A request for $5.5 million in city incentives for the Phoenix Arts & Innovation District is headed to City Council.
In an April 22 vote, the Mayor’s Budget Review Committee authorized the Office of Economic Development to file legislation for an incentives package for the $37.94 million mixed-use development in North Springfield.
Plans for the project include dining options, artists’ studios, a market area, offices, retail and event space and coworking space.
Ed Randolph, executive director of economic development for the city, told committee the project would exclude national chains, which put it in line with Mayor Donna Deegan’s goal of supporting small businesses.
He said it also will serve as a hub of the Emerald Trail, the 30-mile system of trails, greenways and parks under construction in central Jacksonville.
The Phoenix district is under development by companies associated with Miami-based Future of Cities, which has been buying property for the project for several years. The site mostly comprises old warehouses and vacant space at 2336 N. Liberty St., which is bordered by Main, 15th and Liberty streets and the rail line.
Randolph described the district as a boost for the neighborhood, where he said the median household income was $22,000 and unemployment was at 20%.
The proposed incentives would include a $2 million completion grant and $1.5 million Recapture Enhanced Value Grant for Phase I, and a $2 million completion grant for Phase II.
The OED says construction of the $14.15 million first phase of the project is expected to begin in June and be completed in about a year. It involves renovating two buildings at 2320 and 2336 N. Liberty St.
Under an agreement included in Phase I, the city will lease 150 square feet of space at 2320 N. Liberty St. for $1 a year for three years. Randolph said the city would use the space to provide development services for small businesses.
Phase II calls for $23.79 million in renovations to two buildings at 2402 and 2303 Market St. Work is planned to begin in January 2025 with a targeted completion in June 2026.
A REV grant is a refund on ad valorem tax revenue generated by a new development.
Miami-based Future of Cities projects include the Wynwood Arts District in Miami, a redeveloped area in the urban core of Miami that includes art galleries, retail stores, restaurants and an open-air street-art installation.