$450 million Lot J development deal reached

Jacksonville, FL — A deal has been reached for the $450 million development of Lot J at TIAA Bank Field, according to Jacksonville Mayor Lenny Curry.

In a prepared video, Curry says the City of Jacksonville, Jacksonville Jaguars, Iguana Investments Florida, and other parties have come to terms, although he is not immediately saying how much the City is proposing to contribute to this plan. The proposal that has been agreed to by Curry is still pending approval by the Downtown Investment Authority and Jacksonville City Council, but Jags President Mark Lamping says all parties have never been closer to realizing this vision, which is years in the making.

GALLERY: Proposed redevelopment of the Sports Complex in Downtown

“While today’s news is not the final step, it’s by far the most significant step in our mission to reinvent how we work, live and gather in Downtown Jacksonville. Shad has for years been the biggest believer and advocate of what’s possible for our downtown, and it’s very clear that Mayor Curry shares the same vision,” says Lamping.

Jacksonville Jaguars owner Shad Khan has been pushing to redevelop the Shipyards and Sports Complex for years, saying the health of Downtown and vitality of the area around the stadium is vital to the financial stability and future of the franchise. In fact, it was more than five years ago that Khan released his initial vision for the Shipyards, although that ultimately stalled. The project scope was reconsidered, and in mid-2017, Khan again won the master development rights for the site, with an updated plan. Those complex negotiations have been ongoing since, and have through mid-next year to reach any kind of agreement.

GALLERY: Shad Khan's plans for the Shipyards in Downtown Jacksonville

It was about a year and a half ago that the development of Lot J specifically, which is currently a parking lot at TIAA Bank Field, was first floated by the team. Khan later released a $2.5 billion vision that included the Shipyards and Sports Complex more broadly, with Lot J incorporated in that.

This past April, the team again restated their desire to move forward with Lot J, although at that time they put the cost of the development around $500 million.

The proposal as Khan envisioned includes what is basically four primary quadrants- an entertainment venue, hotel, residential space, and office space, although, in the video released Wednesday, Curry called that an “opportunity” for a new office building. He says there will also be “dynamic” public spaces and expanded parking options through both surface parking and integrated garages.

The Live! Arena concept is a hallmark of The Cordish Companies, who partnered with the Jaguars in creating this vision.

While the details on how much the City would contribute under this agreement are not yet clear, Curry says there will be incentives, including tax rebates and grants dealing with project completion.

“I believe that our Downtown is the heart of the City, and that we need a vibrant, growing core to help grow the entire community. You can’t be a suburb of nowhere, and a strong Downtown contributes to a stronger community as a whole,” Curry says.

And he says that kind of growth will put the City in a stronger position for much more in the future.

“As we look forward, this development and the removal of the elevated expressway will add to our capacity to develop the Downtown’s Riverfront, and will position Jacksonville for world-class events that we simply cannot compete for today,” he says, in the prepared video.

That expressway project is the removal of the elevated Hart Bridge ramps in Downtown. The Jaguars have said taking the ramps down is crucial to their redevelopment efforts, because it serves both as a visual barrier to the Riverfront and as a road that takes traffic-and consumers that could support development- over the area, instead of through it.

WOKV asked for an interview with Curry on Wednesday, and we have not yet heard back. We have also requested a copy of the proposed development agreement, and we are waiting for a response.