DIA backs up to $55.4M in incentives for Riverfront Plaza Pad B

The Downtown Investment Authority approved a term sheet with 801 Bay St LLC and Gateway Companies for a proposed hotel, residential units, public rooftop terrace and restaurants at Riverfront Plaza Pad B. The DIA recommends up to $35.397 million in tax-based REV grant indebtedness over 20 years and a completion grant of up to $20 million. City Council approval, appropriations, available CRA funds, final underwriting and binding agreements are still required.

ORD Making Certain Findings & Apv & Auth the CEO of the DIA, or Her Desig, to Execute an Amended & Restated Redev Agrmt (“Agreement”) Among the City, the DIA (“DIA”) & 801 Bay St, LLC (“Developer”) to Support the Construction of a Mixed Use Residential & Retail Dev, Including a 4- or 5-Star Hotel, or Luxury Boutique Hotel Containing Btwn 130 & 170 Rooms, Multi-Family Improvements Which May Be Condominiums or Rental Units (Including Transient Rentals) Containing Btwn 50 & 150 Residential Units, a Sky View Terrace Accessible to the Public Containing a Min of 5,000 Sq Ft, & a Min of 2 Full-Svc Restaurants Containing a Combined Min 7,500 Sq Ft, & to Prove Back-of-House Access to the City-Owned Beer Garden in Riverfront Plaza Phase II, With a Min Capital Investment of Not Less Than $210,000,000 (the “Riverfront Plaza Pad B Project”); Auth a 75%, 20-Yr Recaptured Enhanced Value (Rev) Grant in the Max Amt Not to Exceed $35,397,000 in Connection With the Proj (“Rev Grant”), Payable Thru the Downtown Northbank CRA Trust Fund; Apv & Auth a $20,000,000 Completion Grant to the Developer Payable by the City Upon Completion of the Proj (“Completion Grant”), to Be Approp by Subsequent Legislation; Auth Amdt of the Quit-Claim Deed With Right of Repurchase & Restrictive Covenants (“Quitclaim Deed”) for Consistency With the Amended & Restated Redev Agrmt; Desig the DIA as Contract Monitor for the Agrmts; Waiving the PIP; Prov for Oversight of the Proj by the DIA; Auth the Execution of All Docs Relating to the Above Agrmt & Transactions, & Auth Technical Changes to the Docs (Lavie) (Req of the DIA) 11/10/26 CO Introduced: R, NCSPHS, F Public Hearing Pursuant to Ch 166, F.S. & C.R. 3.601 - 11/24/26

Nov 10, 20262026-0921: ORD Making Certain Findings & Apv & Auth the CEO of the DIA, or Her Desig, to Execute an Amended & Restated Redev Agrmt (“Agreement”) Among the City, the DIA (“DIA”) & 801 Bay St, LLC (“Developer”) to Support the Construction of a Mixed Use Residential & Retail Dev, Including a 4- or 5-Star Hotel, or Luxury Boutique Hotel Containing Btwn 130 & 170 Rooms, Multi-Family Improvements Which May Be Condominiums or Rental Units (Including Transient Rentals) Containing Btwn 50 & 150 ResidentiSource documentPDF 1PDF 2PDF 3