Downtown Investment Authority Votes 7-0 for $49.27 Million Incentive for $372 Million Fleet Landing Tower

JACKSONVILLE, Fla. - Jacksonville's Downtown Investment Authority voted 7-0 on Oct. 21 to support a $49.27 million property tax incentive for Fleet Landing's proposed $372 million retirement community tower on the Northbank of the St. Johns River. The proposed 31-story development at 111 Riverside Ave. would include 284 residences and public-facing amenities, according to Jax Today and News4Jax. The incentive package, which would return a portion of the project's new property tax revenue over 20 years, still requires Jacksonville City Council approval.

The Downtown Investment Authority board endorsed the package through Resolution 2026-1002, according to the Jacksonville Daily Record's reporting published by Jax Today on Oct. 22. The proposed incentive is structured as a 20-year Recapture Enhanced Value Grant, commonly called a REV grant, covering 75% of eligible additional property taxes generated by the development. News4Jax reported that the incentive would provide tax rebates rather than an upfront payment to the developer.

The project, called Fleet Landing Riverside, would occupy the former Haskell headquarters property at 111 Riverside Ave., according to Jax Today. Fleet Landing describes the proposed community as serving "active, engaged adults age 62 and better." The development also includes proposed restaurant, retail and public gathering spaces, according to News4Jax.

What the Downtown Investment Authority approved

The Downtown Investment Authority board voted unanimously, 7-0, to endorse the proposed incentive on Oct. 21, according to the Jacksonville Daily Record report published by Jax Today. The vote concerned a $49.27 million tax incentive tied to the Fleet Landing Riverside development. The package is identified as DIA Resolution 2026-1002.

The proposed incentive would run for 20 years and return 75% of eligible incremental property taxes, according to Jax Today and News4Jax. The grant is intended to operate through property taxes generated by the new development rather than an immediate transfer of the full amount. News4Jax described the request as seeking up to approximately $49.3 million in rebates over the grant period.

The DIA board's endorsement does not complete the approval process, according to News4Jax. Jacksonville City Council must also approve the incentive package. The proposed development has separately received conditional preliminary design approval from the Downtown Development Review Board.

The incentive proposal is tied to a retirement community planned for the former Haskell headquarters site, according to Jax Today. The building would stand 31 stories, as described in the Jax Today and News4Jax reports. The development would combine residential accommodations with additional public-facing features along Riverside Avenue.

How the $49.27 million tax incentive would work

The proposed incentive is a Recapture Enhanced Value Grant, or REV grant, according to the Jacksonville Daily Record report published by Jax Today. Under the proposed arrangement, Fleet Landing would receive rebates equal to 75% of eligible additional property taxes generated by the new development. The grant would extend over 20 years.

News4Jax reported that the package represents a request for tax rebates rather than an upfront payment of $49.27 million. The amount returned through the program would be tied to eligible incremental property taxes from the project. That distinction is central to the structure of the proposed agreement.

The approximately $49.27 million total can also be expressed as an annual average for comparison. Dividing $49.27 million by 20 years produces approximately $2.46 million per year. That figure is a mathematical average, not a fixed annual payment schedule, because the actual rebates would depend on eligible property taxes generated.

The Downtown Investment Authority also included a projected return to the city in its evaluation, according to News4Jax. The agency projects that the city would receive $1.35 for every $1 provided through the incentive. That figure is a projection rather than a guaranteed financial result.

Fleet Landing Riverside by the numbers

The proposed Fleet Landing Riverside development would cost $372 million and contain 284 residences, according to News4Jax. Of those residences, 238 would be designated for independent living. Another 46 would provide additional levels of care.

The residential breakdown accounts for all 284 proposed residences, based on the figures reported by News4Jax. The development is intended for adults age 62 and older, according to Fleet Landing's description reported by Jax Today. The project would be located at 111 Riverside Ave. on the former Haskell headquarters property.

News4Jax identified Josh Ashby as Fleet Landing's CEO and Gensler as the firm responsible for project renderings. The proposed building would include residential space and several amenities intended for public use. Those amenities remain proposals within the overall development plan.

What the public-facing features would include

Fleet Landing's proposal includes a riverfront restaurant measuring approximately 5,000 square feet, according to News4Jax. The development also calls for more than 3,200 square feet of street-level retail space. Both features are among the publicly accessible elements described in the project proposal.

The plans also include public gathering areas and designated public parking, News4Jax reported. Another proposed feature is a pedestrian and bicycle corridor connecting Riverside Avenue with the Riverwalk. The corridor would measure 40 feet wide.

These public-facing components have not been finalized, according to the development details reported by News4Jax. They are part of the proposed project rather than completed improvements. The development must still proceed through the remaining approval process.

The plans drew comments from Abigail Diocares, a San Marco resident and owner of Sofya Dolce, who spoke with News4Jax. "I love big tall buildings and I love a city skyline," Diocares said. Her comments were included in the station's reporting about the proposed tower.

The city's projected return on the incentive

The Downtown Investment Authority projects a return of $1.35 to the city for every $1 provided through the proposed incentive, according to News4Jax. The projection is part of the agency's assessment of the development. It should not be interpreted as a guaranteed return.

The incentive itself is based on future eligible property tax revenue generated by Fleet Landing Riverside, according to Jax Today. Under the proposed 75% rebate arrangement, the amount returned to the developer would depend on the taxes eligible for the grant. The 20-year agreement would establish the period during which those rebates could occur.

News4Jax reported the proposed maximum incentive as approximately $49.3 million. The Downtown Investment Authority's approved resolution identifies the figure as $49.27 million. Both descriptions refer to the proposed tax rebate package for the same development.

What approvals remain before the project can proceed

The proposed tower received conditional preliminary approval from Jacksonville's Downtown Development Review Board in March, according to News4Jax. Fleet Landing must return to that board for final design approval. The preliminary decision therefore did not complete the project's design review.

The Downtown Investment Authority's Oct. 21 vote addressed the financial incentive rather than final design approval, according to the Jacksonville Daily Record and News4Jax. The DIA board endorsed the proposed 20-year grant through its 7-0 vote. The package now requires Jacksonville City Council approval.

The separate approval processes concern different elements of the development, as described in the reports. The Downtown Development Review Board is responsible for the remaining design approval, while City Council must consider the proposed incentive. Both steps remain relevant to the Fleet Landing Riverside proposal.

Fleet Landing's earlier attempt to acquire the Duval schools headquarters

Before advancing the Riverside Avenue proposal, Fleet Landing attempted to purchase the Duval County Public Schools headquarters property at 1701 Prudential Drive on Jacksonville's Southbank, according to News4Jax. Fleet Landing offered $20 million for the property. The Duval County School Board unanimously rejected that offer on Oct. 7, 2025.

The School Board subsequently approved a $17.2 million offer from Chase Properties, News4Jax reported. That proposed transaction later fell through. The district continued pursuing a sale of the headquarters property.

In October 2026, the School Board approved a $15.132 million agreement with Ashco Inc., according to News4Jax. The sale had not closed at the time of the report. That agreement followed the rejected Fleet Landing offer and the unsuccessful Chase Properties transaction.

The Fleet Landing Riverside proposal concerns a different location from the school district headquarters, according to the two reports. Its proposed site is the former Haskell headquarters at 111 Riverside Ave. The Downtown Investment Authority's incentive vote relates to that Riverside Avenue property, not the earlier Southbank proposal.

What happens next for Fleet Landing Riverside

The proposed $372 million Fleet Landing Riverside development has received the Downtown Investment Authority board's endorsement for a $49.27 million incentive, according to Jax Today. Jacksonville City Council must still approve the proposed grant. Fleet Landing also must return to the Downtown Development Review Board for final design approval, according to News4Jax.

If approved, the incentive would operate as a 20-year rebate of 75% of eligible incremental property taxes rather than an upfront payment, as described by both outlets. The development proposal includes 284 residences in a 31-story tower, along with restaurant, retail, gathering and pedestrian spaces. Those elements make up the project presented for the former Haskell headquarters site.

The DIA board's 7-0 vote establishes its support for the proposed incentive package but does not constitute final approval, according to the reported approval process. The city's projected return of $1.35 per incentive dollar also remains an estimate. The project continues through the remaining city approval steps described by Jax Today and News4Jax.