On Wednesday, Jacksonville Mayor Lenny Curry announced a proposed deal to develop “Lot J.”
Currently a parking lot at the Sports Complex, the Lot J deal (if approved by the City Council) will bring $450 million of private investment via Shad Khan to the area around the Jaguars’ stadium.
The hope is that this will be the missing puzzle piece that can help Jacksonville bolster its home market revenue, hampered by being a relatively small market.
Curry’s case for Lot J is rooted in a “strong downtown” concept.
“Our downtown residential market continues to see robust growth, and businesses continue to expand downtown. In addition to this success, another key component to growing the urban core will be to enhance and grow our Sports & Entertainment District,” Curry asserted.
Lot J is the path, Curry believes.
“This partnership — a group led by the Jaguars leadership, Iguana development, and nationally-renowned development partners — will result in more than $450 million of capital investment for the project. The terms will go to the Downtown Investment Authority and the City Council for their consideration, and I am confident they will see the great potential of this agreement,” Curry said.
Yes, there will be incentives, “tied to infrastructure construction, completion-based grants and tax rebates known as Rev grants.”
“The result will be an amazing array of mixed-use facilities that contribute to a downtown where people can live, work and play,” Curry predicted, before describing the complex writ large.
“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,” Curry said. “The facilities will be centered around dynamic public spaces and will include an expansion of parking through a blend of surface parking and integrated garages.”
“As we look forward,” the Mayor continued, “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.”
“Whether it’s downtown or any neighborhood from the beaches to the westside,” Curry added, “Jacksonville is on the rise and our best days are in front of us.”