Jacksonville, FL — Nearly $10 million in grants and tax rebates have been approved by the Jacksonville City Council, in the latest effort to breathe new life in to Downtown Jacksonville.
Earlier this year, the Downtown Investment Authority signed on to plans to redevelop the Laura Street Trio and Barnett Building. The developers expect to spend around $90 million on the overall project, and in exchange, they sought two $4 million Downtown Preservation and Revitalization Trust Fund grants- one for the Trio and one for the Barnett building- as well as $1.8 million in what's called a REV grant, which is a rebate on property taxes brought in as a result of the new construction. The DIA approved that request, and on Tuesday, the City Council followed suit.
“Congratulations, this one has been a very long time coming and is an important step forward for our City,” Council President Lori Boyer said after the funding was approved.
The plan is to renovate the dormant Downtown buildings, while also adding parking and a new hotel. The Laura Street Trio- collectively the Bisbee Building, Florida Life Building, and Marble Bank Building- would get a signature restaurant, a rooftop bar, a small market, and retail office space, among other things. The Barnett Building would get apartments and commercial office space.
The Council vote appropriates one of the $4 million grants, but commits the City to appropriating the balance in the future. Paying out the funding is subject to the completion of the construction work.
The Mulasky Group and SouthEast Group are behind the plans for the project.