The City of Jacksonville has pushed forward with plans to transform the area surrounding TIAA Bank Field, home of NFL American football franchise the Jaguars, by announcing an agreement has been struck to develop an entertainment, commercial and residential complex.
Development of the Lot J property west of TIAA Bank Field will be led by a group comprising Jaguars leadership; Iguana Development, a developer affiliated with Jaguars owner Shad Khan; and what Jacksonville Mayor Lenny Curry described as “nationally-renowned development partners”.
Curry said the project will result in more than $450m (£370.1m/€405.3m) of capital investment. The terms will go to the Downtown Investment Authority and the City Council for their consideration, with Curry expressing his confidence that the proposal will be approved.
He added: “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 centred around dynamic public spaces and will include an expansion of parking through a blend of surface parking and integrated garages.”
The City of Jacksonville will be a financial partner in the project through incentives that are tied to infrastructure construction, completion-based grants and tax rebates known as Rev grants. Local broadcaster WJXT, citing a term sheet, reported that the city will account for 50% of the cost to develop the live entertainment district – up to $50m.
A partial tax rebate will be in place for 20 years on a luxury high rise residential tower, boutique hotel and office tower. The cost of these will be $128m, $76.5m and $67m, respectively. The city will also provide $92.8m in infrastructure improvements.
In April 2018, the Jaguars partnered with the Cordish Companies to aid the development of the broader $2.5bn mixed-use district. The team released renderings of the development, which will seek to create a vibrant, mixed-use neighbourhood with a host of amenities in the vicinity of TIAA Bank Field.
The development plan has been conceived in partnership with Beyer Blinder Belle and could eventually span 4.25 million square feet in dining, entertainment, retail, office, hotels and luxury residential living.
Curry added in his statement: “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.”
Jaguars president Mark Lamping described the latest news as “the most significant step in our mission to reinvent how we work, live and gather in Downtown Jacksonville.”
He added: “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.”
Image: Jacksonville Jaguars