JACKSONVILLE, FL (August 13, 2020) – Officially launched in June 2020, the Downtown Investment Authority’s (DIA) Targeted Food and Beverage Retail Enhancement Program (FAB-REP) aims to cluster restaurants and bars in two distinct, walkable districts in the Central Core of Downtown: the Laura/Hogan Street Corridor and The Elbow Entertainment District. The DIA will incentivize investment through five-year forgivable loans to eligible businesses, funding capital improvements up to 50% of eligible build-out costs. Over $3 million is reserved for FAB-REP and incentives will be scaled by type of business. Eligibility requirements include certain dedicated hours of operation, service type, size and locations with ground-level access and street-level visibility. Applications will be evaluated on operator experience and other factors contributing to the success of the business to be operated on the site.
FAB-REP expands upon the DIA’s Retail Enhancement Program with a focus on food and beverage establishments to revitalize business corridors and underutilized or vacant buildings. The two FAB-REP districts will provide concentrated areas of dining and entertainment opportunities that are visible from the street, open beyond workday hours, and utilize unique place making efforts such as creative lighting, interesting public art and inviting outdoor spaces. To encourage more outdoor dining activity and place- making, a Sidewalk Enhancement loan may be awarded to those who qualify.
These activated streets will provide the urban lifestyle that many Downtown residents seek and promote small businesses by cultivating vibrant retail districts that will attract visitors. Further, patrons and business owners alike will benefit from the variety of options and the unique, walkable, and visually connected areas.
Since its recent launch, the FAB-REP has already welcomed two successful applicants – Ruby Beach Brewing Company and The Bread & Board. The DIA is equally excited and hopeful for both projects to break ground and is ready to welcome many more to Downtown’s central core.
“Now is the time to negotiate leases, design and build out new restaurants, bars, coffee shops and ice cream parlors so that they are opening a year from now when demand for these businesses will be booming,” expressed DIA CEO Lori Boyer. “This program is designed to make that possible. The targeted districts will also enjoy free garage parking at night as well as planned art, lighting and infrastructure improvements. Please join us in creating the vibrant Downtown we all want to see.”
Interested parties are encouraged to visit the DIA website for complete program information via
http://dia.coj.net/FAB-REP or by contacting Steve Kelley, DIA Director of Downtown Real Estate and Development at DIAPrograms@coj.net.