Palm Coast Introduces Incentive Program to Boost Town Center Businesses

Palm Coast is launching its inaugural economic incentive grant program to attract new businesses to the Town Center area.

 

The Downtown Urban Core Tenant Improvement grant will reimburse build-out expenses for eligible restaurants and retail businesses within the downtown district.

 

This initiative coincides with the anticipated completion of The Promenade, a mixed-use development featuring 204 residential units and 57,000 square feet of commercial space, slated to open in summer 2026.

 

Community Development Director John Zobler emphasized the program's goal to draw high-quality local businesses by mitigating initial startup costs.

 

"The strategic purpose here is, number one, to attract high-quality, local business in the urban core, and to help these first in businesses to reduce startup costs," Zobler stated.

 

The grant is part of the city's $1.3 million budget for economic development in the 2025-2026 fiscal year.

 

It aims to entice businesses to The Promenade, located near Central Park, designed to host boutique and niche establishments.

 

Recent developments in Town Center include the grand reopening of Epic Theatres after a $1 million renovation, enhancing the area's appeal as a vibrant hub for living, working, and entertainment.

 

Additionally, plans are underway for a new YMCA adjacent to The Stage at Town Center and a proposed Serenity Falls mini-golf course.

 

The city is also conducting a feasibility study for a boutique 100-room hotel to further bolster the area's growth.

 

The City Council unanimously approved the grant program, with Councilman Ty Miller expressing optimism about its immediate impact.

 

"I think it will begin delivering right away," Miller said. "The Promenade is the first domino that needs to fall for it to hit critical mass in this area, to become a viable working downtown area."

 

Eligible businesses include various types of restaurants, "retailtainment" shops, and tap rooms.

 

Grant amounts will be determined based on business type and square footage, with specific caps and requirements.

 

For instance, full-service restaurants may receive $40 per square foot, up to 6,000 square feet.

 

Covered improvements include interior electrical, plumbing, lighting, HVAC upgrades, ADA compliance, kitchen equipment, seating, and life safety enhancements.

 

Tenants must contribute 10% of build-out costs and commit to a five-year lease.

 

The program is set to conclude in September 2026.