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. 

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.