A proposed waterfront restaurant at the site of the demolished Jacksonville Landing came closer to fruition July 15 when the Downtown Investment Authority approved a term sheet with the Baltimore-based group that won a competitive process to develop the site.
The board voted 7-0 on DIA Resolution 2026-07-04, which contained the terms with the Atlas Restaurant Group for a lease, construction and operation of the restaurant on a city-owned pad at Riverfront Plaza. Board members Cameron Hooper and Trevor Lee were not present.
In April, a DIA committee recommended Atlas’ proposal after scoring it higher than a submission from St. Augustine-based PK Hospitality Group for the property on the southwest corner of the park on the Downtown Northbank.
The DIA board voted in May to accept the committee’s recommendation, prompting negotiations between DIA staff and Atlas on terms.
Atlas, which operates more than 50 restaurants, proposes to build a shell structure that the city would own, then build-out the shell and lease it. The group’s terms include being reimbursed $8 million from the city to design and construct the building.
Atlas would spend $4 million on the build-out, then pay a base rent of $560,000 annually with a 3% escalation per year.
If revenue reaches $11.2 million annually, the rent would switch to 5% of that revenue.
Atlas would provide maintenance and pay for insurance.
According to the DIA, the facility will include 6,000 square feet of interior space, a 1,500-square-foot patio and a rooftop bar.
Atlas’ restaurant would have a waterfront raw bar and casual dining component, a full-service dining room with seafood and steaks and a rooftop bar and lounge.
The group operates in Delaware, Maryland, Pennsylvania, Texas and Washington, D.C. Several of its restaurants are on waterfronts.
As part of the July 14 vote, the DIA board authorized DIA CEO Colin Tarbert to negotiate a lease agreement, temporary construction easement and other documents needed to implement the transaction.
Tarbert said the agreements would be subject to further approvals by the DIA board and Jacksonville City Council.
Board members expressed concerns about details over the operation of the restaurant, including a provision that the city would be responsible for maintaining HVAC.
“How are we going to manage this?” said board member Micah Heavener, who later in the meeting would be voted chair of the board for 2026-27.
“If we’re responsible for the AC and it goes out, who’s going to be on point to respond to that?”
Tarbert said the finalized agreement would address such issues, with wording that would allow the tenant the flexibility of handling emergencies with building systems.