The Downtown Investment Authority overwhelmingly approved a long-planned project on Jacksonville’s Southbank on Wednesday.
In an 8-0 vote, the DIA gave the “The District” the green light.
The new development would bring apartments, restaurants, office space and retail shops to the vacant land.
One way involves up to $26 million in property taxes that are being generated by current Southbank development. The other method is a portion of city property taxes generated from the development over a 22-year period.
City Councilwoman Lauri Boyer said the City of Jacksonville will invest in the infrastructure in two ways.
Councilman Boyer said developers will invest in the business that will be built on the land
So far, the city has set aside $5 million for the first part of the project.
The plan is to introduce the project to City Council in May.
They hope to see a vote in early June.