JACKSONVILLE, Fla. – The city of Jacksonville is looking into giving developers of the RISE Doro an incentive package that would help them rebuild after a devastating fire that destroyed the wood-framed portions of the building in January.
According to our news partners at the Jacksonville Daily Record, the package would provide $15.45 million to the developers of the RISE Doro apartment building in the Sports and Entertainment District.
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The massive fire broke out in late January, just days before many people were scheduled to move in.
TIMELINE | Luxury apartment complex in Downtown Jacksonville goes up in flames weeks before opening
The proposed incentive package would come in the form of grants.
According to the resolution, the rebuilt project would include 247 residential units and 7,400 square feet of retail space. The project developer also intends to incorporate 85 units of workforce housing, where before all the units were to be leased at market rate, the Jacksonville Daily Record reported.
The project also will include a seven-story parking garage with 300 spaces, a rooftop swimming pool and fitness center, a DIA term sheet says.
RELATED | A brief history of RISE Doro apartments, the $67M downtown complex that caught fire before opening
The cost of the original project, including the concrete pedestal and parking garage, was $65 million.
The cause of the fire is yet to be determined.
The incentives for the developers will go before the DIA Strategic Implementation Committee meeting which is scheduled for June 14.
Learn more about the proposed incentive package by reading the Daily Record’s report.