Plans for Lot J Development revealed

JACKSONVILLE, Fla. — Last year, the deal between the City of Jacksonville, Jacksonville Jaguars, Iguana Investments Florida, and other parties to develop Lot J was announced. Today, that deal will continue and the next steps will be announced.

The proposed new deal shows the $450 million development would include space for two residential buildings with 400 units, a 150-200 room hotel, two 350-space parking garages, 7,500 square feet of street level retail, a 750-space parking lot, 40,000 square feet of Class A office space, and an entertainment venue. That entertainment venue will be a Live! District, a signature of the development partner The Cordish Companies, and City would own the venue. Mayor Lenny Curry told WOKV back in 2019, that the Live! District would offer constant programming, which nearby Daily’s Place or the VyStar Veterans Memorial Arena does not. The concept is centered on live events, but also includes dining and entertainment.

Curry announced that 2,300 construction jobs will be created from this project and over 1,000 jobs will be created permanently. He also said that with this development, there would be an estimated annual economic outcome of one-hundred million dollars per year.

Curry said the total direct public investment will be $152.7 million.

The breakdown of the investment includes:

• $12.5 million over 20 years as a property tax rebate at 75 percent to support residential development.
• $12.5 million over 20 years as a property tax rebate at 75 percent to support hotel investments. In addition, the City shall provide funding to support the hotel.
• $77.7 million is for city-owned infrastructure improvements. This is $15.1 million less than 2019′s proposal.
• $50 million in proposed City contribution would be as a direct investment in the cost of developing the Live! District.

The city will also give a $65.5 million loan to the developer. This is secured by a $13.1 million deposit that is currently in a city-owned trust account. This loan is not included in the total direct public investment.

According to the new term sheet, if the cost of the hotel and residential buildings is less than $229 million, the city’s contribution will be reduced. The sheet also acknowledges the difference between this proposal and the initial 2019 proposal of the city investment at $233 million. The sheet states that during the initial development phase, there was a reduction of a parking garage. However, if the developer and the city agree to build a parking garage instead of the surface lot, the city will pay $15.1 million. This means that the city could pay up to $92.8 million.

On the other hand, if the city saves money in infrastructure improvements, the developer will be able to invest in other city-owned infrastructure, facilities within the project, or facilities immediately adjacent to the project.

The Developer is Jacksonville I-C Parcel One Holding Company, LLC - an affiliate of the Cordish Companies.

This proposal will have to be voted on by City Council and terms can change. If it does pass City Council, process can start early 2021. The completion day will be 36 months after construction starts.

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Lot J Redevelopment The Jacksonville Jaguars and the City of Jacksonville announced the new terms to the Lot J Redevelopment plan. (City of Jacksonville)

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