2 big downtown projects have been scrapped due to rising costs. What are your thoughts?

JACKSONVILLE, Fla. – Due to rising costs, two of the biggest housing developments that were set to be built in downtown Jacksonville are likely never going to happen, according to the Jacksonville Daily Record, News4JAX’s news partner.

Downtown Investment Authority CEO Lori Boyer said the city-owned sites of the proposed American Lions tower, at the former Jacksonville Landing site, now called Riverfront Plaza, and The Hardwick at Ford on Bay, at the site of the old Duval County Courthouse, fizzled out due to increased costs of construction and difficulties obtaining large-project financing.

Boyer said the sites may now be offered up for new redevelopment proposals.

American Lions had plans to construct a 44-story tower with 332 apartments, a 7,500 SF restaurant, 330-space parking garage on one acre of the seven-acre Riverfront Plaza. Plans included a sky garden terrace and ground-floor retail and was estimated to cost $166 million.

The Hardwick at Ford on Bay proposed a $150 million project with 360 multi-family units, a rooftop and amenity deck, retail space totaling 25,000-square-feet, two restaurants (one on the riverfront) and a 550-space parking garage.

The news comes as a blow to downtown development efforts that have been a priority for city leaders.

We want to know: What are your thoughts? Are you frustrated with slow-going development downtown or do you think big changes take time?

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