Jacksonville, Florida, February 11, 2026
The city of Jacksonville is considering a $10 million incentive package to keep EverBank’s headquarters in downtown amidst a concerning 30% office vacancy rate. The Downtown Investment Authority suggested offering $980,000 annually for the next decade to prevent the bank from relocating its 800 employees, a move that could further worsen the city’s already high vacancy rate and impact local businesses.
Jacksonville Considers Subsidizing EverBank’s Downtown Lease to Prevent Relocation Amid 30% Vacancy Rate
Jacksonville, Florida – The city is contemplating a $10 million incentive package to persuade EverBank to maintain its headquarters in downtown Jacksonville, addressing concerns over a 30% office vacancy rate and potential economic impact.
Proposed Incentive Package
The Downtown Investment Authority (DIA) has proposed offering EverBank $980,000 annually for the next ten years to retain its corporate headquarters at the EverBank Center, located at 301 W. Bay St. This initiative aims to prevent the bank from relocating its approximately 800 employees to suburban areas, which could further exacerbate the downtown office vacancy rate.
Downtown Office Vacancy Concerns
Downtown Jacksonville’s office market faces significant challenges, with a vacancy rate of 26.1% as of the second quarter of 2024, compared to 19.6% in suburban areas. This high vacancy rate is among the highest in Florida’s major central business districts, indicating a pressing need to attract and retain businesses in the urban core.
City Council’s Mixed Reactions
The proposed incentive package has elicited mixed reactions from the Jacksonville City Council. Some members express concern over the use of taxpayer funds to support a private corporation, while others acknowledge the potential long-term benefits of retaining a major employer downtown. The DIA board must approve the incentives before the proposal proceeds to the City Council for final approval.
Background Context
EverBank’s consideration to relocate stems from security and parking concerns near its downtown offices. The bank has raised issues regarding safety and the availability of employee parking, prompting discussions about the feasibility of its continued presence in the area. The city’s proposed incentives are part of a broader strategy to revitalize downtown Jacksonville and address the high office vacancy rates that have been a concern for several years.
Impact on Downtown Revitalization
Retaining EverBank’s headquarters is viewed as a critical component of downtown revitalization efforts. The bank’s departure could lead to increased vacancies, reduced foot traffic, and a diminished economic base for local businesses. Conversely, maintaining the bank’s presence is expected to contribute positively to the downtown economy and support ongoing revitalization projects.
Conclusion
The proposed $10 million incentive package reflects Jacksonville’s commitment to sustaining its downtown business environment. As discussions continue, stakeholders emphasize the importance of balancing fiscal responsibility with the need to foster a vibrant and economically robust urban core.
Frequently Asked Questions (FAQ)
What is the proposed incentive package for EverBank?
The Downtown Investment Authority (DIA) has proposed offering EverBank $980,000 annually for the next ten years to retain its corporate headquarters at the EverBank Center in downtown Jacksonville.
Why is EverBank considering relocating?
EverBank is considering relocating due to security and parking concerns near its downtown offices, which have prompted discussions about the feasibility of its continued presence in the area.
What is the current office vacancy rate in downtown Jacksonville?
As of the second quarter of 2024, downtown Jacksonville’s office market has a vacancy rate of 26.1%, compared to 19.6% in suburban areas.
How has the City Council responded to the proposed incentives?
The proposed incentive package has elicited mixed reactions from the Jacksonville City Council. Some members express concern over the use of taxpayer funds to support a private corporation, while others acknowledge the potential long-term benefits of retaining a major employer downtown.
What is the potential impact of EverBank’s departure on downtown Jacksonville?
EverBank’s departure could lead to increased vacancies, reduced foot traffic, and a diminished economic base for local businesses, potentially hindering downtown revitalization efforts.
Key Features of the Proposed Incentive Package
| Feature | Description |
|---|---|
| Annual Incentive | $980,000 per year for 10 years |
| Total Value | $9.8 million over 10 years |
| Purpose | To retain EverBank’s headquarters and approximately 800 employees in downtown Jacksonville |
| Location | EverBank Center, 301 W. Bay St., Jacksonville, Florida |
| Current Office Vacancy Rate | 26.1% in downtown Jacksonville |
| Proposed Approval Process | Approval by DIA board and Jacksonville City Council |
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Author: STAFF HERE JACKSONVILLE WRITER
The JACKSONVILLE STAFF WRITER represents the experienced team at HEREJacksonville.com, your go-to source for actionable local news and information in Jacksonville, Duval County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Jacksonville Jazz Festival, Riverside Arts Market, and World of Nations Celebration. Our coverage extends to key organizations like the Jacksonville Chamber of Commerce and JAXUSA Partnership, plus leading businesses in logistics, healthcare, and entertainment that power the local economy such as CSX Corporation, Baptist Health, and VyStar Credit Union. As part of the broader HERE network, including HEREOrlando.com, HEREStPetersburg.com, HERETallahassee.com, and HERETampa.com, we provide comprehensive, credible insights into Florida's dynamic landscape.
