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Jacksonville

Jacksonville Approves Funding for Oak Steakhouse

The Downtown Investment Authority authorized a $400,000 loan to bring a new restaurant to The Greenleaf building.

Updated on Oct. 28, 2026 in Dining Out

Bold vector editorial illustration showing the detailed brickwork and arched windows of a historic building, representing downtown restaurant revitalization.
The Jacksonville Downtown Investment Authority has approved a $400,000 loan to support the opening of Oak Steakhouse in the historic Greenleaf building. AI Illustration. Upload story photo >

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The Downtown Investment Authority approved a $400,000 forgivable loan to help bring Oak Steakhouse to the ground floor and basement of The Greenleaf building. The project aims to bolster local efforts to transform Laura Street into a regional hub for nighttime dining and entertainment.

Why it matters

The city initiative supports the ongoing revitalization of Jacksonville's downtown corridor by incentivizing high-end commercial tenants. This funding model encourages long-term commitment to the area by tying loan forgiveness to the restaurant's ongoing operational status.

The $400,000 loan balance will decrease by 20% annually over a five-year period if the restaurant maintains daily 10 p.m. operating hours. Total construction costs for the space are estimated at $3.1 million.

The players

Downtown Investment Authority

This is a public agency responsible for directing economic development and revitalization efforts within downtown Jacksonville.

JWB Real Estate Capital

This is a real estate investment and development firm that has been active in renovating historic properties throughout the city.

Oak Steakhouse

This is a restaurant brand managed by Indigo Road that specializes in high-end dining experiences.

The details

JWB Real Estate Capital, which purchased The Greenleaf for $7 million in 2022, invested $17 million to restore the historic building. The restaurant is required to complete its build-out before receiving city funds, with construction expected to begin in late 2026 or early 2027.

Timeline

  1. JWB Real Estate Capital purchased The Greenleaf building in 2022.

  2. Indigo Road announced plans for Oak Steakhouse in November 2024.

  3. The Downtown Investment Authority approved $199,000 for Bellwether in August 2026.

  4. The board approved the Oak Steakhouse funding on October 21, 2026.

  5. Construction is planned to begin in late 2026 or early 2027.

Culture Shift

This development aligns with the Downtown Investment Authority's Laura Street revitalization strategy to centralize entertainment in the city center. The move reflects a broader urban shift toward transforming historic districts into vibrant, nightly dining destinations.

Residents can expect expanded nighttime dining options on Laura Street once the restaurant opens, which is projected for one year after construction begins. The agreement mandates that the business stay open until 10 p.m. daily, providing consistent food service options in the downtown core.

The takeaway

City-funded incentive programs often serve as a catalyst for restoring historic commercial architecture while creating predictable nighttime activity. Residents looking to support downtown growth should monitor the progress of upcoming renovations at the nearby Snyder Memorial Methodist Episcopal Church.

Further reading

For more on the local culinary scene, see Dining Out.

Source note: This article includes information reported by Florida Times-Union.

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Do you support using city funds to help private restaurants open in your downtown area?