{"id":152844,"date":"2026-02-12T10:54:13","date_gmt":"2026-02-12T10:54:13","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-fl\/152844\/"},"modified":"2026-02-12T10:54:13","modified_gmt":"2026-02-12T10:54:13","slug":"downtown-redevelopments-could-generate-nearly-225-million-in-completion-grant-requests","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-fl\/152844\/","title":{"rendered":"Downtown redevelopments could generate nearly $225 million in completion grant requests"},"content":{"rendered":"

The city of Jacksonville could be asked for a total of nearly $225 million in completion grants for Downtown redevelopment projects over the next three to five years, the head of the Downtown Investment Authority said Feb. 9.<\/p>\n

\"Colin<\/p>\n

Colin Tarbert<\/p>\n

In a presentation to the City Council Special Committee on the Future of Downtown, DIA CEO Colin Tarbert listed four projects that had yielded requests for completion grants, plus six more that could come forward.\u00a0<\/p>\n

Committee Chair Joe Carlucci requested the list after he and other Council members said it would help them prioritize projects and time payoffs for the grants to ease their financial impact on the city budget.<\/p>\n

None of the 10 projects Tarbert presented have been approved for grants.<\/p>\n

Tarbert said the six for which no grants had been formally sought could come forth in the next five years.<\/p>\n

\u201cThese are the projects that we know about,\u201d Tarbert said of the full list. \u201cSome are very much along the path to beginning, others are out there that could happen but we don\u2019t have as much detail on.\u201d<\/p>\n

Tarbert said he didn\u2019t anticipate all 10 receiving completion grants.<\/p>\n

\u201cOur goal is to eliminate the completion grant program as soon as we can. But we also recognize there\u2019s still a financial gap. As more projects come online and the market builds, the need for completion grants, the goal is to eliminate that.\u201d<\/p>\n

\"In<\/p>\n

In a presentation to the City Council Special Committee on the Future of Downtown, DIA CEO Colin Tarbert listed these projects as being in the pipeline.<\/p>\n

The pipeline projects include:<\/p>\n

\u2022 Gateway Jax\u2019s Publix-anchored Block N7 mixed-use development in the former First Baptist Church main auditorium at 119 W. Beaver St. The DIA board approved a $49.66 million incentives package for the project in December 2025, including a $28.25 million completion grant. The DIA\u2019s approval sent the package to Council for final consideration.<\/p>\n

\u2022 A Marriott hotel on Baptist Health\u2019s Southbank campus, for which Baptist is seeking a $20.9 million package that includes an $8 million completion grant. The DIA also approved that incentives deal, sending it to Council.<\/p>\n

\u2022 Project Revival, a possible Hard Rock Hotel at 500 E. Bay St., the site of the demolished Berkman II condominium along the St. Johns River. Tarbert\u2019s presentation listed completion grants for the project at a low estimate of $37.5 million and a high estimate of $75 million, based on two models submitted by the developer. A formal redevelopment agreement has yet to be filed on the project.<\/p>\n

\u2022 The Laura Street Trio of historic buildings at Laura and Forsyth streets, with an estimated completion grant of up to $15 million.\u00a0<\/p>\n

\"Live<\/p>\n

Live Oak Contracting plans to transform the former JEA headquarters campus in Downtown Jacksonville into The Jewel at 21 West, with 180 residential units, rooftop amenities, office space and ground-floor uses.<\/p>\n

\u2022 The former JEA headquarters campus at 21 W. Church St., 421 Laura St. and 21 E. Church St. In September 2021, JEA selected Jacksonville-based Live Oak Contracting in a ranked process to purchase the 19-story office tower along with adjacent properties for $1 million. Live Oak plans an office-to-residential conversion. The DIA estimates that a completion grant of up to $19 million would be needed for the project, which has not generated a redevelopment agreement.<\/p>\n

\u2022 The Independent Life Building at 233 W. Duval St., for which Augustine Development Group requested a $20.27 million completion grant. Tarbert said the DIA has not performed underwriting on that request, a necessary step before submitting it to the DIA board. Augustine Development Group, which bought the building in 2019, is now facing foreclosure on the property.<\/p>\n

\u2022 The Ambassador Hotel, 420 N. Julia St., for which Gateway Jax has requested a $10 million completion grant. Tarbert said that request also had yet to be submitted to the DIA board. \u00a0<\/p>\n

The DIA estimated completion grants for the 10 projects at $145.62 million on the low end and $224.72 million on the high end. Total development costs of the 10 projects would be $1.14 billion.<\/p>\n

The presentation came as Council members initiated debate about whether the city should reduce or eliminate incentives, particularly completion grants, for Downtown projects.<\/p>\n

Completion grants are paid through drawdowns of the city\u2019s general fund, which provides for such citywide services as police and fire protection, public works, parks and recreation, and libraries.\u00a0<\/p>\n

They differ from other incentives, such as Recapture Enhanced Value Grants, which are rebates on increased taxes generated by development. For those grants, the city gives up a portion of tax revenue for a property but does not have to take money from the general fund to pay them.<\/p>\n

Council member Chris Miller said the city Office of Economic Development, which administers incentives for projects outside of Downtown, had tailored its requests to adjust for Council concerns on the issue.<\/p>\n

\u201cIn the last two years, I don\u2019t think they\u2019ve used any completion grants, and those projects have still happened,\u201d he said.<\/p>\n

\"Ron<\/p>\n

Ron Salem<\/p>\n

Council member Ron Salem called the DIA report \u201ca bit overwhelming\u201d and urged Tarbert to explore replacing completion grants with no- or low-interest loans.<\/p>\n

\u201cWe\u2019ve got to get developers out of this idea of completion grants,\u201d he said. \u201cIf they\u2019re expecting completion grants and we\u2019re putting them on a list for completion grants, it\u2019s sending the wrong message in my mind.<\/p>\n

\u201cWe just can\u2019t afford this in our budgets. To think we\u2019re going to have these kind of numbers over the next few years, it scares me for the City Council to have to deal with that.\u201d \u00a0<\/p>\n

Other committee members said the list of projects showed that investors were interested in Downtown.\u00a0<\/p>\n

Jimmy Peluso, whose District 7 includes the Downtown Northbank, said this was not the time to \u201ctake our foot off the gas\u201d by dialing down incentives.<\/p>\n

\u201cYou\u2019ve got to invest so that the private sector wants to invest,\u201d he said.<\/p>\n

\"Matt<\/p>\n

Matt Carlucci<\/p>\n

Member Matt Carlucci said he believed the city should ease off of completion grants but should strive to support the remaining projects.\u00a0<\/p>\n

\u201cI\u2019ve worked with a lot of mayors and I\u2019ve worked with a lot of councils that have been dreaming for what we see right here in front of us,\u201d he said, referring to the project list.<\/p>\n

\u201cNever have I seen such a scope of Downtown development in front of the city and the city moving in such a great direction Downtown.<\/p>\n

\u201cI have to tell you, I can\u2019t think of any mayor I\u2018ve worked with before, or Council, who wouldn\u2019t have said I\u2019d give my right arm, so to speak, to have such wonderful developments in front of us. The opportunity is great.\u201d<\/p>\n

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