Finance Committee Weighs $49.65M Downtown Publix Incentive
Jacksonville's Finance Committee is set to vote on a tax incentive package tied to a proposed 14-story mixed-use tower at 119 W. Beaver St.
Updated on Nov. 4, 2026 in City Hall
Live Poll
Should Jacksonville use city reserves for a downtown development incentive while tax revenue is falling?
The Jacksonville City Finance Committee will vote on a nearly $50 million tax incentive package for a downtown development anchored by a Publix. The vote comes days after Florida voters approved Amendment 3, which the city's auditor estimates will reduce city revenue by $200 million in its first year.
Why it matters
Council President Nick Howland argued that approving the deal without knowing the revenue shortfall is irresponsible. The committee deferred the vote last month pending the Amendment 3 outcome, leaving the city weighing new development incentives against a sharply reduced revenue outlook.
The incentive package combines a $21.4 million property tax rebate paid to the developer over time with a $28.25 million cash completion grant drawn from city reserves. The Downtown Investment Authority projects a 1:1 return on the city's investment over 28 years, but the auditor's revenue estimates for the coming fiscal years remain the largest open variable.
The players
Jacksonville City Council Auditor's Office
The Jacksonville City Council Auditor's Office is the municipal body that produced the revenue loss estimates tied to Amendment 3.
Downtown Investment Authority
The Downtown Investment Authority is the city agency that calculated the project's return on investment and oversees downtown development incentives.
Nick Howland
Nick Howland is the Jacksonville City Council President who argued that approving the deal without knowing the revenue shortfall is irresponsible.
Gateway Jax
Gateway Jax is the developer behind the proposed 14-story mixed-use tower and the demolition of the former First Baptist Church auditorium.
The details
Developer Gateway Jax is demolishing the former First Baptist Church auditorium to make room for a proposed $140 million, 14-story mixed-use tower at 119 W. Beaver St. The project would include 259 residential apartments and a 37,000-square-foot Publix on the ground level, with the cash completion grant paid only after construction is finished.
Timeline
October 2026: Finance Committee first deferred the vote pending the Amendment 3 outcome.
November 3, 2026: Florida voters approved Amendment 3.
November 4, 2026, 1 p.m.: Finance Committee vote on Ordinance 2026-0541 is scheduled.
November 10, 2026: The package would advance to a full City Council vote if approved by the committee.
2027-28 fiscal year: Amendment 3 is projected to cut $200 million from city revenue.
Tax Base Pressure
The Jacksonville vote follows the approval of Florida's Amendment 3, which expands the state's homestead property tax exemption and is projected to cut city revenue by $200 million in its first year. The deal therefore tests how the city prices downtown development incentives when its primary property tax base is shrinking.
Jacksonville residents may see the downtown project's apartments and Publix open after construction, which is projected for June 2030. Taxpayers, however, would be carrying the cost of the incentive package at the same time the city faces a projected $200 million revenue reduction in its first fiscal year.
The takeaway
Jacksonville's decision on this package will show how the city balances development incentives against a shrinking property tax base. Residents following the issue can track the November 4 committee vote and the November 10 council vote as they happen.
What happens next
If approved by the Finance Committee, the incentive package advances to a full City Council vote on November 10, 2026.
Further reading
For more on how local leaders are handling these budget decisions, see City Hall coverage in Jacksonville.
Source note: This article includes information reported by News 4 Jax.
Live Poll
Should Jacksonville use city reserves for a downtown development incentive while tax revenue is falling?
