[3] Friendship Fountain remained one of Jacksonville's signature attractions through the 20th century, but severe corrosion and deterioration to the equipment resulted in periodic closures in the 2000s.

Initial success was followed by lawsuits, a new owner, missed rent payments, foreclosure, loan default and finally closure in 1992.

In October 2020 Maritime Concepts L.C., which owned River City Brewing Company, submitted a plan to the Downtown Investment Authority (DIA) to raze the restaurant and create an 8-story building with 325 apartments.

[13][14] A DIA staff report stated that Maritime Concepts had contracted with The Related Companies to sell the unexpired lease with the City of Jacksonville.

The report also noted that, “During the term of this lease, the lessee has not achieved the threshold to pay the Additional Rent, which in combination with the continuing disrepair of the docks, provides evidence of the underutilization of this high-profile asset.”[13] Other elements of the proposal include releasing 1/3 acre from the lease resulting in the addition of 110 feet to the Jacksonville Riverwalks and a small corridor for public access to the river walk.

Unanticipated damage to stainless steel pipes was uncovered, requiring a $97,000 increase in cost and two-month delay, but the fountain re-opened in December 2001.

[7][15] It operated for seven months until a power outage/voltage spike damaged the computer controller and blew out 40 lights and lenses on April 29, 2002.

It was a major attraction at Super Bowl XXXIX in February 2005, but two months later, two of the three original (40-year-old) pumps failed and parts were no longer available.

As of May 2008, there was $15 million in the city's capital projects budget to improve the Southbank Riverwalk, which includes the area around Friendship Fountain; but Mayor John Peyton felt the amount was not enough.

[17] The Jacksonville City Council approved final plans for a $3.2 million renovation and repair to the surrounding park and Friendship Fountain on February 9, 2010.

[18] On August 10, 2010 the Friends of Friendship Fountain Website, reported communications from the Jacksonville Economic Development Commission that AC General Inc was named contractor for the project.

[19] An official groundbreaking was held on September 1, 2010, marking the start of the renovation of Friendship Fountain and Park.