JACKSONVILLE, Fla. — *The above video is from a previous story.
Jacksonville’s Downtown Investment Authority and developer American Lions are working out the terms of an agreement for a high-rise to be constructed at the site of the former Jacksonville Landing, according to DIA.
The two groups are discussing a proposed deal worth more than $35 million that includes completing construction of a 44-story luxury building called River View Plaza by the end of 2027. The agreement still needs to be finalized.
The deal includes the city making a 20-year, $27.5 million construction loan to the New York based American Lions, according to DIA.
Parameters of the tentative agreement include DIA paying for the interest on the loan for two years during the construction period and a $2.5 million completion grant to be paid after a majority of the tower is finished, according to DIA.
The plans for River View Plaza include space for restaurants and shops next to a public park where the newly approved 'Jax' sculpture would live.
The residential portion of the 44-story building would house 300 units, including a minimum of 10 studios, 100 one-bedrooms, 40 two-bedrooms and 5 three-bedroom units, according to DIA.
The DIA would receive a percentage of the profit if and when the building is ever sold. The developer would not be allowed to sell within five years of beginning the construction and three years after this project is complete.
Plans for the "Sky Garden Terrace" call for a 300-foot structure with entrances into a restaurant and a retail, workshop, studio arcade that overlook the river and park, according to DIA.
It could become a space for community events such and farmers markets, according to DIA.
A daycare center is also proposed at the Sky Garden Terrace location.
The timeline for the construction shows American Lions would have to apply by Nov. 15, 2023 to the Downtown Development Review Board for conceptual approval of the design and obtain final approval by June 1, 2024, according to DIA.
Construction would start by Sept. 1, 2024 and be completed by Dec. 31, 2027.
A DIA committee held a debate and a preliminary vote on the proposed incentive package Thursday.
Basics of the proposed incentives include the city conveying the one-acre parcel to American Lions for the sum of $100 whereas the estimated value of that property is roughly $3.48 million.
The developer would get a series of annual grants over a 20-year period that would total nearly $28.6 million. The grants would be based on the projected value of the new development assuming private investment of at least $166 million.
The $2.5 million completion grant that would be paid after construction is finished.
The city would loan $27.6 million. During the 20-year term of the loan, the developer would only have to pay the interest on it and could extend the payment period for another 10 years, according to DIA.
All the interest would be deferred for up to 36 months. The term sheet shows the value of the interest-free period as an estimated $1.34 million.
Any deal would have to be approved by the DIA board, Mayor Lenny Curry and City Council.
