress.
The property comprises 394 or 396 units on 3.02 acres between the Acosta Bridge and St. Johns River Park and Friendship Fountain. The city says 396 units, while plans count 394.
Plans show the portion of the property facing the Jacksonville Riverwalk includes an outdoor covered area, restaurant, bar and speakeasy.
Those plans show a first-floor main lobby and leasing area, clubhouse, game simulator, sundry area, small movie theater with seating for 15, sports lounge and outdoor pool, deck, courtyard and fire pit.
An attached eight-story building includes a marina office, kayak area, courtyard and apartment units. It wraps around an eight-level parking garage with a ninth-floor deck.
The second floor has a spa, fitness area, lounge, dining and more apartments, again wrapping around the garage.
The 25th-floor roof level has a sundeck, sky lounge and sky bar.
The city’s redevelopment agreement with The Related Group calls for substantial completion 40 months after commencement of construction.
The project surfaced in late 2020 as a $92 million, eight-story apartment community.
In June 2021, Council unanimously approved a redevelopment agreement and $18.27 million in taxpayer incentives for that version.
In April 2023, Related dropped those plans in favor of a project that added a 24-story tower to the mid-rise apartment building, along with other new elements.
That proposal stalled when projected construction costs came in $30 million higher than Related originally calculated.
In 2024, Council approved a revised incentive package for the current version of the project.
It would be the second project for The Related Group in Northeast Florida, following Azure Oceanfront Residences in Jacksonville Beach.