JACKSONVILLE, Fla. – A planned Corner Lot hotel on Riverside Avenue could receive up to $8 million in city incentives, according to a memo presented to the Mayor’s Budget Review Committee.
According to the Jacksonville Daily Record, the incentives for the hotel would come as a 30-year, 75% Recapture Enhanced Value grant.
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A REV grant is a refund on ad valorem tax revenue generated by a new development or property enhancement. It can apply to property and tangible personal property.
The project would include around 119 rooms, 300 parking spots and 2,500 square feet of retail space, according to the memo from the Office of Economic Development.
According to renderings presented to the Jacksonville Historic Preservation Commission, the development would include a six-story hotel and a five-story parking garage adjacent to Corner Lot’s existing office building that features River & Post, which operates a ground-floor restaurant and a rooftop lounge.
Read more at the Jacksonville Daily Record.