Understanding Jacksonville’s Community Redevelopment Agencies
Community Redevelopment Agencies (CRAs) play a crucial role in urban redevelopment efforts and Jacksonville, Florida is no exception. Under Florida law, CRAs are designated areas where local governments work to revitalize and enhance communities through strategic planning and investments. As commercial property appraisers in Jacksonville for over 40 years providing appraisals for commercial, residential, industrial, and special-purpose properties, we at Moody Williams Appraisal Group understand how important it is for developers, investors, business owners, and property owners seeking to contribute to and gain from the city’s growth, to know about its CRAs. In this article, we’ll examine more closely what CRAs do, shed light on Jacksonville’s five individual CRAs and provide more insight into their importance for those doing business in the Bold City.
UNDERSTANDING CRAS AND THEIR PURPOSE
Community Redevelopment Agencies are established by local governments to combat blight, stimulate economic development and improve the overall quality of life within designated areas. Through partnerships with the private sector, other stakeholders and the community, CRAs work to implement redevelopment plans, attract investments, enhance infrastructure, create jobs, and foster a vibrant and sustainable environment for residents and businesses.
The City of Jacksonville boasts five CRAs, each with a specific focus on rejuvenating different parts of the city. Two of these are governed by the Downtown Investment Authority (DIA). The DIA holds a pivotal role in Jacksonville’s redevelopment efforts as the Downtown areas are so integral to the city’s economic, cultural and social fabric. The DIA focuses on transforming these Downtown areas into thriving urban centers through various initiatives and incentives.
Understanding Jacksonville’s individual CRAs is crucial for developers, investors, property owners, and others, as these are the agencies that set forth and manage the city’s redevelopment plans, target areas and available incentives in each zone. By aligning their projects with the goals and strategies of the various CRAs, stakeholders can benefit from various financial incentives, expedited permitting processes and a supportive environment for their ventures.
Jacksonville’s (5) CRAs include:
JACKSONVILLE INTERNATIONAL AIRPORT (JIA) CRA:
The JIA CRA focuses on enhancing the economic viability and competitiveness of the airport area. It aims to attract new businesses, stimulate job growth, improve infrastructure, and enhance the overall visitor experience.
KINGSOUTEL CROSSING CRA:
The KingSoutel Crossing CRA aims to revitalize and redevelop the KingSoutel area, fostering economic growth, promoting commercial development, improving housing options, and enhancing transportation and infrastructure.
RENEW ARLINGTON CRA:
The Renew Arlington CRA is dedicated to revitalizing and redeveloping the Arlington area. It focuses on improving infrastructure, attracting investment, promoting business growth, enhancing public spaces, and creating a vibrant and sustainable community.
DOWNTOWN NORTHBANK CRA:
The Downtown Northbank CRA encompasses the heart of Jacksonville’s downtown district, including the historic core, commercial areas, and the waterfront. The CRA aims to attract development, improve infrastructure, enhance public spaces, and support a mix of uses that contribute to the area’s vitality and attractiveness.
DOWNTOWN SOUTHBANK CRA:
Located south of the St. Johns River, the Downtown Southbank CRA is another priority area for redevelopment. It focuses on leveraging the riverfront location, promoting waterfront access, encouraging mixed-use development, and fostering a vibrant live-work-play environment.
The boundaries for the JIA, Kings-Soutel and Arlington CRAs can all be found on this downloadable pdf. Here are the boundaries for the Downtown Northbank and Downtown Southbank CRAs (downloadable pds).
For those interested in learning more about the specific opportunities and incentives that each of Jacksonville’s CRAs offer, a couple of great resources are available. The official website of the City of Jacksonville’s Office of Economic Development provides comprehensive information about the Community Redevelopment Agency program including an overview, program guidelines and contact details for each CRA.
The Downtown Investment Authority (DIA) website also offers a wealth of information about projects and initiatives for Downtown’s Northbank and Southbank CRAs. The DIA site provides comprehensive details for numerous DIA, City and State of Florida incentive programs including available grants and incentives for hotels, retail/restaurants, historic preservation, storefront façades, small and large scale developments, Low Income Housing Tax Credits (LIHTC), and much more.
Jacksonville’s Community Redevelopment Agencies play a vital role in the city’s efforts to revitalize and enhance its various neighborhoods. By understanding the purpose, functions and specific initiatives of these CRAs, developers, investors and others can align their goals with the city’s vision, benefit from available incentives, and be an integral part of the growth and vitality of Jacksonville.
If you need a professional and experienced full-service commercial real estate appraisal company in Northeast Florida, one you can depend on, contact Moody Williams Appraisal Group. Speak with one of our experts today by calling (904) 516-8900 or emailing us at dh*****@***********ms.com.