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Jax Daily Record Wednesday, Aug. 23, 201706:50 AM EST

Iguana seeking approval for testing at Metro Park; Home Street seeking incentives

Shad Khan’s development group also wants to install groundwater monitoring wells.
by: David Cawton Associate Editor

Iguana Investments of Florida LLC, Jacksonville Jaguars owner Shad Khan’s development company that won the right to develop the Shipyards, is seeking permission to begin environmental testing at Metropolitan Park.

At its meeting today, the Downtown Investment Authority is scheduled to consider a 180-day access agreement that would allow Iguana to perform environmental tests on the site, and allow the installation and eventual removal of groundwater monitoring wells.

Iguana was awarded development rights to the park and the Shipyards property in April.

Iguana plans to pay for the testing, although a reimbursement could come when an economic development agreement is drawn up between the city and Khan’s group.

A development agreement is expected within the year.

Home Street seeking incentives

DIA board members also will decide whether to approve a Recaptured Enhanced Value grant of up $2.53 million to Home Street LLC, a 143-apartment development at 1444 Home St. on the Southbank.

The grant represents 75 percent of the ad valorem taxes generated from the estimated $24.8 million project, to be paid out over 15 years.

The money will be funded through the Southside Tax Increment Finance District Trust Fund.

During the life of the grant, Home Street has agreed to set aside 10 percent of its apartments as “workforce housing” for people earning less than 150 percent of the average median income.

The grant also will need the approval of City Council.  

Home Street is seeking to convert 62,422 square feet of general office space development rights into 150 multifamily units.

As the master developer for Downtown, the DIA can set and change how it allocates development rights, balancing the market demand for retail and office square footage, apartments and hotel rooms, and space for other types of projects.  

Tossgreen seeking money for build-out

The owner of Tossgreen, a fast-casual restaurant under development on the first floor of the SunTrust Building at 76 S. Laura St., is seeking city money to complete the project.  

Tossgreen owner Manali Patel is asking the DIA for $31,459 through the Jacksonville Retail Enhancement Grant Program toward the nearly $300,000 build-out.

When completed, the 1,573-square-foot restaurant will serve breakfast and lunch.  

The Jacksonville-based chain features salads, wraps, pitas, bowls and burritos. It has locations at St. Johns Town Center and off Southside Boulevard in the Tinseltown area.

The company signed a lease for the first floor of the 23-story tower in December 2016.

The DIA meets at 2 p.m. today on the eighth floor of the Ed Ball Building at 214 N. Hogan St.

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(904) 356-2466


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