The Downtown Investment Authority board approved public incentives May 20 for a restaurant and entertainment group to add another venue to its offerings in the 300 block of East Bay Street.
On a 7-0 vote, with members Jill Caffey and Sondra Fetner not present, the board OK’d a $200,000 incentive for Illyria Properties 8 to establish Hi Fi Lounge, described in a DIA staff report as a vinyl-record listening room, restaurant and lounge on the second floor of 315 E. Bay St.
The lounge would be in the same building as Keane’s Irish Pub and next door to the Decca Live music venue, both of which are operated by Illyria Properties 8, which also is planning the Besa Bakery & Tea Room Speakeasy at 301 E. Bay St.
The DIA will provide the incentive as a grant through a targeted food-and-beverage component of its Retail Enhancement Program. The grant will be structured as a forgivable, no-interest loan that will amortize at 20% per year for five years providing the venue stays in business uninterruptedly.
Total investment in the project is listed at $590,750 in a DIA staff report.
According to the report, the space will feature DJ programming, genre-specific listening sessions and themed events “to create a repeat and engaged customer base.”
“Unlike traditional nightlife venues, the concept emphasizes a more controlled and immersive environment, combining high-quality acoustics, lounge-style seating, and a refined food and beverage program,” the report says.
Hours will be 4 p.m. to 3 a.m. Monday through Sunday. Under the incentives agreement the operators will staff the venue with at least two full-time equivalent employees.
Menu items shown in the staff report include charcuterie, burrata and roasted tomato, sliders and a burger, bao buns and chicken wings. No prices are listed.
The grant was a type for which the DIA board has final approval. Jacksonville City Council consideration is not needed.