The Downtown Investment Authority has terminated a deal with the Related Group for building an apartment community on the downtown riverfront site where the River City Brewing Company restaurant was demolished to make way for the apartments.
Jacksonville City Council approved an agreement in June 2021 that offered financial incentives for construction of a 325-unit apartment complex. The planned development would have helped the city make progress toward its goal of having more than 10,000 people living in downtown.
A Jan. 11 letter by DIA CEO Lori Boyer gave official notice to a Related Group representative the city had terminated the development agreement while leaving the door open for Related to come back with an altered proposal.
Read the rest of this story at the Florida Times-Union, a Jacksonville Today news partner.