Legislation will revitalize Brooklyn neighborhood
New jobs, new housing, more retail opportunities
Mayor Alvin Brown signs the legislation in support of the Brooklyn redevelopment as members of the business community, civic leaders and administration officials look on.
Christmas came early for developer Pope & Land Jax Riverside LP. And the signed legislation authorizing the city to move forward with public investment will be a gift that keeps on giving for the temporary and permanent jobs to be created, the aging public infrastructure to be revamped and the estimated $10 million in ad valorem (tax imposed on the value of real estate) revenues for the next 20 years.
The developer has plans to erase the blight that exists in the 11-acre plot between Riverside Avenue and Park Street by creating 300 housing units and 65,000 square feet of retail space in the city’s Brooklyn neighborhood. Riverside Park, as it is called, would become a neighbor to the 220 Riverside project at Riverside Avenue and Jackson Street, and would provide attractive housing options for people who
work in the Riverside Avenue corridor.
Per the legislation signed by Mayor Alvin Brown on Dec. 19, the city would contribute $1.8 million to improve infrastructure near the project site and would authorize $5.15 million in Recapture Enhanced Value (Rev) Grant tax reimbursements. Also, private investment in the project ranges up to $50.5 million.
In addition to tax revenue, the development will increase property values, and enhance the urban core. And, in addition to the anticipated 247 jobs at the housing and retail complexes, numerous other temporary contracting jobs will be created through project construction. Storm water infrastructure improvements are expected to prevent flooding and pollution into McCoy’s Creek and the St. Johns River from the project area, and that’s a nice present for the St. Johns Riverkeeper.
“Beyond creating jobs and developing high-end real estate, this project will refine a major city corridor to give future investors yet another reason to feel confident about Jacksonville,” said Mayor Brown. “It’s great public-private partnership. When we work together, everyone wins.”
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