Related Group won't build new apartments on former site of River City Brewing Company by using a development deal approved by City Council in 2021.
"Following my agreement to several extensions to the performance schedule, we both acknowledged that the performance schedule would neither be met as required, nor could it be within a reasonable cure period since due to changes in market conditions the current project is not economically feasible in the immediate future," Boyer wrote.
The incentive deal for Related would have provided 20 years of tax rebates totaling nearly $13 million based on projections for additional tax revenue coming from the value of the new development. The River City Brewing Company restaurant was a privately-owned building that operated on city-owned land through a long-term lease with the city.
The payment bought out a long-term ground lease that Maritime Concepts had with the city of Jacksonville for the land. Related Group became the owner of the land.
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