JACKSONVILLE, Fla. – Jacksonville City Council’s Finance Committee on Tuesday deferred a vote on the multi-million-dollar cash incentive for Gateway Jax to bring a Publix store Downtown until after the Amendment 3 outcome, as reported by our news partners at Jax Today.
It is a $49.65 million incentive package for the developer’s proposed $140.15 million, 14-story residential and retail high-rise near City Hall that Gateway says will house a full-service Publix.
At issue is the $28.25 million cash completion grant in the deal that some council members worry would be a struggle for the city to finance if Florida voters approve the homestead property tax cut referendum Nov. 3.
The Jacksonville City Council Auditor’s Office has estimated that if the referendum, known as Amendment 3, passes, the city will experience a $200 million drop in revenue for the 2027-28 fiscal year and $300 million by 2028-29.
Tuesday deferral came after the council’s Neighborhoods, Community Services, Public Health and Safety Committee voted 5-2 on Monday to advance the bill that would award the incentives.
The proposed residential tower and grocery store is part of Pearl Square, a more than $1 billion mixed-use neighborhood Gateway Jax is building on the Northwest side of Downtown near City Hall.
Gateway is demolishing the former First Baptist Church auditorium at 119 W. Beaver St. to make room for the new high-rise. Publix is the tenant planned for the 37,000-square-foot retail space on the ground level. The building also would have 259 residential apartments.
In addition to the completion grant, the proposed agreement with the city also includes a $21.412 million 75% property tax refund over 17 years, called a REV Grant.
If approved by Council, the money would go to Gateway to subsidize the building’s construction. Publix would lease the space and would not receive any of the city dollars.
Click here to read the full story on Jax Today.
Copyright 2026 by WJXT News4JAX – All rights reserved.