MONDAY May 17, 2021 jaxdailyrecord.com • 35 cents
INSIDE: 2020 delinquent real estate tax list PAGE 1B Or view the list at JaxDailyRecord.com
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Union Terminal incentives fall short of developer’s request
Special to the Daily Record
The Retail Incubator logo for the Sleiman Entrepreneurs program.
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JACKSONVILLE
Sleiman Enterprises launching incubator
The program is designed to help first-time business owners open storefronts. BY KATIE GARWOOD STAFF WRITER
Eastside. A DIA staff report shows the developer asked for $9.179 million. If approved by the DIA board and City Council, Columbia subsidiary East Union Holdings LLC would receive a: ■ $4,246,963 historic restoration forgivable loan. ■ $2,381,671 code compliance forgivable loan. ■ $1,657,159 deferred principal loan. The loans would mean that public incentives pay for 13.6% of the overall project cost, according to the DIA. Documents sent by Columbia to the
Sleiman Enterprises is seeking applications for the inaugural class of its retail incubation program, RISE – Retail Incubator for Sleiman Entrepreneurs. The incubator is geared toward retail entrepreneurs and firsttime business owners, helping them “kickstart their business and open a brick-and-mortar store” in a Sleiman shopping center, according to a news release from the company. RISE will help lower the startups’ first-year costs by providing free base rent for one year. The Sleiman specialty leasing team will teach entrepreneurs about retail leasing, sales forecasting and space design. The goal is to develop the concept by the second year, when the entrepreneur signs a traditional lease. Sleiman has set aside several storefronts in Jacksonville for the incubator participants. Applicants must be first-time business owners, possess a minimum capital and credit require-
SEE UNION, PAGE 2
SEE SLEIMAN, PAGE 2
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Atlanta-based Columbia Ventures LLC wants to renovate the Union Terminal Warehouse at 700 E. Union St. into apartments, community space and a restaurant and coffee shop.
The Downtown Investment Authority staff recommends an $8.28 million loan for the $60.8 million project. BY MIKE MENDENHALL STAFF WRITER
Atlanta-based Columbia Ventures LLC could receive $893,883 less than requested in city incentives for a $60.8 million plan to convert the historic Union Terminal Warehouse to apartments. The Downtown Investment Authority released a term sheet May 10 that
shows its board will consider $8.28 million in forgivable and deferred principal loans for the affordable housing project through the Downtown Revitalization and Preservation Program. In its report, DIA staff said only $52.9 million of the project costs are eligible expenses under the program, resulting in the lower incentives offer. The report says that $7.9 million comprises developer fees, expected tenant improvements and reserves. In April, a Columbia representative said the company was negotiating for $9.2 million in gap financing to complete the 228-unit adaptive reuse project at 700 E. Union St. near Jacksonville’s
First Watch to open May 17 in Baymeadows Park First Watch will open its ninth area location May 17 in Baymeadows. The store is at 9271 Baymeadows Road in Baymeadows Park, the redeveloped site of the former Baymeadows Golf Club. First Watch serves breakfast, brunch and a cocktail menu. The first 100 guests May 17 will receive a ceramic coffee tumbler. All guests who dine in between May 17 and May 21 will be served unlimited coffee with the purchase of an entree. The 3,600-square-foot restaurant joins a shopping center with a Starbucks, SpringHill Suites and additional restaurant and retail space.
VOLUME 108, NO. 128 • EIGHT SECTIONS