Miami-based Developer Future of Cities Receives Unanimous Approval of $5.5 Million Incentive Package and Multifamily Rezoning from Jacksonville City Council for Phoenix Arts & Innovation District

Completion grant supports adaptive re-purposing of warehouses and greenspace, and rezoning allows for 830 multifamily units to be built on 8.3 acres

JACKSONVILLE, Fla., July 15, 2024 /PRNewswire/ -- Miami-based real estate developer Future of Cities (FoC) has received unanimous approval of an incentive package totaling $5.5 million from the City of Jacksonville's Office of Economic Development and of the rezoning of its planned unit development (PUD) to permit commercial and multifamily residential uses for the Phoenix Arts & Innovation District (PHXJAX). Both were approved by the Jacksonville City Council on June 25, 2024.

"This incentive package is a testament to the collaborative outcomes possible through genuine public-private partnerships," said Tony Cho, CEO and Founder of Future of Cities and Founding Managing Partner of PHXJAX. "It demonstrates to the world that creativity and capital investments work best when they work together."

PHXJAX is a regenerative placemaking project located in a federally designated Opportunity Zone in Jacksonville, Florida. The Economic Development Agreement between Future of Cities and the City of Jacksonville will provide funds as a Completion Grant in two phases, each in the amount of $2 million for the adaptive rehabilitation of four warehouses and public greenspace. It also authorizes a 50% 15-year recaptured enhanced value (REV) grant not to exceed $1.5 million. PHXJAX is providing office space in the property at 2320 N. Liberty Street to the Jacksonville Small and Emerging Business (JSEB) incubator run by the City of Jacksonville. This public-private partnership includes a nearly $38 million investment by FoC into the community-focused development.

"Future of Cities has demonstrated a sustainable and inclusive approach to the Phoenix Arts & Innovation District development that aligns with supporting the residents of this area in our community," said City of Jacksonville Mayor Donna Deegan. "Once completed, it will serve as a destination of culture and creativity for all people of Jacksonville to enjoy."

Phase one construction has commenced on The Emerald Station and Liberty Building properties, which are scheduled for completion in the third quarter of 2024 and first quarter of 2025, respectively. The properties will feature offices, artist studios, galleries, retail, restaurants, an outdoor market and public greenspace. Adjacent to PHXJAX is the Emerald Trail, a network of 30+ miles of trails and parks connecting Jacksonville's urban core neighborhoods.

Tony Cho's previous projects include the Wynwood Arts District and the Magic City Innovation District Little Haiti, both located in Miami, Florida.

About Future of Cities | Future of Cities was created to reimagine how we live, work, play and learn as a mission-driven platform invested in transforming the built environment. FoC takes a holistic place-based approach to regenerative development to adopt environmental, social and governance (ESG) strategies that improve the quality of urban living across the globe. For general or Investment information about any Future of Cities projects please contact [email protected].

SOURCE Future of Cities