The Downtown Investment Authority on Wednesday unanimously approved "The District," a large-scale development project proposed on vacant JEA property on the south side of the St. Johns River.
Our News4Jax partner reports the 30-acre property is proposed to become a major downtown destination with a hotel, housing, retail and office space, and a 125-slip marina to the area. The project would house the first hotel to be built on the St. Johns River since 2001.
As part of the plan, the DIA board approved spending up to $26.4 million to build infrastructure on the site next to the Duval County School Board building. The developer, Elements of Jacksonville, would pay $18 million to buy the land for from JEA.
The city’s spending would fund riverfront bulkhead and extension of the Riverwalk, roads, drainage and other infrastructure.
Elements of Jacksonville would begin repaying that money to the city once the first properties are occupied -- sometime after 2020.
The developer would also get up to $56 million on property tax rebates over a 20-year period.
The City Council now must approve the proposal. It is expecting to be introduced next month, reviewed in committees in early June and could be voted on as early as June 12. The purchase agreement with JEA requires for the sale to close in July.