Developers with Axis Hotels LLC are hoping to transform a vacant property in downtown Jacksonville into a 127-room hotel with 220 brand new apartments next door.

The city council is considering an ordinance that would authorize the mayor’s office to execute a redevelopment agreement that would include a $1.5 million contribution from the Downtown Historic Preservation and Revitalization Trust Fund for the hotel. The agreement would also authorize a $4.9 million revenue grant for the apartments planned next door.

Business owners say the project would do more than just breathe new life into those two buildings.

The owner of π95 food truck, Evan Eriksen, says the project will help his business but also downtown Jacksonville as a whole.

“Which would be amazing,” Eriksen said. "More people, more business, more life, more spirit more energy downtown."

Bryan Greiner is the president of Augustine Development Group, the group responsible for the development of the two new venues. Greiner said crews are already hard at work fixing the inside of the building and much of the project could be finished by late next year.