The Southbank site of the former River City Brewing Company will become home to a 25-story mixed-use development after the Jacksonville City Council unanimously approved a new agreement with the developer.
The city council approved the new agreement with Miami-based Related Group at its Oct. 8 meeting after revisions were made following conversations between the developer and the Downtown Investment Authority board in September.
The approved redevelopment agreement for the roughly $203 million project includes an incentive package of $58.798 million. It also outlines Related’s commitment to deed roughly 4,200 square feet of land to the city for an expansion of the St. Johns River Park and Friendship Fountain.
At DIA’s October board meeting, CEO Lori Boyer said the development team will have to wait to break ground on the project until the city completes the bulkhead reconstruction in that area, which is expected to be completed by April 2025.
“They’re very excited about getting going and we’re excited to see it,” Boyer said following the meeting. “It will be a different level of downtown product, residential product, that’s available.”
The redevelopment agreement was based on Related Group’s revisions, which include a primary 25-story high-rise and an additional eight-story building housing no fewer than 390 residential rental units, a ground-level riverfront restaurant space of at least 4,000 square feet and a nine-story parking garage with 550 parking spaces, 30 of which will be for public use. Boyer said despite the number of requests for “ownership products” she’s received, Related Group’s project will deliver a “true luxury, high-end product.”
“We really strive to have everything from affordable units downtown to high-end luxury units so that we have something for everybody,” she said.
This is the second redevelopment agreement the city has struck with Related Group. The DIA terminated its previous agreement in 2023 when the development team failed to meet project deadlines after exhausting all possible extensions. Following that agreement termination, the development team returned with these revised plans for the Southbank parcel.
