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 July 24, 2024 at 4:28 pm
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A request for $58.79 million in city incentives for The Related Group’s proposed high-rise development on the Downtown Southbank is headed to the Jacksonville City Council. The Mayor’s Budget Review Committee voted this week to advance the legislation.
The incentives include a $39 million completion grant and a $19.79 million Recapture Enhanced Value grant. The REV grant would refund 75% of increased property tax revenue from the new development over 15 years.
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The agreement between the Downtown Investment Authority and Related requires the developer to invest at least $202.75 million in the project.
Read the rest of this story at the Jacksonville Daily Record, a Jacksonville Today news partner.
