MONDAY October 5, 2020
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Daily Record JACKSONVILLE
Apartments may replace JACKSONVILLE River City Brewing
Daily Record
An unidentified developer is under contract to buy out the owner’s land lease with city and build up to 335 units. BY MIKE MENDENHALL STAFF WRITER
The unnamed developer recently entered into a contract with River City Brewing owner Maritime Concepts Inc. to buy out the remaining 77 years of the restaurant’s 99-year land lease with the city, DIA CEO Lori Boyer said Oct. 2. The DIA Strategic Implementation Committee is scheduled to discuss and could take action on a negotiated notice of disposition for the property at its Oct. 9 meeting. Boyer would not disclose the development company interested in the property, which fronts the St. Johns River, because negotiations between the developer, Maritime Concepts and the DIA aren’t
concluded. But she said the developer hopes to close on the lease buyout and transaction by the end of the year. The developer’s proposed construction budget for the riverfront apartments is $70 million and a $10 million estimated acquisition cost to buy out the lease. “The transaction is entirely dependent on the prospective buyer acquiring the interest from Maritime,” Boyer said. The restaurant has been operating for decades. River City Brewing entered the ground lease with the city in 1998, but
Daily Record Developer plans Daily Record to demolish Doro A Florida-based developer wants to acquire and demolish the River City Brewing Co. restaurant on the Downtown Southbank for a 325-335 unit class A apartment building, according to the Downtown Investment Authority.
JACKSONVILLE
SEE RIVER CITY, PAGE 2
River City Brewing Co. on the Southbank sits between Friendship Fountain and the Acosta Bridge.
REDEVELOPMENT
JACKSONVILLE
building this fall
Georgia-based Rise buys property, intends to redevelop the site with apartments, a parking garage and retail space. BY KAREN BRUNE MATHIS & MIKE MENDENHALL STAFF WRITERS
Rise: A Real Estate Company paid $5.2 million for the George Doro Fixture Co. property at 102 A. Philip Randolph Blvd. Rise bought the property Sept. 30 through Jacksonville Properties I LLC. The deed was recorded Oct. 1 with the Duval County Clerk of Courts. It bought the property from 102 A. Philip Randolph LLC, led by Jacksonville investors Paul and Farley Grainger. The Downtown Development Review Board approved final designs May 14 for Rise to build an eight-story apartment and retail project to replace the building, despite objection from local historic preservation advocates. Rise Vice President of Development Matt Marshall said Oct. 1 that the company is applying for building
Above: Valdosta, Georgia-based Rise: A Real Estate Company wants to replace the George Doro Fixture Co. building at 102 A. Philip Randolph Blvd. with an eight-story, 247-unit mixed-use project. Left: The George Doro Fixture Co. building, which is more than 100 years old, would be torn down for the development. File images
SEE DORO, PAGE 2
Permit issued for demolition of former bank The city issued a permit Oct. 1 for Lockwood Quality Demolition to demolish a former Bank of America drive-thru and building at 50 W. State St. at a cost of $24,000. Cantrell & Morgan is listing the 1.08-acre property – between Union and State streets east of Laura Street – for a ground lease or build-to-suit project. It said the owner wants to clear the site to help with marketability. Bank of America sold the site in October 2017 to 50 West Union LLC. The manager is based in Oregon.
VOLUME 107, NO. 226 • ONE SECTION