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Jax Daily Record Wednesday, May 15, 201905:20 AM EST

DIA to decide on $2.6 million offer for site of new JEA headquarters site

The bid from Ryan Companies US for the site next to the Duval County Courthouse is $300,000 more than the appraised value of the property.
by: Mike Mendenhall Associate Editor

The Downtown Investment Authority will vote Wednesday on a $2.6 million offer from Ryan Companies US Inc. to purchase the city-owned property planned for the next JEA headquarters.

A DIA request for proposals with a 30-day deadline for other interested parties to bid on the vacant parcel at 325 W. Adams St. expired Tuesday.

The new JEA headquarters is planned next to the Duval County Courthouse.

According to DIA Board Secretary Ron Moody, Jacksonville-based Buzz Wagand & Associates Real Estate Appraisers & Advisors valued the Adams Street site at $2.3 million, putting the bid from Ryan Companies US $300,000 above the appraisal price.

The board voted 6-0 to publish the RFP and consider the Ryan Companies’ unsolicited offer at an April 12 special DIA board meeting.

JEA selected Minneapolis-based Ryan Companies US in April to build a nine-story office tower on the property near the Duval County Courthouse, passing over a proposed deal with Iguana Investments to put the new JEA headquarters in the Lot J development near TIAA Bank Field.

Iguana Investments is the development company of Jacksonville Jaguars owner Shad Khan.

The new JEA headquarters is expected to cost $72.2 million. JEA has been at 21 W. Church St. since 1988.

Moody said plans to sell the existing headquarters site have not been drafted. That also will require a public bidding process.

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