A new riverfront hotel could soon grace the Downtown Jacksonville skyline. Gateway Jax is looking to build a hotel at Riverfront Plaza, and the Downtown Investment Authority is expected to vote to approve millions of dollars in incentives to bring it to life.
City Councilman Jimmy Peluso, whose district includes Riverfront Plaza, believes this will keep the riverfront activated without blocking many views.
“When you look at it next to the actual Wells Fargo, it doesn’t block views the way that I think I was concerned and other people were concerned with. And so based on that, I think they’re going in the right direction,” Peluso explained.
This includes a $35.397 million Recapture Enhanced Value Grant (REV Grant), which will be based on 75% of the incremental increase in county property taxes to be collected over 20 years, according to the term sheet. The developer is also requesting a $20 million completion grant paid directly from the Downtown Northbank Community Redevelopment Agency.