After years of redraws, delays and rising price tags, Miami-based Related Group is finally circling a date to put shovels in the ground on Jacksonville’s Southbank. Mayor Donna Deegan says the long-awaited South Bank Residences at 835 Museum Circle, on the former River City Brewing Co. site, are slated to break ground in May.
The latest version of the project covers roughly 3.02 acres and calls for a 25-story tower, an eight-story building and an attached parking garage, all with riverfront amenities. The development is now in city permitting, and Deegan’s timeline signals that the sprawling Southbank plan may actually leave the drawing board and move into construction this spring.
Mayor Drops May Date At Downtown Luncheon
Deegan revealed the May groundbreaking window during a JAXUSA Partnership luncheon in Jacksonville, folding the news into a brief update on downtown economic development. The comment came at JAXUSA’s first luncheon of 2026 at the Florida Blue Conference Center, according to the Jax Daily Record.
Permits Spell Out Towers, Units And A $150 Million Build
City permitting filings show two residential buildings, one rising 25 stories and the other eight, connected to an attached parking garage. The permit application lists construction costs at $150 million, a figure that comes in below the roughly $202.74 million investment tied to a 2024 incentive package.
The paperwork details about 394 to 396 apartment units on the 3.02-acre site. It also calls for retail and restaurant space facing the riverwalk, plus on-site amenities that include a pool and a sky lounge, as reported by News4JAX.
How A Simple Deal Turned Into A Multi-Year Saga
Jacksonville first cut a redevelopment agreement with Related Group that the City Council approved in 2021, backed by roughly $18.27 million in taxpayer incentives. That original deal eventually stalled, and the Downtown Investment Authority went so far as to terminate the agreement.
WJCT reported in 2023 that the pause did not slam the door entirely, with the city leaving room for a revamped proposal. That reset ultimately led to the current South Bank Residences plan now working its way through permitting.
Incentives, Sticker Shock And A Bigger Tower
When Related came back to the table, it did so with a larger skyscraper concept. The Downtown Investment Authority responded by negotiating a fresh incentives package in 2024 that put public support in the tens of millions, roughly $58.79 million, tied to an estimated $202.75 million development budget, according to Jacksonville Today.
Those big swings in scope and cost help explain why the Southbank project has cycled through multiple iterations before landing in its current form at the permit counter.
What Happens Once Crews Move In
Permitting is still in review, but Deegan’s May target suggests Related Group is gearing up to start work within weeks, not years. Once construction officially begins, the city’s redevelopment agreement starts the clock, requiring substantial completion within 40 months of the commencement of construction, as outlined by the Jax Daily Record.
