Jaguars, City Officially Agree On Lot J Development

The City of Jacksonville has announced a plan for the development of Lot J, per Russel Colburn of Action News Jax. The $450 million dollar plan will include restaurants, housing, a new hotel, expanded parking garages, a live entertainment center, and more.

The Jaguars and President Mark Lamping have released the following statement:

"We’ve never been closer to realizing a new Downtown Jacksonville than we are today. 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. Our joint proposal with The Cordish Companies, one of the top developers in the country, is one that will make an impact on our community that will be positive, overdue and lasting. It cannot happen without Mayor Curry’s support and leadership, and we will continue to work with the Mayor and his staff toward an agreement that will signal a new era for downtown and our entire region."

Mayor Lenny Curry has also released a statement:

“As mayor I have been steadfast in my commitment to see every neighborhood and every family part of economic growth and development. While exciting things are happening all over the city, 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. Our downtown residential market continues to see robust growth and businesses continue to expand downtown. In addition to this success, another key component to growing the urban core will be to enhance and grow our Sports & Entertainment District.
"I am excited to announce I have reached an agreement for development of the Lot J property next to TIAA Bank Field. This partnership – a group led by the Jaguars leadership, Iguana development and nationally-renowned development partners – will result in more than $450 million of capital investment for the project. The terms will go to the Downtown Investment Authority and the City Council for their consideration, and I am confident they will see the great potential of this agreement.
"The City of Jacksonville, as it often does for downtown development, will be a financial partner through incentives that are tied to infrastructure construction, completion-based grants and tax rebates known as Rev grants. The result will be an amazing array of mixed-use facilities that contribute to a downtown where people can live, work and play!
"This includes a new entertainment venue hosting top-notch dining and live entertainment, a new hotel, new residential building and the opportunity for a new office building. The facilities will be centered around dynamic public spaces and will include an expansion of parking through a blend of surface parking and integrated garages.
"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.
"Whether it’s downtown or any neighborhood from the beaches to the westside, Jacksonville is on the rise and our best days are in front of us. Thank you for letting me share this exciting announcement and for your commitment to keeping our city growing.”

The Lot J development plan is expected to take two years to complete.

 

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