One major downtown project is moving forward apace while another seems to be running into increased skepticism.
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That was the story coming out of Tuesday morning’s meeting of Jacksonville City Council’s Finance Committee.
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The two major investments, both with a price tag of nearly $100 million, were on the agenda.
The finance committee advanced $98.5 million in incentives for the planned $2 billion Gateway Jax project, which intends to bring 1,000 apartments, retail space, and street dining over a 20-block section of downtown.
“The number of blocks that this could trigger redevelopment throughout the City of Jacksonville, downtown in particular in our downtown core, is really extraordinary. And if it works, that this will pay us as a city like 500 times over and over and over,” said Councilmember Rory Diamond (R-District 13).
Although members have seen recent gloomy financial projections that show to city facing deficits exceeding $100 million by 2028, they indicated Gateway Jax will be a winner for the city.