Sat, Jul 13, 2024
DIA to discuss $15M incentive package to help rebuild RISE Doro apartments

DIA to discuss $15M incentive package to help rebuild RISE Doro apartments

  • PublishedJune 14, 2024

JACKSONVILLE, Fla. – The Downtown Investment Authority (DIA) on Friday will discuss a multi-million dollar incentive package to help rebuild the Rise Doro apartments.

The downtown high-rise was nearly complete with tenants ready to move in when a fire ripped through the building back in January.

TIMELINE | Luxury apartment complex in Downtown Jacksonville goes up in flames weeks before opening | A brief history of RISE Doro apartments, the $67M downtown complex that caught fire before opening

The developer wants to rebuild as soon as possible. If the deal is approved, they won’t have to start from scratch.

Crews spent weeks tearing down what was left of the wood frame but the concrete base and the parking garage are still standing.

It was that wood frame that helped fuel the flames and will have to be redone.

To get the remainder built the Downtown Investment Authority is discussing an incentive package that comes out to more than $15 million. The project as a whole is expected to cost around $79 million.

According to the proposal, the rebuild will include 247 residential units with 85 units dedicated to being “affordable.”

The proposal also includes about 4,700 square feet of retail space on the ground floor.

There will not be a full vote on Friday from the Downtown Investment Authority. The meeting is just a finance and budget committee meeting to discuss the plan and continue moving it forward.

Copyright 2024 by WJXT News4JAX – All rights reserved.

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