The Related Group is proposing a 25-story residential tower, a river-facing restaurant and a ship store at the site for the former River City Brewery on the Downtown Southbank. | Jacksonville Daily Record
Published on May 6, 2024 at 11:00 am
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After falling victim to rising construction costs and interest rates, The Related Group’s proposed high-rise project at the former River City Brewery site is back in play.
The Miami-based developer’s new plans call for a 25-story tower with no fewer than 390 luxury units, a river-facing restaurant and a ship store that would sell beverages, ice and other items to patrons of the adjacent boat ramp.
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Under terms negotiated by Related and the Downtown Investment Authority, the developer would invest a minimum of $202.75 million. The DIA proposes providing $58.79 million in city incentives comprising a $39 million completion grant and a $19.79 million Recapture Enhanced Value grant. The REV grant would offer a 75% refund on increased ad valorem tax revenue generated by the new development over 15 years.
Read the rest of this story at the Jacksonville Daily Record, a Jacksonville Today news partner.
