After months of anticipation due to the coronavirus prolonging things, Jacksonville Jaguars owner Shad Khan and the city of Jacksonville reached an agreement for the development of Lot J. The project is one that has been years in the making, dating back to 2018.
Great cities have great downtowns. It’s time to capitalize on our momentum to make #DTJax the vibrant heart of our community that the people of Jacksonville deserve. Proud to join the @jaguars to announce the next steps on Lot J today, a catalytic project for our city. pic.twitter.com/q3GIABcJNh
— Lenny Curry (@lennycurry) October 5, 2020
Check out this fly through video of the plans for "Live! District" that include:
400 residential units
150-250 room hotel
75,000 sq. ft. of retail
40,000 sq. ft. of office space
100,000 sq. ft. entertainment center
750-space parking lot
2 parking garages@Jaguars @DTJax pic.twitter.com/D5simEm8g6— City of Jacksonville (COJ) (@CityofJax) October 5, 2020
Per local members of the media, the $450 million project will include the following:
- Two residential buildings with 400 liveable spaces
- A hotel building (with 150-250 rooms)
- A retail space of approximately 75,000 square feet
- An office space of about 40,000 square feet
- A ground level parking lot with 750 spots
- Two other parking lots with approximately 350 spaces
- An 100,00 square foot area for entertainment, including bars, various restaurants, and other indoor/outdoor facilities.
According to Jacksonville mayor Lenny Curry, the project will provide 2,300 construction related jobs to build and 1,000 permanent jobs afterward. Economically, Curry said the project could garner $100 million annually for the city and $2 billion in salaries for those connected to the operations over the span of 40 years.
In terms of the cities contribution, over $152 million will be invested into the project. That includes $77.7 million for city-owned infrastructure, per New4JAX.
Additionally, the city will provide a $65.5 million loan to the developer, I-C Parcel One Holding Company LLC, an affiliate of Cordish Companies, who are ahead of the project. The loan will be secured by a $13.1 million deposit, which is presently in a Jacksonville-owned trust account.
With the plans now on the table, it’s now on the Jacksonville City Council to vote on. If approved the process of Lot J will began early next year.