JACKSONVILLE, Fla. — Through a Shipyards project led by Jacksonville Jaguars owner Shad Khan, there are high hopes that the Four Seasons Hotel project will bring new life downtown.
On Tuesday night, the Jacksonville City Council approved an updated incentives package totaling nearly $130 million in public funding -- recognizing the cost of the project is going up.
>>> STREAM ACTION NEWS JAX LIVE <<<
While the hotel is one major feature, you can also expect an office building, luxury condos, restaurants, a spa and a marina support building.
Action News Jax spoke with Jacksonville City Councilman Matt Carlucci.
“I’m very happy to be a part of the council that got this passed,” Carlucci said.
He said the site will be a true downtown destination for not only visitors, but also Jacksonville residents.
“Quality of life is the most important ingredient to economic development, and a rising tide lifts all ships,” Carlucci said. “I think that this development is going to be more than just like a hotel. It’s going to be a place and a destination to do a lot of different things, nice restaurants on the river and so forth.”
Read: Contest: Win a pair of tickets to the Rolex 24 at Daytona International Speedway!
The total cost for the entire project is $387 million dollars, with the city putting in nearly $130 million.
According to the Downtown Investment Authority, the expected benefits the City expects to derive from this project total $144,782,972 for a net benefit of $15,027,568, which provides an ROI of 1.12.
Action News Jax also checked in with Jacksonville City Councilman Reggie Gaffney Jr.
“Passing this particular legislation (Four Seasons Project) is a great win for Jacksonville,” Gaffney Jr. said. “The partnerships and leveraging of resources this project will bring showcase the future plans Jacksonville already has and continues to put in place to move Jacksonville forward.”
Read: Lakesha Burton drops out of race for Jacksonville Sheriff, Waters likely to run unopposed
Gaffney Jr. is the councilman for District 7.
“The economic and social impact on tourism, job opportunities, and stability is the kind of transformational focus it takes to make Jacksonville better. And me and my colleagues did that during last night’s Jacksonville City Council meeting. We worked together,” Gaffney Jr. said.
Horizontal construction has started.
Vertical construction should start no later than September 2023.
Read: Georgia Gov. says he wants to give taxpayers an income tax refund again… and homeowners a break too
The project is expected to be completed by the end of June 2026.
“It’s going to be a transformational economic development driver,” Carlucci said.
[DOWNLOAD: Free Action News Jax app for alerts as news breaks]
[SIGN UP: Action News Jax Daily Headlines Newsletter]
Click here to download the free Action News Jax news and weather apps, click here to download the Action News Jax Now app for your smart TV and click here to stream Action News Jax live.