JACKSONVILLE, Fla. — Plans to develop the site of the old River City Brewery on Jacksonville's Southbank could soon be taking a big step forward.
On Friday, the Downtown Investment Authority will review the latest proposal from 'The Related Group.' It includes a 25-story tower with at least 390 luxury apartments and at least 4,000 square feet of restaurant space.
The Related Group said the $202 million proposal is more "ambitious" than previous versions.
In January 2023, the DIA cancelled its initial deal with the developer, citing rising construction costs.
This proposal includes 17 more stories and 60 more apartments. The developer is also asking the city for an incentive plan, including $20 million in tax rebates and a completion grant of $39 million.
“I think the project will be great for Jacksonville," City Councilmember Rory Diamond said. "I'm just sorry that it's taken so long. With a company like Related, we should have rolled out the red carpet and just ask them, how do we do this, that makes sense for you, because they would have built three buildings by now, we haven't even gotten one done."
The DIA review comes as a special committee gets set to review the effectiveness of the DIA in furthering the growth of downtown. Diamond is vice chair of the committee and has been critical about the DIA.
RELATED: Jacksonville City Council forms new committee to help pick up the pace of downtown development
"I think we by and large, know what's working, what's not working," Diamond said. "I think we just need to get busy fixing the problems and getting downtown go."
From 2022 to 2023, $723 million in projects were completed, according to the 2023 State of Downtown Report. But, other big projects like the Laura Street Trio, have stalled.
In a statement last week, the DIA said it looks forward to offering input to the committee.
First Coast News spoke to Jacksonville native Sabrina Brown who wants to see more entertainment options downtown.
"Entertainment that causes movement besides sitting down or eating," Brown said.
Diamond said the committee looking into the DIA and downtown does not stop the DIA from doing its job in reviewing downtown developments.
If the DIA approves the River City Brewing proposal, it will still have to be approved by city council.