JACKSONVILLE, Fla. – Jacksonville’s Downtown Investment Authority and a developer are nailing down incentives for a high rise to go up where The Jacksonville Landing used to be.
The two have a tentative deal in place worth more than $35 million and as a part of the agreement, the building -- a 44-story luxury high rise called “River View Plaza” -- would need to be finished within five years.
In order for the more than 330-apartment complex to stand, the DIA and developer based out of New York need to finalize the agreement.
According to our news partners at the Jax Daily Record, as part of the package, the city would also make a $27.5 million construction loan to the developer American Lions. The loan would stretch for 20 years.
Other incentives included are the DIA covering interest payments on the loan for two years during construction and a $2.5 million completion grant that would be paid after the tower is substantially complete.
The Downtown Investment Authority would get a percentage of the profit if the tower is ever sold, which the developer would not be able to do within five years of starting construction and three years after this project is done, according to the Jax Daily Record.
The high-rise will also have room for shops and restaurants, a public park with the recently approved “Jax” sign will neighbor it.
A committee of the downtown investment authority is set to debate and hold a preliminary vote on the proposed incentive package Thursday.
The Jacksonville City Council will have the final say on any deal.