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The city is reviewing construction permits for the project approved by the Downtown Development Review Board in 2020.
Developer Lotus Commercial expects an updated construction cost estimate in September for the residential and retail project.
The DIA board advanced the deal for apartments and retail in the historic former department store Downtown.
Lotus Commercial USA plans to adapt the former Downtown department store into 40 apartments and ground-floor retail.
He is the 2022 president of the NAIOP Commercial Real Estate Development Association Northeast Florida Chapter.