The ordinance approves and authorizes the execution of redevelopment agreements among the City of Jacksonville, the Downtown Investment Authority, and developers to support the construction of three multifamily and retail mixed-use developments and the rehabilitation of an existing parking garage in the North Core of Downtown Jacksonville. The N4 Project involves 1.27 acres to develop a 6-story building with 266 residential units and 19,155 square feet of leasable retail space. The N5 Project includes the renovation of an existing parking garage on 1.5 acres to include 15,000 square feet of retail space. The N8 Project entails a 21-story residential tower on 1.49 acres with 508 residential units and 30,000 square feet of retail space. The N11 Project covers 1.02 acres for a 6-story mixed-use building with 194 residential units and 21,333 square feet of retail space.
This redevelopment project is crucial for the revitalization of Downtown Jacksonville, increasing the residential capacity and enhancing retail opportunities, which will significantly contribute to the growth of the city’s tax base and the overall quality of life.