Related Group ready to start building skyline-defining tower

David Bauerlein

• Construction is starting on a luxury apartment tower on the Southbank riverfront in Jacksonville.
• The project, called Southbank Residences, will feature a 25-story tower and an eight-story building with 395 apartments.
• City Council approved $59 million in incentives for the development in October 2024.
• The development will be built on the former site of the River City Brewing restaurant.

Construction workers and heavy equipment have arrived on the Southbank riverfront site where Related Group has planned for years to build a luxury apartment tower.

Related Group and city leaders will make it official with a ground-breaking ceremony on May 20.

“More cranes are on the way in downtown Jacksonville," Mayor Donna Deegan said. "This project represents another big step forward that will bring additional residents, retail and restaurant space to the riverfront.

City Council approved incentives for the $202.7 million development 19 months ago in October 2024. Downtown Investment Authority CEO Colin Tarbert said he had no doubt Related Group would follow through on that agreement.

"It's a substantial project and those always take time to work out all the development process details," Tarbert said. "It's going to be a really great transformation for the Southbank as we continue to add residential there."

Southbank Residences will have 395 apartments in a 25-story tower and a neighboring eight-story building between the Acosta Bridge and Friendship Fountain. Southbank Residences will have about 4,500 square feet of ground-floor retail space and a parking garage with 601 spaces.

The tower will rise up on what used to be the site of the demolished River City Brewing restaurant and a parking lot behind it.

In October 2024, City Council approved $39 million in cash grants and nearly $20 million in property tax rebates for the development. The grant will be paid out during construction and the property taxes will be rebated over a 15-year period after construction finishes.

The tower in Southbank Residences will carry the Icon brand for Related Group's high-end portfolio of apartments.

"They've got an amazing track record," Tarbert said. "The caliber of work that they do and the type of projects that they build speaks volumes for where Jacksonville is now in terms of really moving forward in a way that I think people have had doubt and hesitation about.

"I think have a group like Related, which has projects all over especially in South Florida, solidifies the fact that this is for real now," he said.

By David Bauerlein
Florida Times Union