The Downtown Investment Authority board this morning gave its CEO approval to start negotiating with Jacksonville Jaguars owner Shad Khan’s company to redevelop the Shipyards.
Iguana Investments Florida LLC was confirmed as the top choice among three proposals.
It wasn’t an open-and-closed discussion, though.
Board members voiced concerns about overall design issues, including how it integrates with pedestrian traffic and the riverfront.
Other issues included less commercial, more residential, connectivity to Downtown and a signature “attraction.”
Attorney Paul Harden, representing Khan, said the market would largely determine aspects like how much residential will be included at the site.
One wrinkle discussed could be the fate of Metropolitan Park, which neighbors the Shipyards site. Board member Melody Bishop suggested the public venue be moved further west, toward Downtown’s core.
The logistics of such a move has been talked about with officials in Washington, D.C., Harden told the board. The city has received federal funding for the park, which complicates such a move.
The Iguana proposal outlines condos and apartments with a total of about 600 units, a private marina with the possibility of 525 slips, a hotel with 300-500 rooms and 600,000-900,000 square feet of office space.
Much of the proposal’s public expenditures like Bay Street and Hogan’s Creek improvements, parks and public space were left with “to be determined” price tags. Board members wanted more information on what that investment will be.
Overall, CEO Aundra Wallace said he would bring the board a term sheet back with much of that information to review before full contract negotiations would start.
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