JACKSONVILLE, Fla — The City of Jacksonville and Jaguars' owner Shad Khan have reached an agreement regarding the development of Lot J in Downtown Jacksonville, Mayor Lenny Curry announced Monday.
"Shad Khan, Mark Lamping and the entire [Jaguars] team are committed to Jacksonville," Curry said. "Downtown they has been home for 26 seasons and this deal demonstrates that."
Curry said the $450-million project will reportedly bring:
- Two residential buildings with a total of 400 liveable spaces
- A hotel with 150 to 250 rooms
- About 75,000 square foot street-level retail space
- About 40,000 square foot office space
- A surface parking lot with 750 spots
- Two parking lots with about 350 spots
- About 100,00 square feet for entertainment, including bars, restaurants and other indoor and outdoor facilities
Curry said the construction for Lot J will also help bring 2,300 construction jobs to Jacksonville, as well as 1,000 permanent jobs afterward -- many of which will go to Jacksonville residents.
He also anticipates the area will rack in about $100 million a year for Jacksonville and $2 billion in direct and indirect salaries over 40 years.
“This project was designed with Jacksonville residents at the top of mind," Curry said.
As part of the deal, the city will provide $152.7 million in city funding, along with a loan of $62.5 million to be paid back by the developer.
In return for the public investment, the city will own the "Live! District" entertainment complex, along with all the parking spaces and infrastructure on the project site.
When asked whether a second Jaguars home game in London is still on the table, Khan said the deal with the NFL to play in London expired this year. But he said playing in London in the future is still a possibility.
"We'll see where we are, but at this point there's nothing planned," Khan said. "I think I want to pursue whatever keeps football viable and important in Jacksonville."
Mark Lamping, president of the Jaguars, said the hope is that the project could break ground early in 2021, depending on the approval process, which includes getting the green light from the Jacksonville City Council.
Once ground is broken, Lamping said he estimates a three-year construction process, meaning it could be finished by 2024.
Below are the terms for Lot J. If you are having issues reading the document, click here.