A development agreement could go before the Downtown Investment Authority in April now that the DIA has unanimously approved a $136 million bid by New York-based Spandrel Development Partners LLC to build a mixed-use retail and multifamily development at The Ford on Bay.
The developer proposes a two-phase project with 520 apartments and up to 74,000 square feet of retail space at the former Duval County Courthouse and City Hall sites at 220 and 330 E. Bay St. Downtown, according to WJCT News partner the Jacksonville Daily Record.
The DIA board agreed with its scoring committee’s recommendation and selected Spandrel over an $80 million project from Miami-based The Related Group. Related envisioned a 350-unit multifamily residential development with 10,000 square feet of retail space.
The DIA will now work on a development agreement with Spandrel. It is being crafted to work around the Hyatt Regency Jacksonville Riverfront’s first right of refusal for the parcel at 220 E. Bay St. north of the hotel. The DIA does not have an agreement with Hyatt for the property.
Read the rest of the story at JaxDailyRecord.com.