Play Live Radio
Next Up:
Available On Air Stations
First Coast

Old Furchgott’s Department Store in line for redevelopment loan

Jacksonville Daily Record
A rendering shows redevelopment plans for the former Furchgott's Department Store on Adams Street Downtown.

The Downtown Investment Authority board is poised to approve a $7,150,690 city-backed forgivable and deferred loan package for Lotus Commercial USA LLC’s plan to renovate the historic former Furchgott’s Department Store into apartments and retail space.

The DIA Strategic Implementation Committee voted 3-0 on Monday to recommend the board approve the deal at its next meeting.

City incentives paid through the Downtown Preservation and Revitalization Program would fund about 40% of the total development cost for the $17.71 million, 40-unit mixed-use residential project at 128 W. Adams St.

Read the rest of this story at WJCT News partner the Jacksonville Daily Record.