Jax Arts & Innovation Hub Developer Scores Incentive Package

A Miami developer is defining its Jacksonville project as regenerative placemaking. The developer, Future of Cities (FoC), has received a $5.5 million incentive package and a rezoning from the city to build a 10-building innovation hub as well as up to 830 units for a multifamily community. The grant will support adaptive re-purposing of warehouses and greenspace to be built over the span of 8.3 owned acres. The City of Jacksonville has authorized a 50 percent, 15-year recaptured enhanced value (REV) grant not to exceed $1.5 million for the project. The project is called the Phoenix Arts & Innovation District.

Besides the apartments, the $38 million project will consist of creative office space, artist studios, galleries, event and gathering spaces and retail and restaurant space. The first phase of development began in December 2023 with the groundbreaking for Emerald Station. The 100-year-old Emerald Station building houses a mix of 25 creative office spaces, a community gathering space and a 500-person event venue.