Two revitalization projects in Downtown Jacksonville are set to move forward after receiving City Council approval for public incentives.
On April 28, Council approved a combined $3.53 million in largely forgivable loans for renovations of the former Mag’s Cafe property at 231 N. Laura St. and for the adjacent property at 38 W. Monroe St.
The approvals came on 14-4 votes, with members Michael Boylan, Rory Diamond, Terrance Freeman and Mike Gay voting no and member Matt Carlucci away from the dias.
Under plans presented to Council, the two properties will be converted into a restaurant or retail space and apartments.
The Council votes were on Ordinance 2026-0219, which would provide a $1.91 million loan for the Laura Street property, and Ordinance 2026-0218, which would provide a $1.62 million loan for the Monroe Street property. The city’s agreement with the developers allow forgiveness of $1.53 million of the loan for the Laura Street property and $1.3 million of the loan for the Monroe Street property.
The approval came one week after Council committees were split over the loans, with the Finance Committee voting 5-1 to recommend approval and the Neighborhoods, Community Services, Public Health and Safety Committee voting 4-3 against it.
Alan Cottrill, CEO of Avant Construction Group, bought the former Mag’s Cafe property through Global Solutions Partners Inc. in March 2026 from Carmen and Rafael Godwin.
The Godwins, through Historic Urban Core LLC, own the adjacent property on Monroe Street.
Some Council members expressed concern that the return on investment was too low for the projects. The Downtown Investment Authority, which would fund the projects through its Downtown Preservation and Revitalization Program, estimated that the ROI would be 53 cents for each dollar invested for both projects based on 20-year valuations.
The DIA says high costs of restoring and modernizing older buildings justify the lower return on investment, because otherwise it would be financially infeasible for developers to revitalize the structures.
Council approved the funding for the projects as part of DIA’s 2025-26 budget, and the Council votes were simply to approve the agreement structure.
Loans can become forgivable at up to 20% of the potentially forgivable amount each year, for five years, should the developer meet requirements in an agreement with the city.
Council members who supported the bill in the Finance Committee noted that the funding would not come from the city’s general fund, and that ROI was above the minimum required for DPRP projects.
Member Will Lahnen said he supported the loans because the funding would be generated by the Tax Increment Financing district in Downtown, in which tax revenue generated by property improvements within the district are used for incentives. The use of TIF funds spares the city from using money from the city’s general fund, which contains tax revenue generated throughout Duval County.
“This is TIF funding only, and it’s for items the Finance Committee actually put in the DIA budget last fall when we went through the budget,” Lahnen said. “A yes vote on this -- it is not taking money from your district taxpayers. This is TIF funding only generated within the CRA that the Finance Committee approved during budget time.”
The Laura Street property would include 2,800 square feet of leasable commercial retail/restaurant space on the first floor and two one-bedroom apartments on the second.
The Monroe Street property would include 2,700 square feet of leasable commercial retail/restaurant space on the first floor and four one-bedroom apartments on the second.
“None of these projects are financially viable without the DIA programs that are set up specifically to revitalize historic structures,” Carmen Godwin wrote in an April 20 text message.