The Downtown Investment Authority Board approved a term sheet Nov. 18 with Related Group for its proposed $92.34 million apartment development on the River City Brewing Co. site on the Downtown Southbank.
Another provision is being negotiated that would give the Miami-based developer some control over what happens to the neighboring city-owned Museum of Science and History property, according to WJCT News partner the Jacksonville Daily Record.
The DIA board voted 8-0 at its monthly meeting to approve a 20-year, 75% Recapture Enhanced Value Grant capped at $11.9 million for the mixed-used project with 335 apartments.
MOSH intends to relocate to the Downtown Northbank and Related Group’s market analysis relied on an active museum next door, DIA CEO Boyer said Nov. 17. The MOSH announcement was made after the developer started pursuing the project.
Because of that, Boyer and the developer began negotiating a right of first refusal agreement for the MOSH site.
Read the rest of this story at JaxDailyRecord.com.