JACKSONVILLE, Fla. – Mayor Lenny Curry announced Wednesday the city has reached an agreement with a developer affiliated with Jaguars owner Shad Khan to turn Lot J and surrounding property west of TIAA Bank Field into an entertainment, commercial and residential complex.
Curry said Khan's Iguana Development has partnered with a national developer that has created similar project near other major-league venues around the country. The mayor said it will result in more than $450 million of investment near the sports complex. Because it calls for incentives and tax breaks, the project must be approved by the Downtown Investment Authority and Jacksonville City Council.
Curry is confident it will pass.
"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,” Curry said in advance of Wednesday afternoon's news conference.
Curry said this will be a mixed-use development with a live entertainment complex, a hotel and restaurant, plus residential space and an office building.
According to the term sheet, which was released Thursday, the city will foot 50% of the cost to develop the live entertainment district -- up to $50 million.
There would also be a partial tax rebate for 20 years on the luxury high rise residential tower, boutique hotel and office tower. The cost of those will be $128 million, $76.5 million and $67 million, respectively.
The city will also provide $92.8 million in infrastructure improvements.