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Union Terminal incentives fall short of developer's request   | Jax Daily Record | Jacksonville Daily Record

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.
The Downtown Investment Authority released a term sheet May 10 that shows its board will consider $8.28 million in forgivable and deferred principal loans for the affordable housing project through the Downtown Revitalization and Preservation Program.
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 comprises developer fees, expected tenant improvements and reserves.
In April, a Columbia representative said the company was negotiating for $9.2 million in gap financing to complete the 228-unit adaptive reuse project at 700 E. Union St. near Jacksonville’s Eastside. ....

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Union Terminal Warehouse approved for landmark status | Jax Daily Record | Jacksonville Daily Record

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.
East Union Property Owner, a Columbia Ventures subsidiary, bought the more than 7-acre property near TIAA Bank Field and north of the Arlington Expressway on Dec. 3, 2018, for $4.6 million. ....

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