Jacksonville to Vote on $49.3 Million Tower Incentive

The Downtown Investment Authority will weigh tax rebates for a 31-story residential tower on October 21.

Updated on Oct. 15, 2026 in Commercial

Jacksonville to Vote on $49.3 Million Tower Incentive

Live Poll

Should the city provide large property tax rebates to developers for new downtown residential towers?

The Downtown Investment Authority board is scheduled to vote on October 21, 2026, regarding a $49.3 million incentive package for a new residential tower in downtown Jacksonville. The proposal involves property tax rebates spanning 20 years to support the construction of a 31-story facility.

Why it matters

The developer is seeking these tax rebates to help offset the costs associated with building the high-rise tower. This project is intended to replace a currently vacant office building that formerly served as the Haskell headquarters.

The proposed 31-story structure will feature 238 independent living units alongside 46 units designated for assisted living, memory care, or skilled nursing. The site acquisition covers 7.39 acres, with 3.71 acres specifically allocated for the tower.

The players

Downtown Investment Authority

This board oversees economic development and real estate initiatives within the urban core of Jacksonville.

Fleet Landing

The organization is the developer behind the proposal and is currently acquiring the property for $24 million.

Jacksonville City Council

This legislative body serves as the final authority for municipal approvals regarding large-scale development incentives.

The details

The project includes a restaurant oriented toward the St. Johns River and retail space lining Riverside Avenue. Plans require the demolition of the existing office building, which has remained vacant since Haskell vacated the site in 2025.

Haskell vacated the office building in 2025.
The Downtown Development Review Board granted conceptual design approval in March 2026.
The Downtown Investment Authority board will vote on the incentive package on October 21, 2026.

Culture Shift

This development reflects the broader trend of urban revitalization in Jacksonville, where aging office infrastructure is being repurposed for residential use. The shift aligns with city efforts to increase density within the downtown core near the St. Johns River.

Residents in the Brooklyn neighborhood may see significant changes to the local landscape as the long-vacant office site is redeveloped into a high-density living facility. The addition of riverfront dining and retail space is expected to alter the commercial environment along Riverside Avenue.

The takeaway

The proposed tower signals a major commitment to residential growth in Jacksonville's downtown area. Residents should monitor the upcoming vote to understand how municipal incentives shape the long-term utility of riverfront properties.