Downtown Investment Authority staff recommends a $8.28 million loan for the $60.8 million project.

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.

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 comprise developer fees, expected tenant improvements and reserves.

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Source: Jacksonville Daily Record

Columbia Ventures is seeking $9.2 million in city incentives for the mixed-use project with 228 apartments.

Atlanta-based Columbia Ventures LLC is negotiating with the city for $9.2 million in gap funding for its proposed $61 million adaptive reuse of the historic Union Terminal Warehouse near Jacksonville’s Eastside.

A statement April 15 by Columbia and documents it submitted to the Downtown Investment Authority outline a 228-unit mixed-use redevelopment of the 108-year-old warehouse at 700 E. Union St. …

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Source: Jacksonville Daily Record

Atlanta-based Columbia Ventures plans to pursue historic tax credits for an adaptive reuse project.

The Jacksonville City Council named the Eastside area’s historic Union Terminal Warehouse at 700 E Union St. a local landmark at the request of the owner East Union Property Owner LLC.

Council voted 19-0 on April 13 to approve the landmark designation, which will make Atlanta-based Columbia Ventures LLC’s plans to convert the structure into apartments eligible for city incentives and federal historic tax credits.

The final vote follows the Council Land Use and Zoning Committee’s 7-0 approval April 6. …

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Source: Jacksonville Daily Record