JACKSONVILLE, Fla. — It was once a Southbank staple, but the old River City Brewing site has sat empty for three years. A new high-rise proposal set to go before the Downtown Investment Authority on Friday could change that.
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The property has been owned by Miami-based Related Group, which bought the property from the City of Jacksonville and tore down the brewery.
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For years, Related Group has faced rising construction costs and inflation which set proposals back to square one.
“I think they need to hurry up and get a move on. It just seems like it’s been stagnant for so long,” Willishia Plant, a Jacksonville resident, said.
Kesharee Baxter said she would like to see “something that will attract more people to the area.”
The new proposal promises just that. A 25-floor skyscraper would include eight floors of residential including 390 units, a waterfront restaurant, and parking garage. The proposal would cost $202 million total and get nearly $59 million in grants from the city.
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Also on Friday’s DIA agenda is a change that could spark more high-rise growth. A DIA resolution said construction costs on high rises are “significantly more expensive” and the board plans to change the way it reviews return on investment. What was once a 20-year calculation for city incentives would go up to 30 years for developments that are 10-floors and higher.
The incentives for the River City Brewing site uses the new ROI calculation and comes with a strict timeline. Construction would have to be complete for April of 2029 to guarantee grants from the city.
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