Union Terminal Incentives Fall Short of Developer’s Request

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