A $58.79 million incentives package is going before the Jacksonville City Council for Miami-based Related Group’s proposed Southbank development.
The 3.02-acre parcel, located at 835 Museum Cir., was the site of former local landmark River City Brewing Company, which was demolished in July 2022 to clear the way for Related’s intended development. Progress on the project was slow-going as the developer faced escalating post-pandemic construction and capital costs and supply chain issues, ultimately leading to the Downtown Investment Authority (DIA) terminating its redevelopment agreement with Related because it failed to meet the agreement’s deadlines, despite exhausting all available extensions.
Last year, however, Related returned with a revised proposal that gained the Downtown Development Review Board’s (DDRB) conceptual and final approval at its April and October meetings, respectively.
At its May 15 meeting, the DIA Board unanimously backed a recommendation to approve the incentives package, setting it on track now to go before the city council.
“I know that this is a lot of money that we’re going to spend, but the return on the investment to the city is far above our one-to-one ratio that we seek, at 1.13,” said DIA Board Member Scott Wohlers. “The additional commitment from the Related Group to the parks is such a positive for our community on the Southbank that I’d be remiss if I didn’t just mention that. So, thank you, guys, for all your hard work and dedication to bring a great deal to the Southbank in a premier location. And we look forward to seeing it come to fruition.”
A staff report called Related’s development proposal “much more ambitious” and “more impactful on Jacksonville’s Southbank riverfront and skyline.”
The current project proposal includes a 25-story high-rise featuring eight stories of a minimum of 390 residential units ranging from studios to three bedrooms. Plans also incorporate a minimum 4,000-square-foot restaurant, 1,000-square-foot Ship’s Store and a nine-story parking garage with 30 public parking spaces.
Upon the project’s completion, Related will deed roughly 4,200 square feet back to the city for an expansion of St. Johns River Park and Friendship Fountain and provide a dedicated easement of approximately 400 square feet for a possible fuel tank location for public boaters.
DIA’s proposed incentives package includes a $19.8 million REV grant, a $39 million completion grant and a parcel valued at $5,000 for signage.
Discussions are still underway regarding potential agreements between the City and Related regarding the reconstruction of the marina that had been demolished. While bulkhead work is underway, the staff report said the City cannot enter into a new submerged land lease with the State of Florida until a new design is completed. Work on that design has not yet begun.
The new marina will feature a to-be-determined number of slips for public use to allow access to the restaurant, Riverwalk and St. John’s Park, and fueling will be “brought back to the marina.”
“Related remains committed to working with the City on marina design, development, and operation,” the report stated.
In total, the development is estimated to cost more than $202.5 million, a drastic increase from its initial $99.2 million estimated cost.
