JACKSONVILLE, Fla. — Four competing proposals have emerged for the future of the Duval County School Board’s Southbank headquarters property, ranging from luxury apartments to a proposed $2 billion skyscraper that would become the tallest building in Jacksonville.
The offers come months after the district’s original plan to sell the waterfront property fell apart. In February, Jacksonville developer Chase Properties backed out of a $17.5 million deal, accusing the district of failing to disclose additional fees associated with the site.
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Among the new proposals is an ambitious plan from Jacksonville resident Ade Ogunjobi, who submitted a letter of intent under Petition Scotus and Humanity Publication Corp. The proposal calls for the construction of the “5 World Market Tickets Tower,” a 1,000-foot-tall skyscraper that would feature an online shopping network headquarters, a trading floor lobby, office suites, and 10 luxury penthouses priced at $100 million each.
The proposal would surpass every building in Jacksonville in height. Ogunjobi said the project would be funded through book and gift card sales, stocks, and investment bonds. Payment options include a $20M cash offer, both with and without a ten percent ownership stake in the development, and a $50M corporate note that also includes a ten percent stake.
Questions remain about the proposal’s viability. Public records show Ogunjobi was involved in a 2002 Securities Exchange Commission case in which a judge permanently blocked an attempted multi-trillion-dollar corporate takeover after determining the company behind the effort had no assets or revenue.
When reached by phone, Ogunjobi downplayed the decades-old court order, saying he was young at the time and still hopes to become an entrepreneur. He also said his primary focus is on a planned run for President of the United States in 2028, rather than the skyscraper project.
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The remaining proposals envision more conventional redevelopment plans.
Central Florida-based developer The Bainbridge Companies is offering $15.5 million to transform the site into a five-story luxury apartment community with at least 350 market-rate units.
Jacksonville commercial real estate firm Ashco submitted two separate offers. One would provide the district $16.5 million in cash while dividing the property into two lots.
The second would pay $9 million for the main headquarters parcel alone. Neither proposal specifies what would ultimately be built on the site.
School board members have not yet publicly indicated whether they view Ogunjobi’s proposal as a serious contender among the four offers submitted for the property. Action News Jax reached out to board members for comment and is awaiting responses.
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