Jacksonville, January 17, 2026
The City Council has approved a $202.75 million residential tower project by The Related Group on Jacksonville’s Southbank. The 25-story tower will feature 390 luxury apartments, a riverfront restaurant, and parking facilities. This project signifies a major investment in the area, aimed at enhancing housing options and stimulating economic growth. With construction set to begin in early 2025, this initiative is part of a broader trend of development in Jacksonville, promising numerous community benefits and job opportunities.
New $202.75 Million Residential Tower Approved for Jacksonville
Development Set to Transform Southbank Area
Jacksonville, Florida – The Related Group has received final approval from the City Council for its ambitious $202.75 million residential tower project on the Southbank. This decision not only marks a significant step towards further enhancing the residential landscape of the area but also reflects the ongoing commitment to fostering business growth through strategic investments.
The project encompasses a 25-story tower situated on the site of the former River City Brewing Co. at 835 Museum Circle. Planned features include at least 390 luxury apartments, a riverfront restaurant, a ship store aimed at attracting boaters, a 550-space parking garage, and improvements to the nearby Riverwalk. With the developer pledging a minimum investment of $202.75 million, this project underscores the potential for private investment to drive economic development.
Incentives Encouraging Investment
The City Council has approved a comprehensive $58.79 million incentive package for this project, which comprises a $39 million completion grant and a $19.79 million Recapture Enhanced Value (REV) grant. The REV grant aims to refund 75% of increased property tax revenue generated from the new development over a span of 15 years. Such incentives not only assist developers but also promise to enhance local tax revenues over time, thus benefitting the community at large.
Timeline for Construction and Completion
Construction of the residential tower is expected to commence in early 2025, with the completion date anticipated in 2027. The rapid timeline aligns with Jacksonville’s need for increased housing options in one of its most sought-after areas. The Southbank area has become synonymous with luxury living and vibrant community spaces, making this new project a fitting addition.
A Trend of Growth on the Southbank
This residential tower is part of a broader trend toward significant residential developments in Jacksonville’s Southbank area. In July 2024, the City Council advanced another $58.79 million incentive package for a separate high-rise project by The Related Group. Furthermore, in April 2021, a $1 million increase in incentives was approved for a previous Southbank apartment project, illustrating the city’s sustained efforts to invigorate the district.
Community Benefits and Economic Impact
The development is poised to bring numerous benefits to the Jacksonville community, including increased job opportunities during the construction phase and subsequent employment in the retail and service sectors anticipated to arise from the new amenities included in the project. Additionally, enhancing the Riverwalk and creating spaces for social interaction reflects an understanding that community engagement is vital for urban development.
Conclusion: A Bright Future Ahead
The approval of this $202.75 million residential tower by The Related Group presents a promising chapter for Jacksonville’s Southbank. As local entrepreneurs and developers continue to invest in the area, the potential for job creation, economic growth, and an enriched community experience is significant. Residents and stakeholders alike are encouraged to remain engaged and support these transformative projects as Jacksonville evolves into a vibrant hub for business and lifestyle.
Frequently Asked Questions
- What is the Related Group’s proposed development on Jacksonville’s Southbank?
- The Related Group plans to build a 25-story residential tower on the former River City Brewing Co. site at 835 Museum Circle, featuring at least 390 luxury apartments, a riverfront restaurant, a ship store, and a 550-space parking garage. The project is valued at $202.75 million.
- What incentives has the City Council approved for this project?
- The City Council approved a $58.79 million incentive package, including a $39 million completion grant and a $19.79 million Recapture Enhanced Value (REV) grant, which refunds 75% of increased property tax revenue over 15 years.
- When is construction expected to begin and complete?
- Construction is expected to commence in early 2025, with completion anticipated in 2027.
- What other significant residential projects are planned for Jacksonville’s Southbank?
- In July 2024, the City Council advanced a $58.79 million incentive package for another high-rise development by The Related Group on the Southbank. In April 2021, the DIA board approved a $1 million increase in incentives for a separate Southbank apartment project by The Related Group, bringing the total to $12.99 million.
| Project Name | Location | Developer | Project Value | Incentive Package | Construction Start | Completion Date |
|---|---|---|---|---|---|---|
| Southbank Residential Tower | Jacksonville, Florida | The Related Group | $202.75 million | $58.79 million | Early 2025 | 2027 |
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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.
