JACKSONVILLE, Fla. – Cecil Commerce Center's master developer made $3.2 million in a deal to sell land to build a new FedEx center in Jacksonville.
According to The Financial News & Daily Record, the city sold 46.19 acres at the city-owned Cecil Commerce Center to master developer Hillwood for $407,349. The company then sold the property to the developer of the new FedEx center for almost $3.62 million. The city has responded to the Daily Record's report.
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In 2010, the City Council approved a 25-year agreement with Hillwood to serve as the master developer for Cecil Commerce Center. The city says Hillwood will take the land and develop it in a way that will bring jobs to the area and create more revenue for the city.
Over the 25 years, the company is expected to invest $1.3 billion in public infrastructure, land development and permanent development. But some developers say the deal isn't fair to taxpayers because the city agreed to sell the land to Hillwood at lower-than-market prices.
Construction is expected to start in November and is expected to be finished in summer 2015. The company is expected to transfer 180 employees from its Lane Avenue facility to the larger one.