Jacksonville Advances $49.27 Million Tax Incentive for Fleet Landing Retirement Tower

The Jacksonville Downtown Investment Authority voted 7-0 Wednesday, Oct. 21, to advance a proposed $49.27 million tax incentive for Fleet Landing Riverside, a 31-story retirement tower planned for downtown Jacksonville. The agreement now heads to the Jacksonville City Council for final approval.

The proposed 20-year Recapture Enhanced Value Grant, or REV grant, would rebate 75% of the additional property tax revenue generated by the development at 111 Riverside Ave., the former Haskell headquarters on the Northbank, according to the Jax Daily Record. The $49.27 million represents the estimated value of the incentive over 20 years, not an upfront payment.

The DIA estimated development costs at nearly $381.56 million, with a projected return of $1.35 to the city for every $1 spent, according to the project's term sheet.

Incentive includes reinvestment requirement

The agreement includes an unusual provision requiring Fleet Landing to reinvest at least 133% of the value of its property tax reductions into the development between years 10 and 20 of the grant.

"We want to make sure that that component is maintained over the life of the REV grant," DIA CEO Colin Tarbert said, referring to the development's high-end amenities and services.

The term sheet requires at least 275 residential units. Current plans call for 238 independent living units and 46 assisted living units, totaling 284.

The tower would also include ground-level restaurant space along the Riverwalk, 3,200 square feet of retail on Riverside Avenue, a 152,000-square-foot parking garage, a performing arts center and a swimming pool.

Fleet Landing projects the facility would create more than 130 full-time jobs.

The proposed incentive package does not include completion grants, which provide lump-sum payments to developers. City Council members have urged the DIA to reduce its use of those grants amid budget concerns.

Fleet Landing expands beyond Atlantic Beach

Fleet Landing CEO Josh Ashby said the nonprofit had already received more than 100 inquiries from prospective residents about the downtown development.

This marks Fleet Landing's second attempt to establish a downtown Jacksonville community. In 2025, the Duval County School Board rejected its offer to purchase the district's Southbank headquarters for a proposed 30-story retirement tower. The board instead selected a proposal from Chase Properties, but that deal subsequently collapsed.

Fleet Landing is also developing a $146 million retirement campus in Nocatee that Ashby said had sold out during construction. Its original campus, established by a group of military officers in 1985, is in Atlantic Beach.

The Downtown Development Review Board granted the Riverside project conceptual approval in March on a 5-1 vote, with board member Ennis Davis opposed.

Fleet Landing must return to the review board with updated plans for final design approval. The proposed incentive agreement also requires City Council approval, and no hearing date has been announced.