Jacksonville District development moves closer to City Council consideration – Florida Politics (blog)
Jacksonville City Councilwoman Lori Boyer has been pushing The District development in recent weeks, and another stakeholder meeting occurred Wednesday with fellow Councilman and former Council President Greg Anderson.
Anderson had questions for Boyer on the proposed development, four years in the making, with construction proposed to wrap by the end of 2022.
Politically connected developers Peter Rummell and Michael Munz have a deal, as of January, to buy the land for $18.6 million from the JEA Board.
While the Downtown Investment Authority backs the proposal that would remedy a longstanding dead zone, there are a number of stumbling blocks to the deal, not the least of which is City Council approval of what amounts to a public-private partnership.
Legislation is to be introduced early May, with June consideration in council.
Among the incentives for developers: a $30 million capital improvement plan and a Rev Grant (75 percent for up to 22 years capped at $56 million).
The total post-construction-assessed value is expected to be just shy of $216 million.
Capital improvements would include $25 million of infrastructure work, per Aundra Wallace of the DIA. As part of the deal, there would be three riverfront parks and a marshfront park on the south of the property ($4.469 million total, and these would be city lands).
Other project costs would include $6.361 million for a riverfront bulkhead, a $3.488 million Riverwalk extension, $1.597 million for a boardwalk, $1.035 for an overland trail. As well, a $1.025 million extension of Prudential Drive, $405,600 for Broadcast Place, and $1,158 million for Riverside Drive are in the mix.
Design costs of $2.931 million and a contingency allowance of $3.371 million are also included.
The Rev Grant extends to 2040, when the Southbank CRA sunsets, per Boyer. And the length of the grant is predicated on