Miami-based Related Group is the company behind a proposal to demolish and redevelop the River City Brewing Co. restaurant on the Downtown Southbank.
WJCT News partner theJacksonville Daily Record reports the Downtown Investment Authority provided a draft project report and term sheet Oct. 2 that shows restaurant parent company Maritime Concepts entered a contract with Related Group to sell its interest in the property and buy out the remaining 77 years in its long-term lease with the city.
Related Group signed the contract through RD River City Brewery LLC, according to the DIA report.
The result could be a $92.32 million development with a 335-unit apartment building. Apartment amenities include a riverfront swimming pool; courtyard and deck; a 3,500-square-foot fitness center; bike/kayak storage; and a clubroom for tenants.
Related Group is planning 27 studio apartments; 117 one-bedroom; 167 two-bedroom; and 24 three-bedroom units, the DIA documents show.
The eight-story apartment building will have an adjacent eight-story parking garage with 535 spaces.
DIA CEO Lori Boyer would not disclose Related Group as the development company interested in the property earlier Oct. 2 because negotiations between the developer, Maritime Concepts and the DIA had not concluded.
Read the rest of this story and see the site plan for the proposed project at WJCT.org.
