{"id":317321,"date":"2026-06-23T21:25:23","date_gmt":"2026-06-23T21:25:23","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-fl\/317321\/"},"modified":"2026-06-23T21:25:23","modified_gmt":"2026-06-23T21:25:23","slug":"dia-board-to-consider-converting-6-3-million-tax-rebate-to-grant-for-artea-apartments","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-fl\/317321\/","title":{"rendered":"DIA board to consider converting $6.3 million tax rebate to grant for Artea apartments"},"content":{"rendered":"

After receiving a tax rebate to help fund the Artea apartment complex on the Downtown Southbank, the developer is working with the city administration on a proposal to convert the rebate into a completion grant in exchange for reserving dozens of units for affordable housing.<\/p>\n

Downtown Investment Authority CEO Colin Tarbert outlined the plan from Jacksonville-based Corner Lot on June 23 during a presentation to the Jacksonville City Council Special Committee on the Future of Downtown.\u00a0<\/p>\n

The $93 million, 340-unit Artea at 944 Broadcast Place opened in March 2025. It was built on property owned by the Jacksonville Transportation Authority, which approved a 99-year lease with Corner Lot in October 2022 for the project.\u00a0<\/p>\n

\"A<\/p>\n

A view of the pool deck at the Artea apartments on the Downtown Southbank.<\/p>\n

Photo by Justin Sena, Fun To Watch<\/p>\n

In February of that year, the DIA board approved a 55%, 15-year Recapture Enhanced Value Grant of up to $6.3 million for Artea. A REV grant is a refund on ad valorem tax revenue generated by a new development.<\/p>\n

Tarbert told the Special Committee on the Future of Downtown that Corner Lot approached the city with a \u201ccreative\u201d proposal to convert the REV grant to a lump payment in exchange for devoting 71 units in the complex to renters earning 120% or less of area median household income.<\/p>\n

\"Colin<\/p>\n

Colin Tarbert<\/p>\n

According to the U.S. Department of Housing and Urban Development, the area median income in Jacksonville is $108,700. The city of Jacksonville uses HUD statistics in determining affordable housing policy.<\/p>\n

Tarbert said Corner Lot\u2019s commitment on affordable units would be part of a Land Use Restrictive Agreement with a 30-year lifespan.\u00a0<\/p>\n

He said the DIA projects a rising need for affordable housing on the Southbank amid development of housing aimed at higher-income consumers. Projects include Miami-based The Related Group\u2019s Southbank Residences high-rise luxury project, the Pier 95 development comprising 58 town homes, and 40 town homes by Pennsylvania-based Toll Brothers as part of the RiversEdge development.\u00a0<\/p>\n

Tarbert described the proposal as a \u201cwin-win,\u201d saying it would help satisfy the need for affordable housing while not increasing the amount of the city\u2019s incentives in the project.<\/p>\n

\u201cThe city is not spending any money because we\u2019ve already agreed to the REV, but this is providing the REV value up front,\u201d he said.<\/p>\n

The converted grant would include $4.3 million from the city\u2019s operating fund and $2 million from the city\u2019s Southbank Community Area. The CRA was created under a state law aimed at incentivizing redevelopment of depressed areas. In those areas, new tax revenue generated by redeveloped properties can be reinvested in those areas versus being funneled into the citywide operating funds.\u00a0<\/p>\n

\"The<\/p>\n

The rooftop lounge at the Artea apartments at 944 Broadcast Place on the Downtown Southbank.<\/p>\n

Justin Sena, Fun To Watch<\/p>\n

The matter comes as Council members debate whether to reduce or eliminate completion grants, which unlike REV Grants involve drawdowns in the city budget versus the city foregoing incoming tax revenue.\u00a0<\/p>\n

Some Council members say the city can no longer afford completion grants, but instead must focus on paying off previous commitments while facing investments such as a new jail, convention center and satisfying its $775 million in funding for the \u201cStadium of the Future\u201d conversion of EverBank Stadium.<\/p>\n

Committee member Ron Salem asked Tarbert whether the proposed Corner Lot deal would set a precedent for other developers to seek conversion of REV Grants into completion funding.<\/p>\n

\u201cThis one is unique,\u201d Tarbert said.\u00a0<\/p>\n

Committee Chair Joe Carlucci, whose District 5 includes the Southbank, said the $4.3 million in city funding was designed to come from more than $8 million in recaptured tax revenue. That is a term for tax revenue that the city receives in excess of its budgeted projection of revenue.\u00a0<\/p>\n

\"Joe<\/p>\n

Joe Carlucci<\/p>\n

However, Council Auditor Phillip Peterson said Mayor Donna Deegan\u2019s office filed legislation seeking to use the entire amount for other purposes.\u00a0<\/p>\n

Carlucci identified that legislation as Ordinance 2026-0453, which seeks to spend $8.48 million on projects that do not specifically include the Artea grant.\u00a0<\/p>\n

Carlucci said the availability of the recaptured revenue was critical for the conversion.<\/p>\n

\u201cThat\u2019s where that money has to come from, or this isn\u2019t going to work,\u201d he said.<\/p>\n

The DIA board is scheduled to consider the Artea deal at its June 24 meeting, which is scheduled for 2 p.m. in Conference Room 851 of the Ed Ball Building at 214 N. Hogan St.<\/p>\n

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