Completion grant supports adaptive
re-purposing of warehouses and greenspace, and rezoning allows for
830 multifamily units to be built on 8.3 acres
JACKSONVILLE, Fla., July 15,
2024 /PRNewswire/ -- Miami-based real estate developer Future of
Cities (FoC) has received unanimous approval of an incentive
package totaling $5.5 million from
the City of Jacksonville's Office
of Economic Development and of the rezoning of its planned unit
development (PUD) to permit commercial and multifamily residential
uses for the Phoenix Arts & Innovation District (PHXJAX). Both
were approved by the Jacksonville City Council on June 25, 2024.
"This incentive package is a testament to the collaborative
outcomes possible through genuine public-private partnerships,"
said Tony Cho, CEO and Founder of
Future of Cities and Founding Managing Partner of PHXJAX. "It
demonstrates to the world that creativity and capital investments
work best when they work together."
PHXJAX is a regenerative placemaking project located in a
federally designated Opportunity Zone in Jacksonville, Florida. The Economic
Development Agreement between Future of Cities and the City of Jacksonville will provide funds as a
Completion Grant in two phases, each in the amount of $2 million for the adaptive rehabilitation of
four warehouses and public greenspace. It also authorizes a 50%
15-year recaptured enhanced value (REV) grant not to exceed
$1.5 million. PHXJAX is providing
office space in the property at 2320 N. Liberty Street to the Jacksonville Small and
Emerging Business (JSEB) incubator run by the City of Jacksonville. This public-private
partnership includes a nearly $38
million investment by FoC into the community-focused
development.
"Future of Cities has demonstrated a sustainable and inclusive
approach to the Phoenix Arts & Innovation District development
that aligns with supporting the residents of this area in our
community," said City of
Jacksonville Mayor Donna
Deegan. "Once completed, it will serve as a destination of
culture and creativity for all people of Jacksonville to enjoy."
Phase one construction has commenced on The Emerald Station and
Liberty Building properties, which are scheduled
for completion in the third quarter of 2024 and first quarter
of 2025, respectively. The properties will feature offices, artist
studios, galleries, retail, restaurants, an outdoor market and
public greenspace. Adjacent to PHXJAX is the Emerald Trail, a
network of 30+ miles of trails and parks connecting Jacksonville's urban core neighborhoods.
Tony Cho's previous projects
include the Wynwood Arts District and the Magic City Innovation
District Little Haiti, both located in Miami, Florida.
About Future of Cities | Future of Cities was created to
reimagine how we live, work, play and learn as a mission-driven
platform invested in transforming the built environment. FoC takes
a holistic place-based approach to regenerative development to
adopt environmental, social and governance (ESG) strategies that
improve the quality of urban living across the globe. For general
or Investment information about any Future of Cities projects
please contact info@focities.com.
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SOURCE Future of Cities